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Home > Investors > Regulatory Announcements > Medium Term Incentive Plan (“MTIP”) and Share Options

22 September 2006

Medium Term Incentive Plan (“MTIP”) and Share Options

The Company announces that the issue of further shares to the Company’s MTIP has been approved today by the Remuneration Committee and that further provisional allocations over those shares have been granted to Ken Scott and Jon Pickles. Additionally, further shares will be issued to the plan as a reserve for future grants. Following this issue the shares and grants are as follows:

 
Shares allocated At 31.03.2006
Issued on 22.09.2006
Total At 22.09.2006
Ken Scott
577,168
298,271 875,439
Jon Pickles
230,867
119,309 350,176
Other Staff
182,250
- 182,250
Reserve for future allocations
129,715
332,420 442,135
TOTAL
1,100,000
750,000 1,850,000

Accordingly, 750,000 new ordinary shares of 10p each will be issued and allotted, at a price of 99p, to Investec Trust Guernsey Ltd as Trustee under the terms of the Company’s Medium Term Incentive Plan (“the Plan”).

The new ordinary shares will rank pari passu with the existing ordinary shares of 10p each in the Company and trading of these shares on AIM is expected to commence on 27 September 2006. Following this there will be 19,358,762 ordinary shares in issue.

The Trustee will after this issue hold 1,850,000 shares representing 9.9% of the Company’s issued share capital. Under the terms of this plan, allocated shares will vest with executive directors and senior management on achievement of individual and company performance criteria as determined by the Company’s remuneration committee at the time of grant.

The Company also further announces that additional share options have today been granted to Ken Scott over 298,271 ordinary shares of 10p each and to Jon Pickles over 119,309 ordinary shares of 10p each. Both options are granted at a price of 99 pence per share and are exercisable at any time between 22 September 2008 and 22 September 2016.

Following these grants, the Directors and Staff have the following shares under option:

 
Shares under Option
Average exercise price
Percentage of issued shares (excluding MTIP shares)
Ken Scott
875,439
100p
5.00%
Jon Pickles
350,176
98p
2.00%
Other Staff
525,000
91p
3.00%
TOTAL
1,313,035
97p
10.00%

It is company policy for all staff to share in the options scheme.

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