REG - Creightons PLC - Share Option Grant <Origin Href="QuoteRef">CRGT.L</Origin>

CreightonsAnnouncement

10/09/2015 07:00

RNS Number : 6059Y
Creightons PLC
10 September 2015
Creightons Plc
(the "Company")
Share Option Grant
This notification is made in accordance with DTR 3.1.4R(1)(a). 
Creightons plc announces that the Directors of the Company listed below were granted options over shares of the Company under the Company's 2014 Share Option Plan as part of the Company's policy of providing long-term share-linked and effectively tax-free incentives to senior managers and directors. The options are for the acquisition of the following numbers of ordinary shares of 1p each in the Company:
Executive DirectorNumber of Options
Mr BM Johnson1,300,000
Mr M Stevens400,000
Ms P Clark400,000
Mr P Forster500,000
The options were issued at 4.50p per ordinary share and can be exercised between the third and tenth anniversary of the 9th September 2015, subject to the option holder's continued employment. No consideration is payable in respect of the grant of these options.
These options have been granted to replace those granted on 28th November 2014 with an exercise price of 5.50p. These were found to have failed to qualify for registration under the Government's EMI scheme for tax relief so were surrendered by the holders and cancelled. 
The board has revised the rules of the share options scheme to permit the issue of options at a discount. This has enabled the exercise price to be set so that the option holders are in the same net position as was originally intended, taking account of their income tax liability on exercise of the options on the difference between exercise price and market price on the day of grant of 6.875p. 
Shareholders will benefit from this revised grant since it re-enforces the Company's policy of providing long-term share-linked and effectively tax-free incentives to senior managers.
Enquiries:
Creightons plc
NDJ O'Shea, Director
01733 281 000

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