Grant of Options

8 Jul 2005 08:54

Spiritel PLC08 July 2005 Spiritel plc (the "Company") 8 July 2005 The Board of Directors of the Company (the "Board") resolved on 7 July 2005 tocancel options granted to certain of the Directors and senior management at anexercise price of 35p (which was the price at which shares were placed uponadmission of the Company to trading on AIM on 30 June 2004) under the ShareOptions Scheme approved at the EGM dated 23 July 2004 with immediate effect.These cancelled options have been replaced with the grant of an equal number ofoptions to certain of the Directors and remaining senior management at anexercise price of 11p. In addition Dean Shakespeare, a Non-Executive Director,has also been granted 289,855 options under the Share Options Scheme at anexercise price of 11p. The Board also resolved to cancel options granted to Anthony St. John, Chairmanof the Company, under a Share Option Deed approved at the EGM dated 23 July 2004with immediate effect. These cancelled options have been replaced with the grantof an equal number of options under the Share Option Deed to Anthony St. John atan exercise price of 11p. The Board believes that these revised option arrangements will moreappropriately reward, incentivise and retain key members of staff during animportant period of growth for the Company. The options granted to Mark Willard and John Vergopoulos under the EMI Schemeremain unchanged. As a result of these decisions, the following Directors and Non-ExecutiveDirectors have options over Ordinary Shares in the Company as follows: Share Options Share EMI Scheme Scheme Options Scheme Unapproved Approved Exercise Unapproved Exercise price price Mark Willard Chief Executive 471,428 - 11p 302,205 2.068p Gerard Holmes Commercial 70,138 272,720 11p - - Director John Vergopoulos Deputy Chairman 471,428 - 11p 302,205 2.068p Anthony St John Non-Executive 285,714 - 11p - - Lord Bletsoe ChairmanDean Shakespeare Non-Executive 289,855 - 11p - - Director For further information: Spiritel plc 020 7160 0100Mark Willard, Chief ExecutiveJohn Vergopoulos, Deputy Chairman Teather & Greenwood 020 7426 9000Jeff Keating Buchanan Communications 020 7466 5000Mark CourtMary-Jane Johnson This information is provided by RNS The company news service from the London Stock Exchange