Grant of Options

RNS Number : 8706Q

Corero PLC

11 August 2010

 



11 August 2010

Corero PLC

 ("Corero" or "the Company")

Grant of Options

On 10 August 2010, further to the circular to shareholders dated 14 July 2010 (the "Circular"), which contains details of the options Corero had committed to grant to directors and senior management, the board of directors of Corero (the "Board") approved the establishment of an Executive Enterprise Management Incentive Plan ("EMI Plan") and an Unapproved Share Option Plan (the "Unapproved Plan") with substantially similar conditions and rights as the EMI Plan.

The Board note that the number of new shares that may be committed under the EMI Plan, Unapproved Plan, and any other share incentivisation scheme that may be established, will, in aggregate, at no time be more than 10% of the Company's issued share capital.

The Board have approved the following initial awards under the EMI Plan and Unapproved Plan:

	EMI Plan	Unapproved Plan
Andrew Miller	476,000	-
Andre Stewart	-	308,000
Stephen Turner	-	308,000
Jens Montanana	-	165,000

These initial share options have an exercise price of 25p and vest immediately. Should these options be exercised, the ordinary shares issued thereunder may not be sold or otherwise transferred for a period of two years.  There are no performance conditions associated to the vesting or exercise of these options.

Enquiries:

Corero plc
Peter Waller, Chairman Andrew Miller, Executive Director	Tel: [phone]
finnCap
Sarah Wharry / Henrik Persson (corporate finance) Stephen Norcross (corporate broking)	Tel: [phone]
College Hill
Matthew Smallwood/Adrian Duffield	Tel: [phone]

 

END

 

 

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