Last checked at 23 Dec 2011 09:01
Transense Technologies PLC
("Transense" or the "Company")
23 December 2011
Change of status to executive director and award of options.
The Company is pleased to report that David M Ford, formerly a non-executive director, will assume an executive director position with immediate effect. David will be responsible for the Company's intellectual property, legal and contractual affairs.
The Company also announces that the following new share options have been awarded to Board members.
Options over 9,500,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") under the Transense 2011 Enterprise Management Incentive Option Scheme ("the Scheme") were granted yesterday to Graham Storey (CEO) and David Ford.
The options provide the right to subscribe for Ordinary Shares at an exercise price of £0.04 per Ordinary Share if the Company's share price reaches £0.09; the option is exercisable as set out below:
Director Shares Exercise Price Strike Price Exercise TermGraham Storey 6,000,000 £0.04 £0.09 Jan 2013-Jan 2018David Ford 3,500,000 £0.04 £0.09 Jan 2013-Jan 2018
These options have been granted in place of any previous options which have been surrendered.
The Remuneration Committee has resolved to grant these options on the terms set out above. In addition to the options granted to these Board members, options on similar terms were also granted to all key members of staff in place of their previous options which were also surrendered.
For more information, please contact:
Transense Technologies PLC Tel: +44 (0) 1869 238 380
Graham Storey, Chief Executive
Brewin Dolphin - Nomad
Neil Baldwin Tel: +44 (0) 845 213 4726
Hybridan LLP - Broker
Claire Noyce/Tim Goodman/Deepak Reddy Tel: +44 (0) 207 947 4350