19 Mar 2010 16:43
TO: COMPANIES ANNOUNCEMENT OFFICE
FOR IMMEDIATE RELEASE
19 March 2010
BIOQUELL PLC
Director's exercise of options, sale of Shares and increase of shareholding
Nick Adams, Chief Executive of BIOQUELL PLC ("BIOQUELL" or the "Company") and Mark Bodeker, Chief Operating Officer, had a total of 150,000 options over BIOQUELL ordinary shares ("Shares") with an exercise price of 84p which expire next month on 16 April, 2010 (the "2003 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 2003 Options where appropriate in order to, among other things, reduce significantly the dilution associated with such exercise.
Accordingly on 19 March 2010, Mr Adams informed the Company that he had exercised 50,000 options over Shares with an exercise price of 84p. Mr Adams has retained 25,439 Shares pursuant to the exercise and the remainder totalling 11,420, issued under the SARS Provisions, were sold in the market on his behalf at 157p per share. Mr Adams now holds 750,000 Shares representing approximately 1.8% of the issued ordinary Share capital.
On 19 March 2010, Mr Bodeker informed the Company that he had exercised 100,000 options over Shares with an exercise price of 84p. Mr Bodeker has retained 22,332 Shares pursuant to the exercise and the remainder totalling 36,113 Shares, issued under the SARS Provisions, were sold in the market on his behalf at 157p per share. Mr Bodeker now holds 61,261 Shares.
- Ends -
Enquiries:
Georgina Pope Company Secretary BIOQUELL PLC 01264 835 900