Issue of Options
Symphony Environmental Tech. PLC
26 November 2007
26 November 2007
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC
EXECUTIVE AND STAFF SHARE OPTIONS
DISTRIBUTORS' SHARE OPTION REWARD SCHEME
Symphony Environmental Technologies Plc ('Symphony' or 'the Company'), the
degradable plastics and waste-to-energy Group, is pleased to announce that it
has granted the following options in recognition of the efforts made since April
this year and as an incentive for future performance.
Up to 2,270,000 options will be granted to all the staff of the Company and its
subsidiaries under the Company's EMI scheme. The options are exercisable at a
subscription price of 2.75 pence per share at any time after the second
anniversary and before the tenth anniversary of the option grant date.
A total of 10,000,000 options will be granted to the Directors of the Company at
a subscription price of 2.75 pence per share, exercisable between the first and
tenth anniversary of the option grant date. These options are exercisable only
if the share price of the Company's shares has risen to a level which is at
least three times greater than the share price at the close of business on 23
November 2007. The share options granted to the Directors are as follows:
Nirj Deva 1,500,000
Michael Laurier 2,500,000
Michael Stephen 2,000,000
Ian Bristow 3,000,000
Michael Stephens 1,000,000
All existing share options granted to executives and staffs are to be cancelled
with the exception of 1,200,000 share options granted to Michael Stephen on 28
April 2007. The 12,270,000 new executive and staff share options represent 14%
per cent of the Company's current issued share capital.
DISTRIBUTORS' SHARE OPTION REWARD SCHEME
The Company is launching a new share option reward program for its key
distributors in recognition of their valuable contribution during 2007 and for
attaining certain sales levels going forward. The Company is intending to grant
options in proportion to revenue generated by each distributor in 2007 and it is
expected that up to 250,000 options will be granted before the end of the year.
The subscription price will be 5 pence per share. The options may be exercised
after one year from date of grant, and within 3 years from date of grant, and
provided the grantee remains a distributor of d2w.
For 2008 and subsequent years the number of shares and the option price will be
fixed at the end of the year.
For further information, please contact:
Symphony
Michael Laurier, CEO Tel: 020 8207 5900
Ian Bristow, FD
HB Corporate
Rod Venables Tel: 020 7510 8600
Further information on the Symphony Environmental Technologies Group of
companies:
SYMPHONY ENVIRONMENTAL TECHNOLOGIES PLC is a world leader in oxo-biodegradable
plastic technology. The technology is recognised by the d2w(R) droplet logo on
thousands of tonnes of oxo-biodegradable plastic products. Symphony develops and
supplies environmentally-responsible d2w(R) pro-degradant additives as well as
d2w(R) oxo-biodegradable plastic film, and rigid packaging products.
Symphony has a diverse and growing customer base in the UK and has successfully
established itself as an international business after signing distribution
agreements for Argentina, Australia, Brazil, Canada & USA, the Caribbean, Chile,
Colombia, France, India, Israel, Mexico, New Zealand, Peru, Portugal, South
Africa, Saudi Arabia, Turkey, Uruguay, Qatar and other countries. Its d2w(R)
products can already be found in more than 50 countries.
Symphony is also developing innovative waste-to-energy technology and is
exploring opportunities where there is a demand to convert plastics, tyres and
other waste streams into valuable products by cost effective processes.
Further information on the Symphony Group can be found at
www.symphonyplastics.com and www.degradable.net
This information is provided by RNS
The company news service from the London Stock Exchange