Business
Board Change and Grant of Opt
Board Change and Grant of Opt.
About this update from Tanfield Group Plc
[{"type":"text","content":"\n RNS Number : 9649Z Tanfield Group PLC 24 January 2011 \n \n\n24 January 2011\n \nTANFIELD GROUP PLC (\"Tanfield\" or the \"Company\")\n \nBOARD CHANGE AND GRANT OF OPTIONS\n \nBoard Change\nThe Company announces that following the sale of Smith Electric Vehicles' assets to Smith Electric Vehicles US, Geoff Allison resigned from the Board of Directors as Managing Director of the Zero Emission Vehicles Division on 21 January 2011. The Board thanks Geoff for his contribution to Tanfield's business.\n \nGrant of Options\nThe Company announces that on 21 January 2011 it granted 5,800,000 options to various directors and members of staff. 4,000,000 of these options were granted to certain directors of the Company as follows;\n \n\n\n\n\nDirector\n\n\nOptions granted\n\n\n\n\nJon Pither\n\n\n200,000\n\n\n\n\nDarren Kell\n\n\n1,800,000\n\n\n\n\nCharles Brooks\n\n\n1,100,000\n\n\n\n\nBrendan Campbell\n\n\n900,000\n\n\n\n\nTotal\n\n\n4,000,000\n\n\n\n\n \nThe options are to subscribe for new ordinary shares in the Company and the exercise price is 27 pence per ordinary share, being the middle market quotation of the shares at the close of trading on 21 January 2011. The options have been granted for nil consideration.\n \nThe options may be exercised at any time after the third anniversary from the date of grant. All share options must be exercised before the tenth anniversary of date of grant, failing which they will lapse.\n \nAfter granting the above share options the beneficial and other interests of the directors and their families in the shares of the Company are as follows;\n \n\n\n\n\nDirector\n\n\nNumber of Ordinary Shares\n\n\nTotal Number of options\n\n\n\n\nJon Pither (through Surrey Management Services Ltd)\n\n\n815,084\n\n\n200,000\n\n\n\n\nDarren Kell\n\n\n3,447,811\n\n\n3,071,334\n\n\n\n\nCharles Brooks\n\n\n28,563\n\n\n1,550,000\n\n\n\n\nBrendan Campbell\n\n\n106,343\n\n\n1,410,000\n\n\n\n\n \nFollowing the grant of the above options, the share capital of the Company comprises 94,077,218 ordinary shares, with voting rights, plus 8,891,334 options over ordinary shares.\n \nFurther information:\n \nTanfield Group plc &nbs...