Share Option Grant

RNS Number : 6059Y

Creightons PLC

10 September 2015

 

Creightons Plc

(the "Company")

Share Option Grant

This notification is made in accordance with DTR 3.1.4R(1)(a).  

Creightons plc announces that the Directors of the Company listed below were granted options over shares of the Company under the Company's 2014 Share Option Plan as part of the Company's policy of providing long-term share-linked and effectively tax-free incentives to senior managers and directors. The options are for the acquisition of the following numbers of ordinary shares of 1p each in the Company:

Executive Director                             Number of Options

Mr BM Johnson                                  1,300,000

Mr M Stevens                                        400,000

Ms P Clark                                             400,000

Mr P Forster                                           500,000

The options were issued at 4.50p per ordinary share and can be exercised between the third and tenth anniversary of the 9^th September 2015, subject to the option holder's continued employment.  No consideration is payable in respect of the grant of these options.

These options have been granted to replace those granted on 28^th November 2014 with an exercise price of 5.50p. These were found to have failed to qualify for registration under the Government's EMI scheme for tax relief so were surrendered by the holders and cancelled.

The board has revised the rules of the share options scheme to permit the issue of options at a discount. This has  enabled the exercise price to be set so that the option holders are in the same net position as was originally intended, taking account of their income tax liability on exercise of the options on the difference between exercise price and market price on the day of grant of 6.875p.

Shareholders will benefit from this revised grant since it re-enforces the Company's policy of providing long-term share-linked and effectively tax-free incentives to senior managers.

Enquiries: Creightons plc NDJ O'Shea, Director 01733 281 000

 

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