Business
Grant of Option & Trading Upd
Grant of Option & Trading Upd.
About this update from Character Group Plc
[{"type":"text","content":"\n RNS Number : 8803P Character Group PLC 26 July 2010 \n \n\n \nIssued by Citigate Dewe Rogerson Ltd, Birmingham\nDate: Monday, 26 July 2010\nEmbargoed: 7.00am\nGrant of Option to purchase ordinary shares in\nThe Character Group\nand\nTrading update\n \nIn recognition of the working partnership with Cepia, LLC (\"Cepia\") the Board of The Character Group plc (\"Character\" or \"the Group\") has today agreed to grant an option (\"Option\") to Cepia HK Limited, a subsidiary of Cepia, to subscribe for the issue of up to a maximum of 1,000,000 Ordinary shares in Character, representing approximately 3.79% of the current issued share capital of Character (excluding shares held in treasury) at an option price of 122.5 pence per share, being the mid market price of the issued ordinary shares in Character at the close of business on 23 July 2010.\n \nThe Option is exercisable by Cepia in the period between the third and fifth anniversaries of the date of grant of the Option (i.e. 23 July 2013 and 23 July 2015), subject, inter alia, to the continuation of the exclusive distribution relationship between Character and Cepia for at least the next four years\n \nCepia, which has a long history of supplying the Character Group companies with unique and innovative products, has created certain Intellectual Property Rights, including that of the ZhuZhu brand which includes ZhuZhu Pets (formerly branded GoGo pets in the UK); Character is the exclusive distributor for these and related products in the UK and Eire. \n \nCommenting on the Option grant, Richard King Chairman at Character Group said:\n \n\"We believe, as a Board, that this arrangement recognises the close relationship between Cepia and Character. Together we have had tremendous success with the ZhuZhu brand and we believe that this will continue as new and exciting products are developed and introduced into the UK and Eire markets.\"\n \nAlthough the environment remains tough for the High street and Character faces the same challenges as its competitors, the Group continues to develop its portfolio of branded products and build its market share in the UK.\n \nThe Directors are confident that trading for the financial year ending 31 August 2010 will at least meet market expectations.\n \n\n\n\n\nEnquiries:\n\n\n\n\n\n\n\nRichard King...