Maintel Regulatory News (MAI)

19 May 2009 07:00



Maintel Holdings Plc ("Maintel" or "the Company")

Directors' share options

On 18 May 2009 the directors of the Company approved the adoption of the Maintel Holdings Plc 2009 Option Plan.

On the same date, the directors granted to Eddie Buxton, the Company's Chief Executive Officer:

1. An option over 53,909 shares, which equates to 0.5% of the issued share capital of the Company, with an exercise price of £1.00. The option will vest and may be exercised from the first date after 18 May 2009 that the mid market price of the Company's ordinary shares is £1.00.

2. An option over the number of shares (if any) that Mr Buxton acquires in the market during the first year of his employment with the Company, with an exercise price of the higher of (a) the prevailing market price at the time of purchase by Mr Buxton, and (b) £1, up to a maximum of 107,818 shares, which equates to 1.0% of the issued share capital of the Company. The option will vest and may be exercised 12 months after the date of Mr Buxton's purchase(s) to the extent that the purchased shares are retained at that date.

3. An option over 107,818 shares, which equates to 1.0% of the issued share capital of the Company, with an exercise price of £2.00. This option will vest and may be exercised after 18 months' continuous employment with the Company or, if earlier, from the first date after 18 May 2009 that the mid market price of the Company's ordinary shares is £2.00.

4. An option over 107,818 shares, which equates to 1.0% of the issued share capital of the Company, with an exercise price of £3.00. This option will vest and may be exercised after 3 years' continuous employment with the Company or, if earlier, from the first date after 18 May 2009 that the mid market price of the Company's ordinary shares is £3.00.

In each case, the option expires on 18 May 2019.

In aggregate, therefore, options have been issued over 2.5% of the current issued share capital, with a maximum of a further 1% conditional on Mr Buxton purchasing matching shares in the open market. The number of shares under option and the vesting and exercise prices may be adjusted at the discretion of the Remuneration Committee in the event of a variation in the issued share capital of the Company. There are no other options outstanding over shares in the Company.

Mr Buxton currently holds no shares in the Company beneficially, but is interested in 52,251 shares in his capacity as a trustee of the Maintel Holdings Plc Share Incentive Plan.

Enquiries:

Dale Todd - Finance Director 020 7401 0562