Grant of Options
31 March 2008
Corero Plc
(the "Company")
Grant of Options
The Company announces that Bernard Snowe, Executive Director, Mark Robertson,
Executive Director, and Peter Waller, non-executive Chairman, have been granted
share options over 1,000,000, 1,000,000 and 500,000 ordinary shares,
respectively.
The options have been granted under the rules of the Company's Enterprise
Management Incentive scheme and have an exercise price of 10p.
The options will vest if any of the following conditions are satisfied before
31 December 2009;
* the mid-market price of the Company's ordinary shares is greater than 30
pence for a continuous 30 day period;
* the entire issued share capital of the Company was acquired at a price of
greater than 30 pence per ordinary share.
In the event that the entire issued share capital was acquired for less than 30
pence per share prior to 31 December 2009 the options would vest as follows;
* at 20 pence per share 50 per cent. of the options will vest;
* at between 20 and 30 pence per share between 50 and 100 per cent. of the
options will vest on a pro rata basis.
Following the grant of the above options Mr Snowe, Mr Robertson, and Mr Waller
now hold share options over a total of 1,551,492, 1,488,992 and
575,276 ordinary shares, representing 3.40, 3.27 and 1.26 per cent. of the
current issued share capital of the Company, respectively. Details of which are
as follows;
Mr Snowe
No. of Options Exercise Period Exercise Price
(pence per share)
40,000 27 April 2002 until 26 April 2011 32.5
7,500 15 October 2002 until 14 October 2011 17.5
15,000 30 January 2003 until 29 January 2012 27.5
50,000 7 February 2006 until 6 February 2015 16.5
145,829 27 April 2007 until 26 April 2016 18.5
30,000 19 December 2001 until 18 December 2010 40.0
263,163 20 April 2008 until 19 April 2017 18.5
1,000,000 Until 31 December 2009 (as detailed 10.0
above)
Mr Robertson
No. of Options Exercise Period Exercise Price
(pence per share)
200,000 27 April 2007 until 26 April 2016 18.5
288,992 20 April 2008 until 19 April 2017 18.5
1,000,000 Until 31 December 2009 (as detailed 10.0
above)
Mr Waller
No. of Options Exercise Period Exercise Price
(pence per share)
75,276 27 April 2007 until 26 April 2016 18.5
500,000 Until 31 December 2009 (as detailed 10.0
above)
ENQUIRIES:
Corero plc
Peter Waller Tel: 07785 228080
John East & Partners Limited
John East / Simon Clements Tel: 020 7628 2200
College Hill
Matthew Smallwood Tel: 020 7457 2020
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