Issue of options

RNS Number : 4726E

Longships PLC

10 May 2013

 



LONGSHIPS PLC

Issue of options

Longships plc ("Longships" or the "Company") announces that it has conditionally granted options to Arlington Group Asset Management Limited ("AGAM") over a total of 10 million ordinary shares of 1 penny each in the Company at an exercise price of 4 pence per share (the "Options"). The Options vest when they become unconditional and have a five year life.

Charles Cannon Brookes and Malcolm Burne each control more than than 20% of AGAM and as a consequence AGAM's interest in the Company is aggregated with each of these two directors' holdings under the AIM definition of directors' family.

The table below sets out the interests of Messrs Burne, Brookes and AGAM in the Company:

Name	Number of shares held	% of current issued share capital	Disclosable percentage interest under AIM definition of director's family*	Numbers of Options held following grant
Malcolm Burne	6,537,500	6.55	8.55	Nil
Charles Cannon Brookes	3,000,000	3.0	5.0	Nil
AGAM	2,000,000	2.0	Nil	10 million

The award of the Options to AGAM is classified as a transaction with a related party for the purposes of Rule 13 of the AIM Rules for Companies. Nathan Steinberg, being an independent director of the Company, has consulted with the Company's Nominated Adviser, Westhouse Securities Limited, and considers the terms of the placing by the Company to be fair and reasonable in so far as shareholders are concerned.

The Options are unable to be issued at the current time as the directors currently have insufficient authority to allot the underlying ordinary shares.  The grant is therefore conditional upon the passing of Resolutions 5 to 7 at the Company's forthcoming Annual General Meeting.

Enquiries:

Longships PLC	[phone]
Nathan Steinberg, Director
Westhouse Securities (Nominated Adviser)	[phone]
Richard Baty / Ian Napier

 

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