Universe Group PLC Directors' dealings and restructuring of options (8301T)
December 18 2012 - 9:29AM
UK Regulatory
TIDMUNG
RNS Number : 8301T
Universe Group PLC
18 December 2012
Universe Group PLC
("Universe" or the "Company")
Granting and restructuring of share options
Directors' Dealings
Universe announces that it has awarded a total of 2,550,000
share options ("Options") to subscribe for new ordinary shares of
1p each in the Company ("Shares") to the Company's directors and to
certain members of its senior management team (the "Award").
The Options have an exercise price of 1 pence per share and may
be exercised only if the Company's share price is at or above 5
pence per share. The Options expire on the tenth anniversary of
grant.
Separately the Company are in the process of consulting with
existing Optionholders to change the exercise price of all Options
in issue from zero pence to one pence per Option (being the nominal
value of the Company's Shares after the share capital
reorganisation announced on 24 July 2012). Accordingly, it is
proposed that Optionholders be issued with five new Options for
every four that they previously held. The Company expects this
process to be completed shortly.
Furthermore, and as explained in the Company's circular to
shareholders of 24 July 2012, certain Options had been issued
pursuant to enterprise management incentive ("EMI") legislation.
The Company proposes to cancel all Options issued under its EMI
scheme, and to reissue these Options with an exercise price of one
pence per Option. The vesting period and performance condition of
all Options to be cancelled and reissued will be unchanged. These
Options will be eligible to be issued pursuant to EMI
legislation.
In summary, of the 8,410,000 Options currently in issue
(excluding those issued pursuant to the Award as set out above)
3,150,000 will be cancelled, and 5,252,500 Options will be
reissued, of which 3,937,500 will be issued pursuant to EMI
legislation. Subsequent to this restructuring and to the Award, the
Company will have a total of 13,062,500 Options in issue,
representing 6.5% of the Company's issued share capital (assuming
that each of these Options were exercised).
The table below sets out the interest of the Company's directors
in these transactions:
Director Interest Options Number Options Consequent
in options to be cancelled of Options issued interest
prior to pursuant to be issued pursuant in Options
the Reissue to the Reissue pursuant to the
and the to the Award
Award Reissue
---------------- ------------- ----------------- -------------- ---------- ------------
Robert Goddard - - - 1,500,000 1,500,000
Stephen McLeod 3,360,000 - 840,000 300,000 4,500,000
Malcolm Coster 500,000 - 125,000 250,000 875,000
Robert Smeeton 1,000,000 (1,000,000) 1,250,000 250,000 1,500,000
---------------- ------------- ----------------- -------------- ---------- ------------
Contacts:
Universe Group PLC
Robert Goddard, Chairman
Stephen McLeod, Chief Executive
Tel: 02380 689510
finnCap
Stuart Andrews / Henrik Persson (Corporate Finance)
Simon Starr (Corporate
Broking)
Tel: 02072 200 500
This information is provided by RNS
The company news service from the London Stock Exchange
END
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