Last checked at 1 Jul 2008 13:06
Glen Group plc
("Glen" or "the Company")
Grant of Share Options
Glen Group plc, the Edinburgh based provider of integrated telecommunications solutions aimed at the SME market announces the following award of options over the Company's ordinary shares of 0.1p each.
| Name | Position | Number of options awarded | Exercise price per share | Total number of options held | Total number of ordinary shares held | Percentage of issued ordinary share capital |
| Graham J Duncan | Non Executive Chairman | 10,000,000 | 0.1375p | 10,000,000 | 22,821,314 | 1.9% |
| Alan J Bonner | Chief Executive Officer | 54,545,455 | 0.1375p | 54,545,455 | 122,727,273 | 10.3% |
The grants are being made under the Glen Group plc unapproved share option scheme, in the case of Mr. Duncan, and under the Glen Group plc EMI approved share option scheme in the case of Mr. Bonner. The options will vest on the second anniversary of the date of grant, and will lapse if not exercised within ten years from the date of grant. In both cases the exercise price represents a premium of 25% over the closing mid market price of the ordinary shares on 30th June 2008. The award of options to Mr. Duncan is in substitution of options over 10,000,000 ordinary shares which he held under the Company's EMI approved share option scheme but which were discharged as at 1st June 2008 when he took up a non-executive role.
Following this grant, the total number of options in issue is 65,212,122 representing 5.46 per cent of the issued ordinary share capital of 1,194,099,804.
1 July 2008
Enquiries:
| Glen Group plc | |
| Alan J Bonner, Chief Executive | Tel: 0845 119 2100 |
| Pelham PR | |
| Alex Walters | Tel: 0203 170 7435 |
| Seymour Pierce | |
| Jonathan Wright | Tel: 0207 107 8000 |