Statement re grant of share o

RNS Number : 4612M

Mercury Recycling Group PLC

24 May 2010

 



MERCURY RECYCLING GROUP PLC

Grant of share options

Mercury Recycling Group PLC ('the Company') announces that on 21 May 2010 it granted 750,000 share options to Bryan Neil, the Managing Director of the Company.  The share options have an exercise price of 10 pence and may be exercisable in whole or in part after six months.  The options will lapse if not exercised within ten years of the date of grant.  In addition a further 850,000 share options have been granted to employees of the Company on the same terms.

The Company regards share options as an important tool to retain and motivate senior management.  The share options granted previously to Bryan Neil and certain other senior management do not fulfil this function as they currently have no realistic chance of being of value and as such the Company is announcing its intention to cancel those options which had an exercise price of 19.85p.

The table below shows the number of options which have been granted and cancelled, the equivalent number of new options granted:

	Number of options cancelled	Number of options granted	Resultant number of options held
Bryan Neil	500,000	750,000	750,000
Other employees	250,000	850,000	925,001

Bryan Neil has a beneficial interest in 1,190,000 Ordinary Shares, representing 3.5% of the issued share capital of the Company.

Enquiries:
Mercury Recycling Group PLC
Bryan Neill, Managing Director	0161 877 0977
Smith & Williamson Corporate Finance Limited
Martyn Fraser, Associate Director Corporate Finance	0117 376 2213
Barrie Newton, Director Corporate Finance	0117 376 2213

 

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