30 Mar 2011 18:21
Date: | 30 March 2011 |
On behalf of: | Advanced Power Components PLC ('APC' or 'the Company') |
For immediate release |
Advanced Power Components PLC
Grant of Options
The Company announces that on 5 March 2010, Mr Rob Smith, Finance Director, was granted options over 250,000 ordinary shares of the Company, as part of the terms of his employment. These options were granted to Mr Smith under the Company's Employee Share Option Scheme and were disclosed in the Company's Annual Report and Accounts for the year ended 31 August 2010, but were not notified at the time of Mr Smith's appointment in accordance with AIM Rule 17.
The options are exercisable (in whole or in part) at any time up to the tenth anniversary of the date of grant and are exercisable at a price of 10p per ordinary share, being the prevailing share price as at 5 March 2010, the date of grant.
In addition, as part of the terms of his employment, it was agreed that a further 250,000 share options be granted on the first anniversary of Mr Smith's appointment, being 5 March 2011. However, as the Company is currently in a close period in respect of its interim results for the six months ended 28 February 2011, being due for release in early May 2011, formalisation of the grant of these share options will be delayed until the Company is no longer in a close period.
As previously disclosed, Mr Smith also holds 50,000 ordinary shares in the Company.
For further information please contact:
Advanced Power Components plc | 01634 290 588 |
Mark Robinson, Chief Executive Officer | |
Rob Smith, Finance Director | www.apc-plc.co.uk |
Redleaf Polhill | 020 7566 6700 |
Samantha Robbins / Henry Columbine | apc@redleafpr.com |
Strand Hanson Limited | |
James Harris / Angela Peace | 020 7409 3494 |
Northland Capital Partners Limited | |
Simon Miller | 020 7448 4750 |