REG - Corac Group Plc - Replacement of share options <Origin Href="QuoteRef">CRAU.L</Origin> <Origin Href="QuoteRef">NG.L</Origin>

National GridAnnouncement

15/07/2015 18:44

RNS Number : 8510N
Corac Group Plc
21 May 2015
21 May 2015
CORAC GROUP PLC 
("Corac" or the "Company")
Replacement of share options
Corac (AIM: CRA), the specialist engineering group focused on the aerospace & defence and energy & process industry sectors, announces that as part of a review of executive incentives conducted by the Company's remuneration committee in consultation with its major shareholders, certain options held by Phil Cartmell and Mark Crawford were cancelled on 20 May 2015 and new options over the same number of shares were granted to them also on 20 May 2015 (the "Replacement options"). 
The Replacement options are exercisable at a price of 10p, subject to the performance criteriathat the closing mid-market price of the Company's shares is no less than 15p per share on each of 20 consecutive dealing days at some point during the three years after grant. The options will vest over three years in three equal tranches and will be exercisable between 20 May 2016 and 20 May 2025.
Cancelled Options 
Number of options
Exercise price
Lapse date
Phil Cartmell
2,000,000
42p
30 September 2019
300,000
21.75p
30 April 2020
Mark Crawford
300,000
39p
21 October 2019
200,000
34.75p
14 December 2019
300,000
21.75p
30 April 2020
Replacement options
 
Number of options
Exercise price
Lapse date
Phil Cartmell
2,000,000
10p
20 May 2025
300,000
10p
20 May 2025
Mark Crawford
300,000
10p
20 May 2025
200,000
10p
20 May 2025
300,000
10p
20 May 2025
For further information please contact:
Corac Group Plc
Phil Cartmell, Chief Executive Officer
01753 285 800
Mark Crawford, Chief Financial Officer
www.corac.co.uk
Cenkos
Ivonne Cant / Elizabeth Bowman 
020 7397 8980
www.cenkos.com
Vigo Communications
020 7016 9570
Jeremy Garcia / Fiona Henson
www.vigocomms.com
NOTES TO EDITORS
About Corac Group plc
Corac Group is a specialist engineering group focused on the aerospace & defence and energy & process industry sectors. The Group designs and builds valuable solutions for critical applications in compression systems, renewable energy, atmosphere management and fabricated equipment; and provides support services through the equipment's lifetime. Corac Group shares have been trading on AIM since July 2001.

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