Business
Issue of Options
Issue of Options.
About this update from Symphony Environmental Technologies Plc
[{"type":"text","content":"\n Symphony Environmental Tech. PLC\n26 November 2007\n\n\n\n26 November 2007\n\n\n SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC\n\n EXECUTIVE AND STAFF SHARE OPTIONS\n DISTRIBUTORS' SHARE OPTION REWARD SCHEME\n\nSymphony Environmental Technologies Plc ('Symphony' or 'the Company'), the\ndegradable plastics and waste-to-energy Group, is pleased to announce that it\nhas granted the following options in recognition of the efforts made since April\nthis year and as an incentive for future performance.\n\nUp to 2,270,000 options will be granted to all the staff of the Company and its\nsubsidiaries under the Company's EMI scheme. The options are exercisable at a\nsubscription price of 2.75 pence per share at any time after the second\nanniversary and before the tenth anniversary of the option grant date.\n\nA total of 10,000,000 options will be granted to the Directors of the Company at\na subscription price of 2.75 pence per share, exercisable between the first and\ntenth anniversary of the option grant date. These options are exercisable only\nif the share price of the Company's shares has risen to a level which is at\nleast three times greater than the share price at the close of business on 23\nNovember 2007. The share options granted to the Directors are as follows:\n\nNirj Deva 1,500,000\n\nMichael Laurier 2,500,000\n\nMichael Stephen 2,000,000\n\nIan Bristow 3,000,000\n\nMichael Stephens 1,000,000\n\nAll existing share options granted to executives and staffs are to be cancelled\nwith the exception of 1,200,000 share options granted to Michael Stephen on 28\nApril 2007. The 12,270,000 new executive and staff share options represent 14%\nper cent of the Company's current issued share capital.\n\nDISTRIBUTORS' SHARE OPTION REWARD SCHEME\n\nThe Company is launching a new share option reward program for its key\ndistributors in recognition of their valuable contribution during 2007 and for\nattaining certain sales levels going forward. The Company is intending to grant\noptions in proportion to revenue generated by each distributor in 2007 and it is\nexpected that up to 250,000 options will be granted before the end of the year.\nThe subscription price will be 5 pence per share. The options may be exercised\nafter one year from date of grant, and within 3 years from date of grant, and\nprovided the grantee remains a distributor of d2w....