28 Apr 2009 08:58
TO: COMPANIES ANNOUNCEMENT OFFICE
FOR IMMEDIATE RELEASE
28 April 2009
BIOQUELL PLC
Directors' exercise of options and acquisition of Shares
Nick Adams, Chief Executive of BIOQUELL PLC ("BIOQUELL" or the "Company") and Mark Bodeker, Chief Operating Officer, each had 80,000 options over BIOQUELL ordinary shares ("Shares") with an exercise price of 107.5p which expire on 29 April, 2009 (the "2002 Options").
BIOQUELL has provisions within its executive share option schemes relating to 'Share Appreciation Rights' (the "SARS Provisions") whereby, in summary, the Board of BIOQUELL (the "Board") is able to satisfy the exercise of options by issuing new Shares, calculated by reference to the prevailing market Share price, equivalent to the uplift in value associated with the options. The Board has decided that the SARS Provisions should be used on the exercise of the 2002 Options in order to, among other things, reduce significantly the dilution associated with such exercise.
Accordingly, on 27 April 2009, Mr Adams informed the Company that he had exercised 80,000 options over Shares with an exercise price of 107.5p and pursuant to the SARS Provisions a total of 4,561 new Shares were issued to Mr Adams. Mr Adams now holds 724,561 Shares representing approximately 1.7% of the issued ordinary Share capital.
On 27 April 2009, Mr Bodeker informed the Company that he had exercised 80,000 options over Shares with an exercise price of 107.5p and pursuant to the SARS Provisions a total of 4,561 new Shares were issued to Mr Bodeker. Mr Bodeker now holds 38,928 Shares.
- Ends -
Enquiries:
Mark Bodeker BIOQUELL PLC 01264 835 900