Grant of Options

RNS Number : 7813V

OPG Power Ventures plc

16 July 2009

 



OPG POWER VENTURES plc 

SHARE OPTIONS

OPG Power Ventures plc ('The Group' or 'OPG'), the developer and operator of group captive power plants in India, announces that the Board has approved detailed rules for the Group's unapproved share options. 

The key features of the share options are as follows. The grant of option shares is limited to 10% of the Group's share capital, which currently amounts to a limit of 28,698,979 option shares. Once granted, options must be exercised within ten years of the date of grant, otherwise the options lapse. Options cannot be exercised until vesting has taken place, which is determined by the performance conditions having been satisfied. 

The key performance conditions for the grants announced today are that the power plant at Kutch (2x150MW) in the State of Gujarat must have been in commercial operation for three months as well as the closing share price being at least £1.00 for 3 consecutive business days. The exercise price of these grants is 60 pence in accordance with the admission document.

The grants are as follows:

NAME	NUMBER OF SHARE OPTIONS	PERCENTAGE OF SHARE CAPITAL PRIOR TO ISSUE
Gita Investments Ltd, a company controlled by Mr Arvind Gupta	21,524,234	7.5%
Mr Martin Gatto	1,000,000	0.3%

Enquiries:

For further information, please visit www.opgpower.com or contact:

OPG Power Ventures Plc
Arvind Gupta (Managing Director)	[phone] [phone] [phone]
V. Narayan Swami (Finance Director)	[phone] [phone]
Martin Gatto (Senior Non Executive Director)	[phone]
Cenkos Securities (Nominated Adviser & Broker)	[phone]
Stephen Keys/ Camilla Hume
Tavistock Communications	[phone]
Simon Hudson / Nick Peters/ Andrew Dunn

Note to editors:

OPG Power Ventures Plc is a profitable developer and operator of power plants in India. India's rapid economic growth has been constrained by power shortages and the government has deregulated the industry with a new open market framework allowing developers into the market. The Group Captive Power Producers Scheme, introduced in 2005, allows companies such as OPG to build new power plants to supply electricity directly to groups of customers at mutually agreed prices and the Group has substantial capacity expansion plans. 

OPG has two plants, generating 29MW, in profitable operation, a further two under construction and two more in the pipeline for medium term development. Taking advantage of the new regulatory environment, OPG intends to have over 400MW in operation by 2012/13. 

 

END

 

 

RDSILFIIDRIRLIA