Last checked at 15 Dec 2008 08:30
Ceres Power Holdings plc
15 December 08
Grant of Share Options
The Company announces that on 11th December 2008, Executive Directors of the Company were granted 'one-off' options under the Company's 2004 Employees' Share Option Scheme, as approved by shareholders at the Company's Annual General Meeting held on 5th December 2008.
Peter Bance, Chief Executive Officer and Rex Vevers, Finance Director were granted options to subscribe for a total of 850,000 and 637,500 ordinary shares of £0.05 in the Company respectively at a price of £2.00 per share, being the higher of the average market price of an ordinary share over the twenty trading days ending on 9th December 2008 (£0.92) and £2.00.
The exercise of these share options is subject to the following performance targets based on growth in the Company's share price;
25% of the options will become exercisable if the Company's share price exceeds £4 for a period of twenty consecutive dealing days between the second and tenth anniversary of the grant
37.5% of the options will become exercisable if the Company's share price exceeds £5 for a period of twenty consecutive dealing days between the third and tenth anniversary of the grant
37.5% of the options will become exercisable if the Company's share price exceeds £6 for a period of twenty consecutive dealing days between the fourth and tenth anniversary of the grant
Messrs. Bance and Vevers notified the Company of their interests in respect of the above on 11th December 2008.
For further information contact:
| Ceres Power Holdings plc | Tel. +44 (0)1293 400 404 |
| Peter Bance, Chief Executive | |
| Gavin Anderson & Company | Tel. +44 (0)20 7554 1400 |
| Ken Cronin/Deborah Walter/Robert Speed |