12 Nov 2012 16:20
Tangent Communications PLC ("Tangent" or the "Company")
Grant of Options
Tangent today announces that the following options over ordinary shares have today been granted to directors of the Company, subject to performance conditions, and in accordance with the proposals contained in the Circular sent to shareholders on 24 October 2012 and the Whitewash Resolution passed at the General Meeting on 9 November 2012:
Director | Number of Options | Exercise price |
Nicholas Green | 6,000,000 | Nil |
Timothy Green | 6,000,000 | Nil |
Kevin Cameron | 2,000,000 | Nil |
At each of 24 months and 36 months after the date of grant (the "Vesting Dates"), the weighted average share price for the 28 days prior to each such date (the "Target Price") shall be compared to a base share price of 10.00 pence. At either Vesting Date, providing the Target Price is a minimum of 12.00 pence, 1/3 of the options shall vest; if the Target Price is a minimum of 13.50 pence, 2/3 of the options shall vest; and if the Target Price is 15.00 pence, 100% of the options shall vest.
The earliest date upon which options can be exercised is 12 November 2016, being the fourth anniversary of the date of grant. Any options not exercised shall lapse on the tenth anniversary of the grant date.
For further information, please contact:
Tangent Communications plc
Tim Green, CEO 020 7462 6100
Canaccord Genuity Limited
Bruce Garrow 020 7523 8350