Incentive Options Scheme

2 May 2006 07:01

Eastern Mediterranean Res. Pblc LD02 May 2006 AIM: EMED 2 May 2006 EMED INCENTIVE OPTIONS SCHEME Eastern Mediterranean Resources Public Ltd ("EMED") today updates shareholdersof its incentive options scheme and of the issuance of new options to Managementand Directors. Current participation limits and levels are as follows: • Options on issue, 16.5 million versus 17.6 million permissible based on issued capital 70.4 million shares • 3.9 million issued in April 2006 to Officers exercisable at 13.5p per share, being a 15% premium to market • Incentive Options held by Management and Directors or their associates are now as follows: • Mr Anagnostaras-Adams, Managing Director, 6,500,000 of which 1,500,000 are New Options • Mr Cunneen, Head of Exploration, 1,850,000 of which 350,000 are New Options • Dr Constantinides, Head of Development, 800,000 of which 300,000 are New Options • Other Managers, 3,836,000 of which 1,296,000 are New Options • Mr Gordon Toll, Chairman of Directors, 1,450,000 of which 200,000 are New Options • Mr Ronnie Beevor, Non-Executive Director, 1,450,000 of which 200,000 are New Options • Dr Andreas Panayiotou, Non-Executive Director, 725,000 of which 100,000 are New Options Governance of Incentive Scheme • Scheme established at the time of the Company's ordinary Shares being admitted to AIM in May 2005. • The ethos of the scheme is to appropriately incentivise and reward Managers and Directors • Remuneration Committee administers the scheme, advised by Nominated Advisers and legal advisers • Scheme and participation levels normally to be reviewed annually after Company AGM Number of Options • To recognise that remuneration levels are unchanged since Company Admission to AIM and are not high by industry standards • Normally to number no more than twenty per cent (20.0%) of the fully-diluted issued share capital • The maximum limit will decrease as the overall value of EMED increases. By way of illustration once EMED has a market capitalisation of £100 million, the percentage would be circa ten per cent (10.0%). Exercise Periods, Price and Vesting • Normally have exercise periods of six years and vest in 3 equal instalments over the first 2 years • Should be fixed between the prevailing market price at the time of issue and up to 20% premium to market Managing Director Harry Anagnostaras-Adams said, "EMED has started as a smallexploration company, dedicated to a bold mission of establishing a profitablemining house by discovering or buying copper or gold deposits in the Eurasianregion. At this stage our key asset is our people and we are fortunate to haveassembled such an excellent team." EnquiriesEastern Mediterranean Resources Nabarro Wells Parkgreen CommunicationsHarry Anagnostaras-Adams David Nabarro Ana Ribeiro+357 9945 7843 +44 (0) 20 7710 7400 +44 (0) 20 7493 3713www.emed-resources.com www.emed.tv This information is provided by RNS The company news service from the London Stock Exchange