29 May 2009 15:37
29 May 2009
Oxford Advanced Surfaces Group PLC (the 'Group' or the 'Company')
Award of Share Options
Oxford Advanced Surfaces Group PLC announces that on 28 May 2009 it granted options over 200,000 ordinary shares (in accordance with the terms of the Company's Unapproved Options Plan) to Philip Spinks, the CFO. All 200,000 options are exercisable at 28 pence, being the mid-market price on the day prior to the date of grant. The options, which are not subject to any performance criteria, will vest on the 31 December 2009 and may be exercised up to 10 years from the date of grant.
While the Group continues to make strong technical and commercial progress on its portfolio of joint development programmes, in the current economic environment it is prudent to minimise its fixed operating costs where possible in order to preserve its cash balance which at 31 December 2008 was £9.66 million. As reported at the time of the preliminary announcement, the Board has taken a number of steps to streamline the business with a focus on near term opportunities which enabled the Group to almost halve its projected cash burn for 2009. Amongst these measures Philip Spinks, the CFO, has voluntarily reduced his salary by 15% and waived his entitlement to his 2008 bonus. The options have been issued as compensation for these voluntary reductions.
The issued share capital of the Company is 185,619,638 ordinary shares of 1p each.
For further information, please contact:
| Oxford Advanced Surfaces Group Plc |
|
| Marcelo Bravo - Chief Executive | Tel: 01865 845807 |
| Novum Securities Limited - Broker | |
| Henry Turcan | Tel: 020 7562 4700 |
| ZAI Corporate Finance Ltd - Nominated Adviser |
|
| Ray Zimmerman/Jonathan Evans | Tel: 020 7398 2900 |