10 Nov 2008 07:55
PureCircle Limited
("PureCircle or the Company")
Issuance of Options under the Company's Long Term Incentive Plan (LTIP)
The Company announces that on 10 November 2008 the Board of PureCircle approved the issuance of Options over a total of 1,690,500 new shares at Option exercise price of £nil per share to key employees including Executive Directors.
As and when the Options vest, they will be satisfied out of the issue of new shares in the Company in line with the terms of the LTIP approved in June 2008.
The Non-Executive Directors consider the Plan and these awards to be appropriate in order to recruit, retain and motivate key employees on a basis aligned fully with shareholders.
The 1,690,500 Options issued vest over a period of up to three years and are subject to the following performance conditions:
| Number of Options | Vesting period | Performance condition | |
| 80,000 | Immediate | None | |
| 80,000 | 31 October 2009 | Continued employment | |
| 80,000 | 31 October 2010 | Continued employment | |
| 391,750 | 31 October 2009 | Share price to exceed £2.22 | |
| 391,750 | 31 October 2010 | Share price to exceed £3.88 | |
| 667,000 | 31 October 2011 | Share price to exceed £3.88** | |
| 1,690,500 |
**The Options that vest on 31 October 2011 vest on a sliding scale. The Company's share price needs to exceed £2.22 for any Options to vest. At £2.22, 30% of the award vests, increasing to 100% at £3.88 on a straight line basis.
Of the total Options issued, 325,000 are granted to Executive Directors of the Company. All these Options vest on 31 October 2011 and are subject to the share price condition noted above. The Executive Directors are as follows:
| Director | Number of Options granted | |
| Magomet Malsagov | 200,000 | |
| Peter Milsted | 125,000 |
10 November 2008
| Enquiries: | |
| PureCircle |
|
| Magomet Malsagov, Chief Executive | +603 2093 3333 |
| William Mitchell, Finance Director | +44 7974 005163 |
| RFC Corporate Finance (NOMAD) | +61 8 9480 2500 |
| Steve Allen | |
| Damien Kelly | |
| College Hill | +44 20 7457 2020 |
| Mark Garraway |