1 Feb 2011 07:00
1 February 2011
Earthport plc ("Earthport" or "Company)
Issue of Share Options
The Board of Earthport plc, the global payments utility, announces the grant of the following options over new ordinary shares of 10p each in Earthport under the Company Option Plans and Joint Share Ownership Plan to Executive Directors as follows:
EMI/JSOP | Other | |
Hank Uberoi | 0 | 15,000,000 |
Zafar Karim | 4,750,000 | 0 |
In the case of Hank Uberoi, the options will amount to approximately 5.5% of the Company's fully diluted share capital following this grant. The options are subject to certain performance conditions. The award is for his past and continuing contribution to Earthport since joining the Company in February 2010 and leading the re-structuring, strategy and successful fund raisings. Mr Uberoi has not received any salary or bonus from the Company in 2010 and is not expected to take any salary or bonus for 2011. Two thirds of the options granted to Mr Uberoi have vesting conditions based on the Company achieving certain targets including positive operating cash flow and a specified level of operating profitability. The strike price of the options at 25p is set at more than 200% of the Company's last funding round share price in October 2010 and a 25% premium to the current market price.
In the case of Zafar Karim, the options amount to approximately 1.75% of the Company's fully diluted share capital following this grant. The options are subject to certain performance conditions. The award is for his past and continuing contribution to Earthport, as CFO, and since becoming an Executive Director of the Company in December 2009. Mr Karim played a key role in the changes in the second half of 2009 and early 2010 which enabled the Company to be refinanced and restructured. He then played an important role in the subsequent re-structuring, strategy and successful fund raisings. In addition, Mr Karim has forgone a significant portion of his compensation (salary and options) previously approved in December 2009 but not received. There are not expected to be any accrued or future payments from this previous approval. Two thirds of the options granted to Mr Karim have vesting conditions based on the Company achieving certain targets including positive operating cash flow and a specified level of operating profitability. The strike price of the options at 25p is set at more than 200% of the Company's last funding round share price in October 2010 and a 25% premium to the current market price.
- Ends -
For further information, please contact:
Earthport PLC Hank Uberoi / Zafar Karim
| 020 7220 9700 |
Financial Dynamics Jonathon Brill / Alex Beagley
| 020 7831 3113 |
Panmure Gordon Katherine Roe
| 020 7459 3600 |