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Swallowfield PLC (BAR)

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Monday 08 December, 2014

Swallowfield PLC

Issue of Options

RNS Number : 0342Z
Swallowfield PLC
08 December 2014
 



 

Swallowfield plc

 

("Swallowfield" or "the Company")

 

Grant of Share Options

 

Swallowfield plc (the Company), has, pursuant to the rules of the Company's Share Option Plan 2005, granted options to certain directors to subscribe for up to 225,119 ordinary shares of 5p each ("Ordinary Shares") at an exercise price of £0.95 per ordinary share (the "Options") as follows:

 

Director

Number of new Options granted

Total Number of Options now held

% of issued share capital represented by Options now held

Chris How

113,715

113,715

1.01%

Jane Fletcher

55,702

55,702

0.49%

Mark Warren

55,702

55,702

0.49%

 

All of the 225,119 new Options granted have a performance condition attached to them, linked to certain stretching share price targets ranging from a threshold at £1.80 to the full award at a share price of £2.20; and to the extent that the performance condition is met, have an exercise price of £0.95.

 

In addition to the grant of Options outlined above, the Company has also granted to certain directors a number of phantom share options (the "Phantoms") as follows:

 

Director

Number of new Phantoms granted

Total Number of Phantoms now held

Chris How

230,875

230,875

Jane Fletcher

113,093

113,093

Mark Warren

113,093

113,093

 

All of the 457,060 new Phantoms granted have an identical performance condition to the Options above, and to the extent that the performance condition is met, have a notional exercise price of £0.95. The difference between the share price target achieved and the notional exercise price would become payable in cash. The Phantom Options are designed to finance the exercise of the Options so that there is no share overhang when the Options are exercised.

 

Following the grant of the Options the total number of ordinary shares subject to options and which could, in the future, be issued is 225,119.  This represents 1.99% of the current issued share capital of the Company which comprises 11,306,416 Ordinary Shares.

 

 

For further information please contact:

 


Swallowfield plc



Chris How

 Chief Executive Officer

 01823 662 241

Mark Warren

 Group Finance Director

 01823 662 241

 




Jonny Franklin-Adams/Jen Boorer

 N+1 Singer

 0207 496 3000

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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