Issue of Share Options

29 Apr 2005 08:30

HydroDec Group plc29 April 2005 29 April 2005 HydroDec Group plc Grant of options HydroDec Group plc (the "Company") announces that it has todaymade the following grants of options to directors of the Company under a newshare option scheme: Name Number of ordinary Exercise First exercise Expiry date shares of 0.5p each price date ("Ordinary Shares") under option M D McNamara 5,000,000 11.5p 15.07.05 28.04.15 C J Nash 3,000,000 24.5p 04.04.06 28.04.15 J H Gunn 2,000,000 11.5p 29.04.07 28.04.15 Brian Sheeran* 2,000,000* 11.5p 29.04.07 28.04.15 R D Sargent 500,000 11.5p 29.04.07 28.04.15 * These options were granted to a company in which Brian Sheeran is interestedconditionally upon independent shareholders approving the Rule 9 waiver set outin Resolution 10 of the Notice of Annual General Meeting attached to the reportand accounts to be sent to shareholders of the Company shortly. All options other than those granted to M D McNamara and C J Nash will firstbecome exercisable on the second anniversary of the date on which they aregranted. M D McNamara's options become exercisable as to one fifth of theshares under option on each of the first, second, third, fourth and fifthanniversaries of his starting to provide services to the Group. C J Nash'soptions vest as to two thirds of the shares under option on 4 October 2005 andthe remainder on 4 April 2008, but only become exercisable as to one third ofthe shares under option on each of the first, second and third anniversaries ofhis starting employment with the Group. While C J Nash's options were grantedwith an exercise price per Ordinary Share equivalent to the market price of anOrdinary Share when he joined, other options have been granted at the flotationprice. The Board has decided on these terms to reward unpaid services provided to theGroup and to recognise that the options would normally have been granted onflotation. Future grants are all intended to have exercise prices equivalent tothe prevailing market price, unless the Board decides that there are specialreasons to use lower exercise prices. For further information please contact: John Gunn, Non-executive Chairman, HydroDec T: 020 7236 6236Richard Swindells/Katherine Roe, Panmure Gordon T : 020 7459 3600Nick Fox, M:Communications T : 020 7153 1531 This information is provided by RNS The company news service from the London Stock Exchange