23 Jul 2015 15:40
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release
23 July 2015
Grant of Share Options
Tungsten Corporation plc announces that on 23 July 2015 ("Grant Date") it has granted share options to various employees across the business. Options over a total of 982,750 Ordinary Shares, each with an exercise price of 67.5p per share (being the closing share price on the day prior to the Grant Date), under the terms of the US Stock Option Plan and the UK Share Option Plan have been granted. These options will vest annually, in equal proportions, over a period of four years.
As part of these grants, Tungsten has made awards to Directors as follows:
Richard Hurwitz, the Company's Chief Executive Officer, has been granted 95,000 options under the US Stock Option Plan at an exercise price of 67.5p. Rick Hurwitz now holds options over a total of 535,000 Ordinary Shares in the Company, representing 0.43% of Tungsten's existing share capital.
David Williams, the Company's Chief Financial Officer, has been granted 100,000 options under the UK Share Option Scheme at an exercise price of 67.5p. David Williams now holds options over a total of 108,000 Ordinary Shares in the Company, representing 0.089% of Tungsten's existing share capital.
Rick Hurwitz, Tungsten Corporation Chief Executive Officer, commented:
"To better align our employees' interests with those of shareholders and the Company's strategic outcomes, we are adjusting our remuneration policy to increase the performance-based component through equity options for our highest performing employees. This will promote a sense of proprietary commitment to contribute fully to the results of our business."
Enquiries:
Tungsten Corporation plc Juliana Wheeler, Head of Global Communications (Media) |
+44 20 7280 7973 | |
Charles Stanley Securities (Nominated Adviser and Joint Broker) Dugald Carlean |
+44 20 7149 6000 | |
Canaccord Genuity Limited (Joint Broker) Simon Bridges/Emma Gabriel |
+44 20 7523 8000 | |
Neustria Partners (Investors and Analysts) Robert Bailhache/Nick Henderson/Charles Gorman |
+44 20 3021 2580 | |
About Tungsten Corporation plcTungsten Corporation (LSE: TUNG) accelerates global trade by enabling customers to streamline invoice processing, improve cash-flow management and make better buying decisions from their detailed spend data.
Buyer organisations that join Tungsten Network, the world's largest compliant electronic invoicing network, can reduce their invoice-processing costs by 60%. Suppliers benefit from efficiencies, greater visibility of their invoice status and peace of mind. Tungsten offers options for supply chain financing and helps buying organisations profit by applying real-time spend analytics to its vast repository of line-level invoice data.
Tungsten serves 56% of the Fortune 500 and 67% of the FTSE 100 by connecting the world's largest companies and government agencies to their thousands of suppliers around the globe. It enables suppliers to submit tax compliant e-Invoices in 47 countries, and last year processed transactions worth over $187bn for organisations such as Alliance Data, Aviva, Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline, Henkel, IBM, Kellogg's, and the US Federal Government.
Contact: Juliana Wheeler, Head of Global Communications, +44 20 7280 7973.
juliana.wheeler@tungsten-network.com