Business
Grant of share options
Grant of share options.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n \nRNS Number : 0119K Sarantel Group PLC 07 July 2011 \n \n\n7 July 2011\n \nSarantel Group PLC \n(\"the Company\" or \"the Group\" or \"Sarantel\")\n \n \nGrant of share options\n \nSarantel announces that on 6 July 2011, options over 47,017,168 A Ordinary 0.1p shares in the Company (\"A Shares\") were granted to directors of the Company as set out below:\n \n\n\n\n\nDirector\n\n\nNumber\n\n\nExercise Price\n\n\nScheme\n\n\n\n\nGeoff Shingles\n\n\n7,105,263\n\n\n0.55p\n\n\nUnapproved Share Option Scheme\n\n\n\n\nDavid Wither\n\n\n21,727,273\n\n\n0.55p\n\n\nEMI Share Option Scheme\n\n\n\n\nDavid Wither\n\n\n1,028,233\n\n\n0.55p\n\n\nUnapproved Share Option Scheme\n\n\n\n\nOliver Leisten\n\n\n15,656,399\n\n\n0.55p\n\n\nEMI Share Option Scheme\n\n\n\n\nNicola Malyon\n\n\n,500,000\n\n\n0.55p\n\n\nEMI Share Option Scheme\n\n\n\n\n \nThe options have been granted under the Company's Unapproved Share Option Scheme and EMI Share Option Scheme. The share options for Geoff Shingles may be exercised as to 50% immediately and 50% following the achievement by the Group of a performance target based on EBITDA. The share options for the remaining directors generally vest as to one third after twelve months, a further third after two years and the final third after three years from grant provided that in all cases, a performance target based on EBITDA must be satisfied before options may be exercised. All the share options shall expire after ten years from grant. \n \nOn the same date, the Remuneration Committee reviewed the existing share options held by Geoff Shingles, David Wither and Oliver Leisten, and it believed the fact that a number of these options were exercisable at a price so far above the current mid-market price of one A Share acted as a disincentive (the exercise price being 2.59 pence each). These share options were consequently cancelled. \n \nFollowing these grants and the cancellations referred to above, the directors' option and contingent rights holdings will be:\n \n\n\n\n\n\n\n\nNo. of options or contingent rights\n\n\nExercise price\n\n\n\nScheme and date of grant\n\n\n\n\nGeoff Shingles\n\n\n7,105,263\n465,789\n\n\n0.55p\n1.10p\n\n\nUnapproved Scheme 6 July 2011\nUnappro...