CLP.L Regulatory News (CLP)

1 Mar 2007 09:44

Brainspark PLC01 March 2007 FOR IMMEDIATE RELEASE 1 March 2007 Brainspark Plc Issue of Options to Directors Brainspark has issued options ("Options") to acquire Ordinary Shares in theCompany ("Option Shares") to the Directors under a new unapproved executiveshare option scheme, as follows: Prof. Francesco Gardin, Executive Chairman - 12 million Option SharesAlfredo M Villa, Non Executive Officer - 5 million Option SharesDennis B Bailey, Executive Director - 5 million Option SharesDavid Meacher. Non-Executive Director - 5 million Option SharesEdward Burman, Non-Executive Director - 5 million Option Shares Mr Don R Caldwell, lives in America, and will not be participating in theScheme. The total of 32 million Option Shares to be granted represents 9.67 % of thecurrent issued capital of 330, 697,003 shares as enlarged by the Option Shares. It is proposed that the Directors may exercise, should they wish to do so, up to33% of any Option Shares granted after one year from the date of grant, up to afurther 33% after two years from the day of grant and the balance of sharesafter three years from the day of grant. The strike price of 0.78p has been setat a premium of 30% to the mid market price of 0.60p on 26 February 2007, beingthe latest practical date prior to the publication of this proposal. FurtherOption Shares may be granted by the Directors on an annual basis in accordancewith the terms of the Scheme. In addition, it is intended that the two Executive Directors, Prof Gardin and MrBailey be paid fees, commencing 1 March 2007, of £80,000 and £20,000 per annumrespectively in respect of their administration and other duties in developingBrainspark. Prof Gardin has not received any fees for some years and Mr Baileyhas not previously been in receipt of fees. The issue of Options is being treated as a Related Party transaction under theAIM Rules. Don Caldwell, the only Independent Director having consulted theCompany's Nominated Adviser, considers that the terms of the above UnapprovedShare Option Scheme and the issued options to Directors are fair and reasonablein so far as the Company's shareholders are concerned. For information please contact: Francesco Gardin, Brainspark plc, telephone: 00 39 335 296573 Roland Cornish, Beaumont Cornish Limited, telephone: 020 7628 3396 This information is provided by RNS The company news service from the London Stock Exchange