Amendment of Employee Share Options
April 06 2009 - 3:29AM
UK Regulatory
TIDMAMBR
RNS Number : 1802Q
Ambrian Capital PLC
06 April 2009
AMBRIAN CAPITAL PLC
(Ambrian or "the Company")
AMENDMENT OF CERTAIN EXISTING EMPLOYEE AND DIRECTOR OPTIONS
6 April 2009
The Board of Ambrian Capital plc ("the Company") has, as a result of the impact
of the sharp downturn in world equity markets on the Company's share price,
reviewed the effectiveness of the Company's share option plan which is used to
incentivise and retain employees and directors. Having considered the current
terms of the existing share options, the Board on 20 March 2009, determined that
the current share options will not achieve their objective of incentivising and
retaining staff.
At the Board's request, the Remuneration Committee has reviewed the situation
and recommended that 8,642,500 existing options issued to current employees and
directors representing 7.76% of the current issued share capital of the Company
be cancelled. To replace the cancelled arrangements, a further 9,142,500 new
options were granted on 6 April 2009 (representing 8.21% of the total issued
share capital). The options are exercisable at 25.0 pence per share at any time,
up to the seventh anniversary of the date of grant. All other terms and
conditions remain unchanged.
Following the provision of new options, the following directors of the Company
now have options over shares in the capital of the Company:
+------------+---------------+-----------+-----------+------------+------------+
| Name | Position | Options | Options | Options | Total |
| | | held | cancelled | granted | options |
| | | | | | held |
+------------+---------------+-----------+-----------+------------+------------+
| W L Banks | Chairman | 225,000 | 225,000 | 225,000 | 225,000 |
+------------+---------------+-----------+-----------+------------+------------+
| T B | Chief | 6,750,000 | 6,750,000 | 6,750,000 | 6,750,000 |
| Gaffney | Executive | | | | |
| | Officer | | | | |
+------------+---------------+-----------+-----------+------------+------------+
| J M Coles | Finance | 924,444 | 0 | 0 | 924,444 |
| | Director | | | | |
+------------+---------------+-----------+-----------+------------+------------+
| S H Lee | Non-Executive | 0 | 0 | 500,000 | 500,000 |
| | Director | | | | |
+------------+---------------+-----------+-----------+------------+------------+
| C A Crick | Non-Executive | 100,000 | 100,000 | 100,000 | 100,000 |
| | Director | | | | |
+------------+---------------+-----------+-----------+------------+------------+
The total number of options held by the Board over shares in the capital of the
Company is therefore in aggregate 8,499,444 options representing 7.18% of the
current issued share capital of the Company.
Following these changes to the remuneration arrangements, the total number of
options granted over shares in the capital of the company is now 9,811,944,
representing 8.81% of the total issued share capital of the Company.
Enquiries:
+------------------+--------------+
| Ambrian | +44 (0) |
| Capital | 20 7634 4700 |
| PLC | |
| John | |
| Coles | |
| Finance | |
| Director | |
+------------------+--------------+
| Collins | +44 (0) |
| Stewart | 20 7526 8350 |
| Europe | |
| Limited | |
| Mark | |
| Dickenson/Ileana | |
| Antypas | |
| | |
+------------------+--------------+
This information is provided by RNS
The company news service from the London Stock Exchange
END
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