Grant of options

1 Sep 2008 17:50



1 September 2008

Provexis plc

("Provexis" or the "Company")

Grant and surrender of share options

Provexis plc, the life-science business that discovers, develops and licenses scientifically-proven functional food, medical food and dietary supplement technologies, announces that further to its announcement of 1 August 2008, the Company's Remuneration Committee has approved the grant of options over 44,166,575 ordinary shares of 0.1p each ("Ordinary Shares") to certain Directors and employees of the Company.

In line with The Combined Code which refers to the requirement for performance-related elements of remuneration to form a significant proportion of the total remuneration of Executive Directors, to align their interests with those of shareholders, the Remuneration Committee in conjunction with the Company's advisers believes that the best alignment of these interests is through the award of share options.

Details of the options granted to the Directors of the Company are set out below:-

As a condition of the above grant of options, certain Directors have surrendered existing options as set out below:

In addition to the above, a further 3,709,384 existing options have also been surrendered by existing employees.

The options which are to be granted to the Directors and employees are exercisable between 3 and 10 years from date of grant and are subject to a number of performance criteria, including share price appreciation and profitability.

In addition to the above Stephen Moon is beneficially interested in 7,540,000 Ordinary Shares representing 0.96 per cent of the Company's issued share capital, and options over 1,117,620 Ordinary Shares. Ian Ford is beneficially interested in 1,540,000 Ordinary Shares representing 0.20 per cent. of the Company's issued share capital.

ENQUIRIES

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