22 Jan 2009 07:00
SciSys Plc ('SciSys' or the 'Company')
Grant of Share Options to Directors
On 21st January 2009, upon the recommendation of the Company's Remuneration Committee, the following Directors were granted share options over the Company's ordinary shares of 25 pence each ("Ordinary Shares") under the Company's HMRC approved CSOP. The Company granted these options with an exercise price of 25 pence per Ordinary Share, being the nominal value of the Ordinary Shares. The market price is currently trading below the nominal value and, as a consequence, the Company is obliged under the rules of the CSOP to set the exercise price of option grants at the nominal value.
These CSOP options enable the Directors to benefit only from the future growth in the value of the Ordinary Shares above 25 pence. The Directors may not normally realise any such benefit for three years and the exercising of the options will be subject to meeting certain performance criteria linked to the earnings growth of the Company. Subject to the performance criteria being met these options would be capable of being exercised no earlier than on the announcement of the preliminary results of the Company for year ending 31 December 2011 (likely to be March 2012) . The options expire ten years after being granted.
| Director
| Number of options granted at 25 pence per ordinary share |
| Mike Love | 35,000 |
| David Jones | 35,000 |
| Christopher Cheetham | 35,000 |
| Stephen Brignall | 35,000 |
Following these awards the Directors total interests are as follows:
| Director | Interest in ordinary Shares | Total Interest in Executive Share Ownership Plan (ExSOP) | Total Interest in Options granted under EMI scheme | Total Interest in Options granted under CSOP scheme | Total interest in shares | Total holding as a % of issued share capital |
| Mike Love | 4,243,962 | 0 | 35,000 | 35,000 | 15.15 | |
| David Jones | 100,000 | 0 | 35,000 | 35,000 | 0.60 | |
| Chris Cheetham | 24,000 | 0 | 83,871 | 35,000 | 0.50 | |
| Steve Brignall | 105,622 | 11,946 | 103,226 | 35,000 | 0.90 | |
| Klaus Meng | 2,822,366 | 0 | 0 | 0 | 9.91 | |
| Ulrich Reimers | 0 | 0 | 0 | 0 | 0 | 0 |
| totals | 7,295,950 | 11,946 | 257,097 | 140,000 | 7,704,993 | 27.06 |
Enquiries:
Peter Murden Tel: 01249 466466
Company Secretary
SciSys Plc