Change of status to executive director and award

RNS Number : 5750U

Transense Technologies PLC

23 December 2011

 



Transense Technologies PLC

("Transense" or the "Company")

23 December 2011

Change of status to executive director and award of options.

The Company is pleased to report that David M Ford, formerly a non-executive director, will assume an executive director position with immediate effect. David will be responsible for the Company's intellectual property, legal and contractual affairs.

The Company also announces that the following new share options have been awarded to Board members.

Options over 9,500,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") under the Transense 2011 Enterprise Management Incentive Option Scheme ("the Scheme") were granted yesterday to Graham Storey (CEO) and David Ford.

The options provide the right to subscribe for Ordinary Shares at an exercise price of £0.04 per Ordinary Share if the Company's share price reaches £0.09; the option is exercisable as set out below:

Director              Shares          Exercise Price    Strike Price      Exercise Term
Graham Storey  6,000,000    £0.04                   £0.09                 Jan 2013-Jan 2018
David Ford         3,500,000    £0.04                   £0.09                 Jan 2013-Jan 2018

These options have been granted in place of any previous options which have been surrendered.

The Remuneration Committee has resolved to grant these options on the terms set out above. In addition to the options granted to these Board members, options on similar terms were also granted to all key members of staff in place of their previous options which were also surrendered.

For more information, please contact:

Transense Technologies PLC Tel: [phone]

Graham Storey, Chief Executive

Brewin Dolphin - Nomad

Neil Baldwin Tel: [phone]

Hybridan LLP - Broker

Claire Noyce/Tim Goodman/Deepak Reddy Tel: [phone]

 

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