10 December 2008
PipeHawk Plc
("PipeHawk" or the "Company")
Issue of Share Options
The Company announces that the board has approved the issue of 250,000 share
options to Randal MacDonnell, non-executive director, and 100,000 share options
to Richard Chignell, technical director. The options have an exercise price of
3 pence per share and are exercisable from 13 December 2011 to 12 December
2018.
Following the issue of the above, the Directors of PipeHawk will be interested
in the following options;
Number of options Exercise Price Date from which
exercisable
Gordon Watt 250,000 14.5p 10 December 2005
Gordon Watt 100,000 20.0p 18 November 2006
Richard Chignell 100,000 20.0p 18 November 2006
Richard Chignell 100,000 13.5p 14 November 2008
Richard Chignell 100,000 3p 13 December 2011
Robert Tallentire 40,000 14.5p 20 December 2005
Robert Tallentire 5,000 20.0p 18 November 2007
Robert Tallentire 200,000 12.0p 9 December 2007
Robert Tallentire 100,000 13.5p 14 November 2008
Randal MacDonnell 100,000 24.0p 2 May 2009
Randal MacDonnell 250,000 3p 13 December 2011
In addition, in recognition of the historic and ongoing financial support given
to the Company, PipeHawk has issued warrants over 6,000,000 shares to Gordon
Watt and warrants over 2,120,000 shares to Robert Tallentire. The warrants are
exercisable at 3 pence per share and only vest in the event that the thirty day
average middle-market closing share price of the Company's shares exceeds 10
pence. These warrants are capable of being exercised until 12 December 2018.
Given the number of warrants being granted to Mr Watt and Mr Tallentire, the
grants are deemed to be related party transactions under the AIM Rules. The
directors of PipeHawk, other than Mr Watt and Mr Tallentire who are interested
in the transaction (the "Independent Directors"), having consulted with John
East & Partners Limited, consider the terms of the transactions to be fair and
reasonable insofar as the shareholders of the Company are concerned. In
advising the Independent Directors, John East & Partners Limited has relied
upon their commercial assessment.
PipeHawk Plc 01420 590990
Gordon Watt (Chairman)
John East & Partners Limited 020 7628 2200
Simon Clements