Business
Grant of Options and Share Award
Grant of Options and Share Award.
About this update from Corero Network Security Plc
[{"type":"text","content":"\n \n\n\n\n\n\nRNS Number : 4235D Corero PLC 23 March 2011 \n \n\nCorero PLC\n (\"Corero\" or \"the Company\")\n \nGrant of Options and Share Award\n \n \nThe Board have approved the following awards under the Company's EMI Scheme and Deferred Payment Share Plan (\"DPSP\"):\n \n\n\n\n\n\n\n\nEMI Scheme\n\n\nDPSP\n\n\n\n\nAndrew Miller\n\n\n-\n\n\n140,000\n\n\n\n\nBernard Snowe\n\n\n125,000\n\n\n-\n\n\n\n\n \nThe option and DPSP awards were originally planned to be issued on 21 September 2010 following the Company's interim results announcement on 20 September 2010 but could not be issued as the Company was in a close period in relating to the acquisition of Top Layer Networks, Inc.\n \nThe options issued under the EMI Scheme have an exercise price of 40p and vest one-third on 21 September 2011, one-third on 21 September 2012 and one-third on 21 September 2013. Should these options be exercised, the ordinary shares with a nominal value of 1p each (\"Ordinary Shares\") issued thereunder may not be sold or otherwise transferred until 21 September 2012. There are no performance conditions associated to the vesting or exercise of these options.\n \nThe grant to Andrew Miller under the DPSP represents the balance of the share awards which Corero had committed to grant as set out in the circular to shareholders dated 14 July 2010 (the \"Circular\"). Of the total 616,000 share awards committed to be granted, 476,000 were granted on the 1o August 2010 under the Executive EMI Plan. The DPSP shares have a purchase price of 40p.\n \nIn order to satisfy potential future exercises of the options granted under the DPSP to Andrew Miller as described above, 140,000 Ordinary Shares have duly been issued and allotted to the Company's Employee Share Ownership Trust at a price of 40p per Ordinary Share. Application has been made for the admission to trading of AIM of these Ordinary Shares, and subsequent to such admission, the Company's issued share capital will consist of 47,713,718 Ordinary Shares with voting rights. The Company does not hold any Ordinary Shares in Treasury. \n \nThe above figure of 47,713,718 Ordinary Shares may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify th...