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24 Mar 2009 07:00
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Molectra Group Limited
(the "Company")
Grant ofΒ Share Options
The Company has adopted a newΒ shareΒ optionΒ scheme (the "Option Scheme") under which the Company has authority to grantΒ optionsΒ to any employee or director of, and any consultant to,Β the Company andΒ any ofΒ itsΒ subsidiariesΒ duringΒ 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.Β
TheΒ BoardΒ hasΒ yesterdayΒ resolvedΒ toΒ awardΒ options toΒ certainΒ directors and certain employeesΒ pursuant to the Option Scheme. The grants awarded to theΒ executiveΒ directors, which in aggregate are over 7,000,000 shares,Β areΒ set out in the table below.Β Β In addition to the options granted to theΒ executiveΒ directors, the Company hasΒ awardedΒ options overΒ 4,600,000 sharesΒ to non-board level employees. The first date on whichΒ theseΒ optionsΒ can be exercisedΒ isΒ 23Β March 2010Β (being the first anniversary of the date of the Board meeting which resolved to award the options)Β and theΒ final date onΒ which they can be exercised isΒ 23Β 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 ofΒ options to the non-executiveΒ directorsΒ and consultantsΒ is subject to consent being received from the Jersey Financial Services CommissionΒ to the grant of theΒ optionsΒ under the Control of Borrowing (Jersey) Order 1958Β and the CompanyΒ obtaining, by shareholder resolution at a subsequent date,Β authority toΒ allot the options. It is intended theseΒ optionsΒ will beΒ in all other respects identical to those granted to the executiveΒ directorsΒ and employees. A further announcement will be made when the grant ofΒ options to the non-executiveΒ directors becomes effective.
The options have beenΒ awardedΒ with an exercise price of 1.5 pence. This isΒ equal to the mid-market price as at the close of business on the last trading day before the date of grant and atΒ aΒ 50Β per cent. premium toΒ the price at which the last material market tradeΒ inΒ the Company's shares took place onΒ 4 February 2009Β and to the price of theΒ recently completedΒ share buyΒ back.
Grants to executive directors
Β
|
Name
|
Number of shares under option
|
Exercise price per share
|
|
P. Gazzard
|
4,000,000
|
1.5p
|
|
R. Sargent
|
3,000,000
|
1.5p
|
Β
Proposed grants to non-executive directors
Β
|
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 aboveΒ 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 sharesΒ that may be putΒ under option pursuant to the conditional awards to the non-executive directors and consultants, isΒ 16,600,000.
Β Β For further information please contact:
Molectra Group Limited
Paul Gazzard 01725 510 383
Rodger Sargent 020 7355 7660
Arbuthnot Securities Limited
Antonio Bossi 020Β 7012 2000
Threadneedle Communications Ltd
Graham HerringΒ 020 7653 9500
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