23 December 2002
Date: 23 December 2002
On behalf of: Zipcom plc
For immediate Release
Following the acquisition of Transigent, Zipcom plc announces a new share option
package for its two executive directors, Grahame Purvis and Stewart Porter,
designed to ensure the right style and quantum of incentives going forward.
The outline details of the awards given below, were drawn up in consultation
with the main shareholders, and represent a modification from the proposals
detailed in the admission document.
1. The pre-flotation options totalling 750,000 each at 5.75 pence, and
2,602,440 each at 8 pence have been repriced to 3 pence, as have all the
existing options under award to all Zipcom employees;
2. The remaining options granted at 5.5 pence will be surrendered.
3. New options have been awarded to bring the total value of shares
under option in the scheme to £675,000 each. Less the options referred to
in 1.) above this equates to 26,647,560 options each at 2.25 pence;
4. 50% of the new award will vest immediately, and the remaining 50%
will vest after one year subject to an exercise criteria of a minimum share
price target of 5 pence and reaching EBITDA break-even.
Consequently in total, and including those options outside the scheme relating
to rights to options prior to the formation of Zipcom, Grahame Purvis has an
interest in 35,047,138 options and Stewart Porter has an interest in 33,682,713
Emma Kane Tel: 020 7955 1410
This information is provided by RNS
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