PipeHawk Regulatory News (PIP)

10 Dec 2008 07:00

10 December 2008 PipeHawk Plc ("PipeHawk" or the "Company") Issue of Share Options

The Company announces that the board has approved the issue of 250,000 share options to Randal MacDonnell, non-executive director, and 100,000 share options to Richard Chignell, technical director. The options have an exercise price of 3 pence per share and are exercisable from 13 December 2011 to 12 December 2018.

Following the issue of the above, the Directors of PipeHawk will be interested in the following options;

Number of options Exercise Price Date from which exercisable Gordon Watt 250,000 14.5p 10 December 2005 Gordon Watt 100,000 20.0p 18 November 2006 Richard Chignell 100,000 20.0p 18 November 2006 Richard Chignell 100,000 13.5p 14 November 2008 Richard Chignell 100,000 3p 13 December 2011 Robert Tallentire 40,000 14.5p 20 December 2005 Robert Tallentire 5,000 20.0p 18 November 2007 Robert Tallentire 200,000 12.0p 9 December 2007 Robert Tallentire 100,000 13.5p 14 November 2008 Randal MacDonnell 100,000 24.0p 2 May 2009 Randal MacDonnell 250,000 3p 13 December 2011

In addition, in recognition of the historic and ongoing financial support given to the Company, PipeHawk has issued warrants over 6,000,000 shares to Gordon Watt and warrants over 2,120,000 shares to Robert Tallentire. The warrants are exercisable at 3 pence per share and only vest in the event that the thirty day average middle-market closing share price of the Company's shares exceeds 10 pence. These warrants are capable of being exercised until 12 December 2018.

Given the number of warrants being granted to Mr Watt and Mr Tallentire, the grants are deemed to be related party transactions under the AIM Rules. The directors of PipeHawk, other than Mr Watt and Mr Tallentire who are interested in the transaction (the "Independent Directors"), having consulted with John East & Partners Limited, consider the terms of the transactions to be fair and reasonable insofar as the shareholders of the Company are concerned. In advising the Independent Directors, John East & Partners Limited has relied upon their commercial assessment.

PipeHawk Plc 01420 590990 Gordon Watt (Chairman) John East & Partners Limited 020 7628 2200 Simon Clements