Ksk Power Regulatory News (KSK)

4 Feb 2008 10:27

KSK Power Ventur PLC04 February 2008 Immediate Release 4 February 2008 KSK Power Ventur plc Employee share subscription in KSK Power Ventur plc ("KSK plc" or "the Company") Further to the announcement on 28th January 2008, the Board of KSK plc hasimplemented a share subscription arrangement, whereby various senior employeesof the KSK group (excluding the founders, Mr Kishore and Mr Sastry) have beengranted the opportunity to subscribe for an aggregate amount of 10.9 million newordinary shares of 0.1p each in the Company("New Ordinary Share") at asubscription price of 457 pence per New Ordinary Share. The rationale behind thenew arrangements for these employees is to incentivise key personnel for thefuture, as well as recognising the significant contribution made to the overallgrowth in the KSK group. Given the significant corporate developments at KSK plcover the past year, this has been the first available time, for some time, tomake the awards without the Company being in a Close Period for dealings. Thedetails of the subscription arrangements are as follows: •The eligible employees have irrevocably undertaken to subscribe for the New Ordinary Shares at the stated subscription price of 457 pence per New Ordinary Share. The subscription price has been set as the average closing share price for the four day period, following the last announcement by the Company, i.e. from 29th January - 1st February 2008. •Payment for the shares under the subscription arrangements by the relevant employees must be made on or before 31st May 2008. •It is anticipated that K&S Consulting Group Private Limited, which is controlled and majority owned by the KSK plc Directors Mr Kishore and Mr Sastry, will provide necessary assistance for the new debt arrangements being entered into by the relevant employees to pay for the subscription. Further details will be announced in due course. For further information, please contact KSK Power Ventur plc +91-40-23559922S. Kishore, Executive DirectorK.A. Sastry, Executive Director Arden Partners plc +44 (0)20 7398 1632Richard DayAdrian Trimmings Buchanan Communications Limited +44 (0) 20 7466 5000Mark EdwardsBen Willey See our website on: www.ksk.co.in This information is provided by RNS The company news service from the London Stock Exchange