Granting of Share Options

RNS Number : 1239I

Image Scan Holdings PLC

05 March 2010

 

                                                                                                             5 MARCH 2010

IMAGE SCAN HOLDINGS PLC

("Image Scan" or "the Company")

Granting of Share Options

Image Scan Holdings PLC (AIM: IGE) announces that on 1^st March 2010 the Company issued a total of 1,590,000 options over ordinary shares in the Company to its directors and staff.

580,000 of these options were issued to the Company's non-executive directors under the "Image Scan Unapproved Plan", and a further 1,010,000 options were issued to executive directors and staff under the "Image Scan Enterprise Management Incentives Share Option Plan".  The terms of the grant under both schemes require that the share options are not exercised before 1^st March 2013 and expire after 28^th February 2020.  The exercise price of 4 pence is at a premium of almost 80% to the prevailing market price at date of grant of 2.25 pence.

The directors who have been awarded new options and their holdings of existing options in the Company are as follows:

Director	No. of Options Granted	Existing Options¹	Existing Shares
Non-Executive
Brian Emslie	500,000	Nil	300,000
Ian Johnson	80,000	330,000	142,857
Executive
Louise George	150,000	940,000	148,000
Nicholas Fox	150,000	930,000	2,531,788

The new share options were issued as part of the annual remuneration review in recognition that no pay increases would be awarded in the current financial year and that the price at which all other options over shares in the Company were exercisable was so far in excess of the Company's share price as to provide no tangible incentive.  Another key factor was to recognise the contribution being made by the Chairman and to incentivise the two sales executives none of whom were holding any share options in the Company.  As a result 1 million of the options being granted were awarded to these individuals.

Chairman Brian Emslie commented: "Given the current pay freeze, it was important to continue to incentivise our staff and Board members.  In awarding these options, the whole team will be motivated over the next three years to securing a successful future for the business."

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Notes

¹ Existing directors' options are detailed below:

Director	Image Scan Share Option Scheme	No. Options	Exercise Price	Date of Grant	Expiry Date
I S S Johnson	Unapproved	80,000	15p	31/07/2005	31/07/2010
		250,000	10p	28/01/2008	30/11/2017
L J George	Enterprise Management Incentive	10,000	51.5p	14/03/2003	14/03/2013
		80,000	15p	30/09/2005	30/09/2015
		100,000	18.25p	02/10/2006	02/10/2016
		750,000	15p	28/01/2008	30/11/2017
N D Fox	Enterprise Management Incentive	80,000	15p	30/09/2005	30/09/2015
		100,000	18.25p	02/10/2006	02/10/2016
		750,000	15p	28/01/2008	30/11/2017

For further information, please contact:

Image Scan Holdings plc                                Tel: [phone]

Brian Emslie, Chairman

Louise George, Chief Executive

[e-mail]

Seymour Pierce                                               Tel: [phone]

John Cowie

About Image Scan Holdings plc

Image Scan Holdings plc (AIM: IGE) is focused on the development and commercialisation of advanced real-time 3D and 2D x-ray systems for use in the security and industrial inspection markets. The Company's security portfolio includes the Axis-3d^® and Axis-2d baggage inspection systems, FlatScan-TPXi, a portable bomb and suspect package detection system; and SVXi, a small vehicle inspection system. The industrial inspection solutions include the MDXi and the DEX systems providing quality control as part of the production line or as an off-line batch-based system.

For further information on the Company, please visit: www.ish.co.uk - and for further information on its products, please visit: www.3dx-ray.com

 

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