SVR.L Regulatory News (SVR)

2 Jan 2009 11:54



2 January 2009

ServicePower Technologies PLC

("ServicePower" or the "Company")

Grant of Options

ServicePower (AIM: SVR) announces that on 31 December 2008 under the Company's newly approved option plan, as approved on 11 December 2008, Mark Duffin (CEO) and Nan Kreamer (acting CFO) were granted the following number of options to subscribe for ordinary shares of 1p each in the Company.

The vesting dates for the share options are as follows:

The share options will vest provided a performance target is met, being if the share price reaches 10p over three consecutive dealing days after the second anniversary of the date of the grant. 

Once the shares vest they are then exercisable in two tranches, the first half after the second anniversary from the date of grant. The second tranche is exercisable another 12 months later. 

Or, if at anytime, there is a change of control of the Company, then all share options vest immediately without the performance target having to be met and are exercisable. 

In addition, in relation to those options granted to Mark Duffin, if Mr. Duffin leaves the employ of ServicePower as per the definition in his New Plan then a third of his options will be deemed to have vested on each of the following dates: 07.11.08, 07.11.09, and 07.11.10. 

Mark Duffin has surrendered 3m options granted under the previous scheme. Nan Kreamer has no options to surrender. Therefore the above option grants represent the total number of options granted to both Mark Duffin and Nan Kreamer.

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About SERVICEPower

SERVICEPower, currently publicly traded on the AIM market operated by the London Stock Exchange (AIM:SVR), allows companies to locate their employed field resources in the right geography, ensure they have the right mix of skills, and outside this geography create a network of independent, authorised service contractors whose costs are efficiently managed by our sophisticated warranty management software. The schedules and routes for both the employed field resources and the independent servicers are optimised by SERVICEPower's technology to ensure the right balance between the cost of operations and ensuring customers receive a superior service experience.