Re-dating of options - replac

RNS Number : 9124T

On-Line PLC

05 October 2010

 



On-line PLC

('On-line' or 'the Company')

The following amendment has been made to the Re-dating of options announcement releasexd at 6.03pm on 6 July 2010 under RNS number 9387O.

The price of the options being re-dated should have been 20p rather than the 22.75p quoted. 

All other details of the announcement remain the same.  The full amended text of the announcement is shown below.

Re-dating of options - replacement

The On-line directors hold 450,000 options which are currently exercisable at below market price, and expire in September 2010. In order to avoid shareholder dilution, those directors have today agreed that they will waive the current rights they have to exercise these options and will amend the terms of the options such that they now become exercisable in September 2015 (subject to normal caveats regarding becoming exercisable prior to that on certain eventualities, for example death of the director or takeover of the Company) and will expire in September 2022. The exercise prices remain the same.

Details are as follows (all options expire in September 2022):

Clem Chambers

150,000 @ 20p, now locked up until September 2015

Michael Hodges

150,000 @ 20p, now locked up until September 2015

Jon Mullins

150,000 @ 20p, now locked up until  September 2015

In respect of the amendment to the options held by Mr Chambers, Mr Hodges and Mr Mullins, having consulted with Grant Thornton in its capacity as the Company's Nominated Adviser, consider that the re-dating of these option is fair and reasonable insofar as the Company's shareholders are concerned.

In respect of the amendment to the options held by Mr Hodges, Mr Chambers and Mr Mullins, having consulted with Grant Thornton in its capacity as the Company's Nominated Adviser, consider that the re-dating of these option is fair and reasonable insofar as the Company's shareholders are concerned.

In respect of the amendment to the options held by Mr Mullins, Mr Chambers and Mr Hodges, having consulted with Grant Thornton in its capacity as the Company's Nominated Adviser, consider that the re-dating of these option is fair and reasonable insofar as the Company's shareholders are concerned.

Contacts:

Michael Hodges	[e-mail]
Fiona Kindness, Grant Thornton Corporate Finance (Nominated Adviser)		020 7728 3414

 

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