7 May 2010 07:00
7 May 2010
Cubus Lux plc
("Cubus Lux" or the "Company")
Re-pricing of Options
The Company currently has outstanding options over 867,500 ordinary shares, representing 4.6 per cent. of the Company's current issued share capital. These options were granted to directors and employees prior to the admission to trading on AIM of the Company's issued share capital in February 2008 pursuant to a share option scheme adopted on 27 April 2006. The outstanding options have exercise prices between £1.00 and £1.6275, compared to a mid market price, at close on the day preceding this announcement, of 15p. 767,500 of these options expire on 26 April 2011 with the remaining 100,000 expiring on 26 April 2012.
630,000 of these outstanding options are held by directors of the Company. As recognition of the work of the directors since admission, and in view of the low level of salaries currently charged by those directors, the Company has decided to reduce the exercise price on all the options to 15p, being the closing mid market price on the day immediately preceding this announcement. This will result in an additional charge in the income statement for current financial year of approximately £500,000.
The re-pricing of the options is deemed a related party transaction under the AIM Rules for Companies. Francisco Alvarez, being the only independent director, having consulted with Astaire Securities plc, as the Company's nominated adviser, considers that the terms of the transaction are fair and reasonable in so far as the Company's shareholders are concerned.
For further information about the Company please see www.cubuslux.com or contact:
| Cubus Lux plc | Steve McCann | +44 (0) 7787 183 184 |
| Astaire Securities plc (Nomad) | Antony Legge / Luke Cairns | +44 (0) 20 7448 4400 |
| Hybridan LLP (Broker) | Claire Louise Noyce / Stephen Austin | +44 (0) 20 7947 4350 |
| City Road Communications | Pam Spooner | +44 (0) 20 7248 8010 |