NWD Group PLC
14 June 2005
14 June 2005 - 7.00am
NWD GROUP PLC
('NWD' or the 'Company')
The directors of NWD believe that share options are an important tool to retain
and motivate staff and, as recently announced, the board is in the process of
cancelling share options held by current employees and issuing them with the
same number of new options at an exercise price of 1.75p per share.
On 10 June 2005 the board approved the issue to Nigel Gourlay (Chairman), David
Gray (Business Development Director) and Stephen Stroud (Chief Operating Officer
and Finance Director) of options over 2,313,674 shares, 2,158,118 shares and
985,000 shares respectively in replacement of the same number of existing
options and of additional options over 750,000 shares to Nigel Gourlay and
4,000,000 shares to Stephen Stroud. All such new options issued are exercisable
at 1.75p per share.
NWD expects that the overall effect of the share option replacement exercise
will be that options over 20,893,197 shares (1,100,000 exercisable at 10p,
7,441,532 exercisable at 6.5p, 985,000 exercisable at 7.625p, 1,833,332
exercisable at 6.75p and 9,533,333 exercisable at 4.5p) will be cancelled and
replaced with the same number of options exercisable at 1.75p per share and that
additional options will be issued to employees over a total of 6.35 million
shares (including those to be issued to Nigel Gourlay and Stephen Stroud) at an
exercise price of 1.75p per share.
Stephen Stroud, COO and Finance Director commented, 'The grant of these share
options is a powerful incentive to the group's management and employees. The
exercise price is significantly above the current market price, indicating the
board's and management's confidence in being able to build on the encouraging
start to the year'.
Stephen Stroud/Nigel Gourlay 020 7823 2823
NWD Group plc
This information is provided by RNS
The company news service from the London Stock Exchange