Issue of share options

RNS Number : 8745D
Sarantel Group PLC
09 December 2009
 

Sarantel Group PLC 

("the company" or "the Group" or "Sarantel")


Issue of share options


The Company announces that on 8 December 20097,000,000 contingent rights to receive shares and options over 2,500,000 ordinary shares were granted to directors of the Company as set out below:


Director

Number

Exercise Price

Scheme





Geoff Shingles

1,000,000

2.59p

Unapproved Share Option Scheme

David Wither

4,500,000

1p

LTIP

Oliver Leisten

2,500,000

1p

LTIP

Sitkow Yeung

1,500,000

2.59p

EMI






The contingent rights to receive shares have been granted under the Company's Long Term Incentive Plan and the options have been granted under the Company's Unapproved share option scheme and the Enterprise Management Incentive ('EMI') Scheme. The contingent rights for David Wither and Oliver Leisten may be exercised based on achieving certain financial performance targets relating to profitability of the Group. The share options for Geoff Shingles may be exercised as to 50% immediately and 50% based on achieving the same financial performance targets relating to profitability. The share options for Sitkow Yeung may be exercised as to one third after 12 months, a further third after two years and the final third after three years from grant. All the share options shall expire after 10 years from grant. 


On the same date, the Remuneration Committee reviewed the existing share options held by the Directors, and it believes that the fact that these options are underwater acts as a disincentive (existing exercise prices range between 4.75 pence and 7 pence each). These share options were consequently cancelled and re-granted at a price of 2.59 pence per share, representing a premium of approximately 8.8% over the closing mid-market price on the that date and a premium of approximately 15.1% over the price of the placing announced on 10 November 2009.


Following these grants the directors' option and contingent rights holdings will be:



No. of options or contingent rights

Exercise price


Exercise period

Geoff Shingles

3,105,263

2.59p

8 December 2009 to 7 December 2019


David Wither

5,710,218

3,200,000

4,500,000

2.59p

1p

1p

8 December 2009 to 7 December 2019 

11 December 2008 to 10 December 2018

8 December 2009 to 7 December 2019 

 

Oliver Leisten

4,631,274

1,402,577

1,750,000

2.59p

1p

1p

8 December 2009 to 7 December 2019 

11 December 2008 to 10 December 2018

8 December 2009 to 7 December 2019 


Sitkow Yeung

4,150,000

2.59p

8 December 2009 to 7 December 2019





Enquiries:


Sarantel


David Wither, Chief Executive Officer  

01933 670 560

Sitkow Yeung, Finance Director




Seymour Pierce   


Nicola Marrin

020 7107 8018



College Hill  


Adrian Duffield/ Carl Franklin

020 7457 2020


Notes to Editors:


Sarantel (www.sarantel.com)


Sarantel is a leader in the design of high-performance miniature antennas for portable wireless applications including hand-held navigation, personal and asset tracking, satellite radio and satellite phones.


Sarantel's revolutionary ceramic filtering antennas offer dramatically improved performance over existing antenna designs, resulting in a clearer signal, better range and a 90 per cent reduction in the amount of signal radiation absorbed by the body. Because of their smaller size and higher capabilities, Sarantel's antennas enable manufacturers the creation of innovative wireless products for the GPS, WiMax, satellite radio and satellite phone markets.



This information is provided by RNS
The company news service from the London Stock Exchange
 
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