Grant of Options

RNS Number : 9027A

Allergy Therapeutics PLC

16 October 2009

 



Friday 16 October 2009 

Allergy Therapeutics plc

('Allergy Therapeutics' or the 'Company')

Grant of Options

Allergy Therapeutics plc ('the Company') announces that at a Board Meeting held on 15 October 2009, and having taken advice from PricewaterhouseCoopers, approval was given to cancel 2,941,055 current share options issued under various share option schemes that are presently underwater. The cancellation of underwater options was at the discretion of the option-holder concerned and not all underwater options were cancelled.

At that same meeting approval was given to grant 740,658 new options under the Allergy Therapeutics (Holdings) Limited 2001 Share Option Plan on 15 October 2009 as replacement options to reflect changed market conditions and keep Directors and employees incentivised in their effort to fulfil the Company's development strategy. Share options granted as at 15 October 2009 vest in tranches of one-third of the total grant on each anniversary for the first three years and are exercisable from vesting until ten years from the date of grant. 

A total of 15,512,739 share options and LTIPs are held in the Company following the cancellation and grant being 5.3% of the issued share capital of the Company as at today's date.

Within in the 740,658 share options granted above, the Board approved the following in respect of Directors; 

Ian Postlethwaite 

• the cancellation of 549,999 share options that had fully vested at prices ranging from 45.0 pence per share to 100.4 pence per share

• the issue of 163,500 new share options under the Allergy Therapeutics (Holdings) Limited 2001 Share Option Plan at an exercise price of 18.25 pence per share, the market price as at 14 October 2009.

Tom Holdich 

• the cancellation of 296,666 share options that had fully vested at prices ranging from 45.0 pence per share to 100.4 pence per share

• the issue of 97,400 new share options under the Allergy Therapeutics (Holdings) Limited 2001 Share Option Plan at an exercise price of 18.25 pence per share, the market price as at 14 October 2009.

Christian Gratz

• the cancellation of 716,666 share options that had fully vested at prices ranging from 45.0 pence per share to 120.0 pence per share

• the issue of 188,500 new share options under the Allergy Therapeutics (Holdings) Limited 2001 Share Option Plan at an exercise price of 18.25 pence per share, the market price as at 14 October 2009.

Keith Carter

• the cancellation of 999,998 share options that had fully vested at prices ranging from 45.0 pence per share to 120.0 pence per share

• the issue of 231,000 new share options under the Allergy Therapeutics (Holdings) Limited 2001 Share Option Plan at an exercise price of 18.25 pence per share, the market price as at 14 October 2009.

Following the cancellation of the existing options and the issue of the new share options, the number of share options and LTIPs held by Directors detailed above is as follows:

Director	Total options and LTIPs held prior 15 October 2009	Options cancelled	Total options and LTIPs held on  15 October 2009
Ian Postlethwaite	4,314,690	549,999	3,928,191
Tom Holdich	1,168,471	296,666	969,205
Christian Gratz	3,009,986	716,666	2,481,820
Keith Carter	1,487,654	999,998	718,656

For further information

Allergy Therapeutics	[phone]
Ian Postlethwaite, Finance Director
www.allergytherapeutics.com
Nomura Code Securities	[phone]
Juliet Thompson/ Clare Terlouw

 

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