Grant of Options

1 Nov 2006 07:01

Arena Leisure PLC01 November 2006 Arena Leisure Plc (the 'Company') Grant of Options The Company announces that on 31 October 2006 share options over 4,034,171ordinary shares in the Company ("the Options") were granted to certain employeesat an exercise price of 39.5p per Option, being the average mid market closingprice of the Company's shares over the preceding three days. Exercise of the Options is subject to the Company achieving earnings per share("EPS") growth in excess of RPI over a three year period as follows: Less than 3% - none exercisable3% - 30% exercisableGreater than 10% - 100% exercisable At EPS growth levels between 3% and 10% over the three year period, the Optionswill be exercisable pro-rata on a straight line basis between 30% and 100% ofthe Options granted. Subject to the above performance criteria, the Options may be exercised betweenthe third and tenth anniversary, inclusive, of the date of grant. The total number of share options granted include, 1,392,405 Options granted toMark Elliott (Chief Executive) and 746,835 Options granted to Ian Renton (RacingDirector). In addition to these Options, Mark Elliott holds a further 1,000,000options over ordinary shares in the Company ("Ordinary Shares"), and Ian Rentonholds a further 250,000 options over Ordinary Shares and 30,000 Ordinary Shares,which represent 0.01% of the issued share capital of the Company. This grant of options represents the final grant that will be made under boththe Arena Leisure 1997 Discretionary Share Option Scheme and the Arena Leisure1997 Company Share Option Plan. For further information, please contact: Arena Leisure Plc Bob Mercer, Chief Financial Officer and Company Secretary 020 7495 2277 This information is provided by RNS The company news service from the London Stock Exchange