Issue of Options

RNS Number : 5937Y

GETECH Group plc

24 December 2010

 



GETECH Group plc

("GETECH" or the "Company")

Issue of Options

The Company announces that it has agreed to issue new options to certain staff members and directors of GETECH in place of existing options held by them in order to: (i) adjust the exercise prices of existing options to bring them more into line with the current market price and (ii) reduce the number of options held as a consequence. The details of the variations are set out below.

In addition, GETECH has taken the opportunity to issue new options to Paul Markwick, in recognition of his significant and ongoing contribution to the Company. The details of these new options are also set out below.

Variation to Options

Pursuant to the terms of a new option agreement, entered into between the Company and certain members of staff/directors of the Company, on the surrender of their existing options the staff/directors will be issued with new options which can be exercised at any time between the second anniversary and the tenth anniversary of the date of grant at a price of 15p per ordinary share (being a slight premium to the mid-market closing price of GETECH on 23 December 2010 (14.75p)) (the "Revised Options")

The details of options issued to directors are as follows:

Name	Number of Options Previously held  ("Previous Options") (and the exercise price per ordinary share of each Previous Option)	Number of Revised Options issued today	Total Number of Options now held
David Roberts	82,979 (exercisable at 39p ea.)	41,490	41,490
Peter Stephens	82,979 (exercisable at 39p ea.)	41,490	41,490
Paul Markwick	100,000 (exercisable at 29.75p ea.)	60,000	210,000*

* Paul Markwick was today also issued with 150,000 New Options, for further details see below.

Raymond Wolfson's Options

In addition, Raymond Wolfson's existing options have also been cancelled and reissued such that they can be exercised at any time between the second anniversary and the tenth anniversary of the date of grant, at a price of 20p per ordinary share (the "Wolfson Options"). The details of these are more specifically set out below:

Name	Number of Options Previously held  ("Previous Options") (and the exercise price per ordinary share of each Previous Option)	Number of Wolfson Options issued today	Total Number of Options now held
Raymond Wolfson	300,000 (exercisable at 45p ea.) 200,000 (exercisable at 35p ea.) 400,000 (exercisable at 55p ea.)	540,000	622,979**

** this number includes another 82,979 options which were issued to Raymond Wolfson prior to Admission of the Company to trading on AIM and which are exercisable at 9.87p per ordinary share.

New Options

Finally, as set out above new options have today been granted, on the same terms as the Revised Options, to Paul Markwick ("New Options"):

Name	Number of New Options	Total Number of Options now held (including any Revised Options)
Paul Markwick	150,000	210,000

There has been no change to the 82,979 options over ordinary shares, which are exercisable at a price of 9.87p each, and which are held by Colin Glass.

Other than as disclosed in this announcement, no directors hold any other options in the Company.

For further information, please contact:

GETECH Group plc Raymond Wolfson, Chief Executive		Tel:  [phone]
WH Ireland Limited Katy Mitchell		Tel:  [phone]
Walbrook PR Helen Westaway		Tel:  [phone]

 

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