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Oxford Adv Surfaces (OXA)

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Wednesday 02 December, 2009

Oxford Adv Surfaces

Award of Options

RNS Number : 4508D
Oxford Advanced Surfaces Group PLC
02 December 2009
 



02 December 2009

Oxford Advanced Surfaces Group PLC 

Award of Share Options

Oxford Advanced Surfaces Group PLC announces that on 1 December 2009 it granted Michael Eason, the recently appointed Managing Director, options over 723,334 ordinary shares (in accordance with the terms of the Company's Unapproved Share Option Plan) and options over 276,666 ordinary shares (in accordance with the terms of the Company's EMI Options Plan) (together the "Options").

The Options held by Mr. Eason following this grant are as follows:

Date Issued

Number of
Unapproved

options 

Number of
EMI Options

Exercise price

Unapproved
Options

EMI Options

1 December 2009

723,334

276,666

22.5p

22.5p

15 January 2009


270,000


16.5p

15 January 2009


80,000


1.0p

The new Options have both time and performance vesting criteria. They will vest in one third tranches on 1 December 2012, 2013 and 2014 and will only vest if the share price has increased by a compound rate of 15% from the price at the date of grant and remained there for 30 consecutive days during the year prior to the date of vesting.  If any cumulative share price target is missed but any of the following cumulative targets are reached during the following years, then the options for both the current tranche and any previously unvested tranches will vest.  The options must be exercised by the tenth anniversary, after which date they lapse. 

The issued share capital of the Company is 185,619,638 ordinary shares of 1p each.

Contact: 


Oxford Advanced Surfaces Group Plc 

 

Mike Eason - Managing Director

Tel: +44 (0) 1865 854 807

www.oxfordadvancedsurfaces.com

 

 

 

Novum Securities Limited Broker

Tel: +44 (0)20 7399 9400

Henry Turcan

 

 

 

Zimmerman Adams International Limited - Nominated Adviser

Tel: +44 (0)20 7398 2900

Ray Zimmerman/Jonathan Evans




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