21 Sep 2007 07:00
Cubus Lux plc (the "Company") Director/PDMR Shareholding
Cubus Lux plc announces that, pursuant to the exercise of a share option agreement dated 7 June 2004, it has allotted 210,000 ordinary shares of 1p each in the Company for a consideration of 1p each to Eli Abramovich, a director of the Company, conditional on the admission of these shares to trading on AIM. Application has been made for the 210,000 shares to be admitted to AIM, which is expected to become effective on 26 September 2007.
Following the above allotments, Mr Abramovich has an interest in 240,000 ordinary shares in the Company, representing 0.25 per cent. of the Company's total voting rights. Mr Abramovich also has 1,000,000 share options, which were issued on 27 April 2006, exercisable at a price of 10p and expiring on 26 April 2011.
The 30,000 ordinary shares of 1p each in the Company in which Mr Abramovich held an interest prior to the exercise of options described above were acquired on 30 November 2006 at a price of 19p, which purchase was not notified to the market as a result of an error by the Company.
Following the issue of equity described above, the enlarged issued share capital of the Company comprises 97,662,518 ordinary shares of 1p each.
The option agreement referred to above was granted on 7 June 2004, and provided that the shares would vest in three equal tranches over three years, the last of which on 7 June 2007. It also provided that the option would immediately cease to be exercisable if not exercised in full by midnight on 7 June 2007. In March 2007, the board of the Company extended the exercise period of this option by three months as it believed that 7 June 2007 fell during a close period which would preclude the exercise of the option. Mr Abramovich wrote to the board in August 2007 to confirm his intention to exercise the option and the board met on 20 September 2007 to approve the exercise and the allotment of these shares.
For further information please visit at www.cubuslux.com or contact:
Steve McCannCubus Lux plc+385 (0)99 214 9636Simon Sacerdoti/Liam MurrayCity Financial Associates Limited+44 (0)20 7492 4777Graham Herring/Josh RoystonThreadneedle Communications Limited+44 (0)20 7936 9605
CUBUS LUX PLC