24 Mar 2009 07:00
Molectra Group Limited
(the "Company")
Grant of Share Options
The Company has adopted a new share option scheme (the "Option Scheme") under which the Company has authority to grant options to any employee or director of, and any consultant to, the Company and any of its subsidiaries during prescribed grant periods. Pursuant to the Option Scheme the number of shares under option cannot exceed 10 per cent. of the Company's issued share capital as at the date of grant.
The Board has yesterday resolved to award options to certain directors and certain employees pursuant to the Option Scheme. The grants awarded to the executive directors, which in aggregate are over 7,000,000 shares, are set out in the table below. In addition to the options granted to the executive directors, the Company has awarded options over 4,600,000 shares to non-board level employees. The first date on which these options can be exercised is 23 March 2010 (being the first anniversary of the date of the Board meeting which resolved to award the options) and the final date on which they can be exercised is 23 March 2019.
The Company also proposes, conditionally, to award options over a further 5,000,000 shares to non-executive directors and consultants. The grant of options to the non-executive directors and consultants is subject to consent being received from the Jersey Financial Services Commission to the grant of the options under the Control of Borrowing (Jersey) Order 1958 and the Company obtaining, by shareholder resolution at a subsequent date, authority to allot the options. It is intended these options will be in all other respects identical to those granted to the executive directors and employees. A further announcement will be made when the grant of options to the non-executive directors becomes effective.
The options have been awarded with an exercise price of 1.5 pence. This is equal to the mid-market price as at the close of business on the last trading day before the date of grant and at a 50 per cent. premium to the price at which the last material market trade in the Company's shares took place on 4 February 2009 and to the price of the recently completed share buy back.
Grants to executive directors
| Name | Number of shares under option | Exercise price per share |
| P. Gazzard | 4,000,000 | 1.5p |
| R. Sargent | 3,000,000 | 1.5p |
Proposed grants to non-executive directors
| Name | Number of shares under the proposed option | Proposed exercise price per share |
| W.R. King | 1,000,000 | 1.5p |
| R.C. Maddock | 1,000,000 | 1.5p |
| D. Hassum | 1,000,000 | 1.5p |
Apart from the above options, the directors' interests in the Company's share capital remain unchanged and as previously disclosed.
The aggregate number of all the shares under option, including the shares that may be put under option pursuant to the conditional awards to the non-executive directors and consultants, is 16,600,000.
For further information please contact:
Molectra Group Limited
Paul Gazzard 01725 510 383
Rodger Sargent 020 7355 7660
Arbuthnot Securities Limited
Antonio Bossi 020 7012 2000
Threadneedle Communications Ltd
Graham Herring 020 7653 9500