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19 May 2009 07:00
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Maintel Holdings Plc ("Maintel" or "the Company")
Directors'Β share options
OnΒ 18Β MayΒ 2009Β theΒ directors of the Company approved the adoption of the Maintel Holdings PlcΒ 2009 Option Plan.
On the same date, the directors granted to Eddie Buxton, the Company's Chief Executive Officer:
Β
1. An option overΒ 53,909Β shares,Β which equates toΒ 0.5% ofΒ the issued share capital of the Company, with an exercise price of Β£1.00. The optionΒ will vest and may be exercised from the first date after 18Β May 2009 that the mid market price of the Company's ordinary shares is Β£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 ofΒ purchase by Mr Buxton, and (b) Β£1, up to a maximum ofΒ 107,818Β shares,Β which equates toΒ 1.0% of the issued share capital of the Company. The optionΒ will vest andΒ may be exercisedΒ 12 months after the date of Mr Buxton's purchase(s)Β to the extent that the purchased shares are retained at that date.
3. An option overΒ 107,818Β shares,Β which equates toΒ 1.0% of the issued share capital of the Company, with an exercise price of Β£2.00. This optionΒ will vest andΒ may be exercised after 18 months' continuous employment with the Company or, if earlier,Β from the first date after 18Β May 2009 that the mid market price of theΒ Company'sΒ ordinary shares is Β£2.00.
4. An option overΒ 107,818Β shares,Β which equates to 1.0% of the issued share capital of the Company, with an exercise price of Β£3.00. This optionΒ will vest and may be exercised after 3 years'Β continuous employment with the Company or, if earlier,Β from the first date after 18Β May 2009 that the mid market price of theΒ Company'sΒ ordinary shares is Β£3.00.
In each case, the option expires onΒ 18Β May 2019.
In aggregate, therefore, options have been issued over 2.5% of theΒ currentΒ issued share capital, withΒ a maximum ofΒ a further 1% conditional on Mr Buxton purchasing matching shares in the open market.Β The number of shares under option and the vesting and exercise prices may be adjusted at theΒ 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 inΒ 52,251Β shares in his capacity as a trustee of theΒ Maintel Holdings Plc Share Incentive Plan.
Enquiries:
Dale Todd - Finance Director 020 7401 0562
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