Last checked at 24 Dec 2010 09:39
GETECH Group plc
("GETECH" or the "Company")
Issue of Options
The Company announces that it has agreed to issue new options to certain staff members and directors of GETECH in place of existing options held by them in order to: (i) adjust the exercise prices of existing options to bring them more into line with the current market price and (ii) reduce the number of options held as a consequence. The details of the variations are set out below.
In addition, GETECH has taken the opportunity to issue new options to Paul Markwick, in recognition of his significant and ongoing contribution to the Company. The details of these new options are also set out below.
Variation to Options
Pursuant to the terms of a new option agreement, entered into between the Company and certain members of staff/directors of the Company, on the surrender of their existing options the staff/directors will be issued with new options which can be exercised at any time between the second anniversary and the tenth anniversary of the date of grant at a price of 15p per ordinary share (being a slight premium to the mid-market closing price of GETECH on 23 December 2010 (14.75p)) (the "Revised Options")
The details of options issued to directors are as follows:
Name | Number of Options Previously held ("Previous Options") (and the exercise price per ordinary share of each Previous Option)
| Number of Revised Options issued today | Total Number of Options now held |
David Roberts | 82,979 (exercisable at 39p ea.) | 41,490 | 41,490 |
Peter Stephens | 82,979 (exercisable at 39p ea.) | 41,490 | 41,490 |
Paul Markwick | 100,000 (exercisable at 29.75p ea.)
| 60,000 | 210,000* |
* Paul Markwick was today also issued with 150,000 New Options, for further details see below.
Raymond Wolfson's Options
In addition, Raymond Wolfson's existing options have also been cancelled and reissued such that they can be exercised at any time between the second anniversary and the tenth anniversary of the date of grant, at a price of 20p per ordinary share (the "Wolfson Options"). The details of these are more specifically set out below:
Name | Number of Options Previously held ("Previous Options") (and the exercise price per ordinary share of each Previous Option)
| Number of Wolfson Options issued today | Total Number of Options now held |
Raymond Wolfson | 300,000 (exercisable at 45p ea.) 200,000 (exercisable at 35p ea.) 400,000 (exercisable at 55p ea.) | 540,000 | 622,979** |
** this number includes another 82,979 options which were issued to Raymond Wolfson prior to Admission of the Company to trading on AIM and which are exercisable at 9.87p per ordinary share.
New Options
Finally, as set out above new options have today been granted, on the same terms as the Revised Options, to Paul Markwick ("New Options"):
Name | Number of New Options | Total Number of Options now held (including any Revised Options) |
Paul Markwick | 150,000 | 210,000 |
There has been no change to the 82,979 options over ordinary shares, which are exercisable at a price of 9.87p each, and which are held by Colin Glass.
Other than as disclosed in this announcement, no directors hold any other options in the Company.
For further information, please contact:
GETECH Group plc Raymond Wolfson, Chief Executive
|
| Tel: 0113 322 2200 |
WH Ireland Limited Katy Mitchell |
| Tel: 0161 832 2174
|
Walbrook PR Helen Westaway |
| Tel: 07900 346978 |