Newmark Security Regulatory News (NWT)

17 Oct 2005 15:58

Newmark Security PLC17 October 2005 Newmark Security plc (the "Company") Board Change and Grant of Options Board Change With effect from 1 November 2005, Maurice Dwek's role as Executive Chairman willchange to that of a Non-Executive Chairman. It has been agreed with Arbury Inc.that, from 1 November 2005, the fee paid to Arbury Inc. for the services of Mr Dwek will be reduced from approximately £200,000 to £50,000 per annum. As each of the Company's subsidiaries operate as autonomous businesses with their own management team, the board has no current intention to appoint a further executive director. In consideration for the termination of Mr Dwek's contract as an executive director, Arbury Inc. will be issued shares in the Company to the value of £150,000 on 1 November, when the new contract as non-executive director will come into effect. The shares will be issued at the previous trading day's closing mid-market price. In addition, Arbury Inc. has chosen to be issued with further shares in the Company to the value of £33,042 in lieu of salary for September and October, also to be issued on 1 November at the previous trading day's closing mid-market price. Grant of Options The Company has granted 3,000,000 options over its ordinary shares to FinanceDirector Brian Beecraft under the Company's unapproved share option scheme. Theoptions can be exercised from 14 October 2005 to 13 October 2015 inclusive at aprice of 1.5p per share. This information is provided by RNS The company news service from the London Stock Exchange