4 Jun 2010 13:10
Cello Group plc
4 June 2010
Cello Group plc ("Cello" or the "Company")
Share Option Grants
The Group today announces awards under its option schemes as follows:
Under the Cello Group plc HM Revenue and Customs Approved Share Option Plan 2009 ("Approved Plan") and under the Cello Group plc Unapproved Share Option Plan 2010 ("Unapproved Plan") options were granted on 4 June 2010 entitling certain employees and directors to acquire a total of 1,959,000 ordinary shares of 10 pence each ("Ordinary Share") at an exercise price of 31.5 pence per Ordinary Share.
As announced on March 16, the Board of Cello had intended not to grant any further awards under the Performance Share Plan ("PSP") and was in the process of finalising a Joint Ownership Share Plan ("JOSP"). The Board has now decided not to adopt a JOSP and instead to reinstate the PSP, renamed the Cello Group plc Performance Share Plan 2010, with new performance conditions based on Total Shareholder Return relative to a comparator group of the company's peers, as the principal long term incentive plan for its most senior employees.
Under the PSP, options were granted on 4 June 2010 entitling certain directors and employees to acquire a total of 1,040,000 ordinary shares of 10 pence each ("Ordinary Share") at an exercise price of 10 pence per Ordinary Share.
The following directors were awarded options under the Approved Plan and the PSP on 4 June 2010.
Mark Scott was awarded options over 72,000 shares under the Approved Plan and options over 430,000 shares under the PSP. These shares represent a total of 0.82% of the company's total issued share capital. Mark Bentley was awarded options over 72,000 shares under the Approved Plan and options over 214,000 shares under the PSP. These shares represent a total of 0.47% of the company's total issued share capital.
All these options will normally be exercisable from 4 June 2013 subject to continued employment and the extent to which performance conditions have been met.
4 June 2010
Enquiries:
Cello Group plc
Mark Bentley, Group Finance Director 020 7812 8463
Altium
Paul Chamberlain 020 7484 4040