Last checked at 7 Jul 2011 17:03
7 July 2011
Sarantel Group PLC
("the Company" or "the Group" or "Sarantel")
Grant of share options
Sarantel announces that on 6 July 2011, options over 47,017,168 A Ordinary 0.1p shares in the Company ("A Shares") were granted to directors of the Company as set out below:
Director | Number | Exercise Price | Scheme |
Geoff Shingles | 7,105,263 | 0.55p | Unapproved Share Option Scheme |
David Wither | 21,727,273 | 0.55p | EMI Share Option Scheme |
David Wither | 1,028,233 | 0.55p | Unapproved Share Option Scheme |
Oliver Leisten | 15,656,399 | 0.55p | EMI Share Option Scheme |
Nicola Malyon | ,500,000 | 0.55p | EMI Share Option Scheme |
The options have been granted under the Company's Unapproved Share Option Scheme and EMI Share Option Scheme. The share options for Geoff Shingles may be exercised as to 50% immediately and 50% following the achievement by the Group of a performance target based on EBITDA. The share options for the remaining directors generally vest as to one third after twelve months, a further third after two years and the final third after three years from grant provided that in all cases, a performance target based on EBITDA must be satisfied before options may be exercised. All the share options shall expire after ten years from grant.
On the same date, the Remuneration Committee reviewed the existing share options held by Geoff Shingles, David Wither and Oliver Leisten, and it believed the fact that a number of these options were exercisable at a price so far above the current mid-market price of one A Share acted as a disincentive (the exercise price being 2.59 pence each). These share options were consequently cancelled.
Following these grants and the cancellations referred to above, the directors' option and contingent rights holdings will be:
No. of options or contingent rights | Exercise price | Scheme and date of grant | |
Geoff Shingles | 7,105,263 465,789 | 0.55p 1.10p | Unapproved Scheme 6 July 2011 Unapproved Scheme 29 March 2011 |
David Wither | 21,727,273 1,028,233 3,200,000 4,500,000 2,500,000 | 0.55p 0.55p 1.00p 1.00p 1.00p | EMI Scheme 6 July 2011 Unapproved Scheme 6 July 2011 LTIP 11 December 2008 LTIP 8 December 2009 LTIP 29 March 2011 |
Oliver Leisten | 15,656,399 1,750,000 795,851 1,500,000 | 0.55p 1.00p 1.00p 1.00p | EMI Scheme 6 July 2011 LTIP 11 December 2008 LTIP 8 December 2009 LTIP 29 March 2011 |
Nicola Malyon | 1,500,000 1,000,000 | 0.55p 1.10p | EMI Scheme 6 July 2011 EMI Scheme 29 March 2011 |
Enquiries
Sarantel | |
David Wither, Chief Executive Officer Nicola Malyon, Chief Financial Officer
| 01933 670 560
|
Seymour Pierce | |
John Cowie/Freddy Crossley, Nominated Adviser David Banks/Paul Jewell, Corporate Broking
| 020 7107 8000
|
College Hill | |
Kay Larsen/Rozi Morris | 020 7457 2020 |
About Sarantel www.sarantel.com
Sarantel is a leader in the design of high-performance miniature antennas for portable wireless applications. Sarantel's revolutionary ceramic filtering antennas offer dramatically improved performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body. Because of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers to create innovative wireless products for the GPS, WiMax, Satellite Radio and Satellite phone markets.