Business
Issue of share options
Issue of share options.
About this update from Uk Oil & Gas Plc
[{"type":"text","content":"\n RNS Number : 8745D Sarantel Group PLC 09 December 2009 \nSarantel Group PLC \n(\"the company\" or \"the Group\" or \"Sarantel\")\n\nIssue of share options\n\nThe Company announces that on 8 December 2009, 7,000,000 contingent rights to receive shares and options over 2,500,000 ordinary 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\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nGeoff Shingles\n\n\n1,000,000\n\n\n2.59p\n\n\nUnapproved Share Option Scheme\n\n\n\n\nDavid Wither\n\n\n4,500,000\n\n\n1p\n\n\nLTIP\n\n\n\n\nOliver Leisten\n\n\n2,500,000\n\n\n1p\n\n\nLTIP\n\n\n\n\nSitkow Yeung\n\n\n1,500,000\n\n\n2.59p\n\n\nEMI\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nThe contingent rights to receive shares have been granted under the Company's Long Term Incentive Plan and the options have been granted under the Company's Unapproved share option scheme and the Enterprise Management Incentive ('EMI') Scheme. The contingent rights for David Wither and Oliver Leisten may be exercised based on achieving certain financial performance targets relating to profitability of the Group. The share options for Geoff Shingles may be exercised as to 50% immediately and 50% based on achieving the same financial performance targets relating to profitability. The share options for Sitkow Yeung may be exercised as to one third after 12 months, a further third after two years and the final third after three years from grant. All the share options shall expire after 10 years from grant. \n\nOn the same date, the Remuneration Committee reviewed the existing share options held by the Directors, and it believes that the fact that these options are underwater acts as a disincentive (existing exercise prices range between 4.75 pence and 7 pence each). These share options were consequently cancelled and re-granted at a price of 2.59 pence per share, representing a premium of approximately 8.8% over the closing mid-market price on the that date and a premium of approximately 15.1% over the price of the placing announced on 10 November 2009.\n\nFollowing these grants 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\...