17 Jun 2011 16:15
Provexis plc
("Provexis" or the "Company")
Grant of Options
Further to the announcement by the Company this morning, the Company announces that, following a recommendation from the Company's Remuneration Committee, it has on 17 June 2011 granted newoptions over Ordinary Shares ("Options") under the Provexis 2005 share option scheme to certain Directors as follows:
Name of Director | Position | No of existing Options | No of new Options to be granted | Total Options following grant |
Stephen Moon | Chief Executive Officer | 21,117,620 | 17,000,000 | 38,117,620 |
Steven Morrison | Chief Operating Officer | 12,000,000 | 8,000,000 | 20,000,000 |
Ian Ford | Finance Director | 10,000,000 | 8,000,000 | 18,000,000 |
The Company has also granted a further 18,300,000 Options to existing employees.
The new Options will have an exercise price of 2.8 pence, being the closing mid-market price on the 16 June 2011.
The Company's Remuneration Committee believes the above grant of new Options will align the Directors' interests with those of Shareholders. The Options are subject to performance criteria, including Ordinary Share price appreciation, and are exercisable between 3 and 10 years from the date of grant.
Following the issue of the new Options, as set out above, the total number of Ordinary Shares under option which could be issued if all of the performance criteria are met are 113,771,648 Ordinary Shares.
Enquiries:
Provexis plc Stephen Moon, Chief Executive
| Tel: 01753 752290 |
Evolution Securities Ltd Patrick Castle/Bobbie Hilliam
| Tel: 020 7071 4317 |
Haggie Financial LLP Matthew Longbottom/Peter Rigby | Tel: 020 7417 8989 Matthew.Longbottom@haggie.co.uk
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Provexis (PXS)