Sarantel Group PLC
("the company" or "the Group" or "Sarantel")
Issue of share options
The Company announces that on 8 December 2009, 7,000,000 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.