Home :
News : 2009 : Exercise of options

Exercise of options

 27th Jul 2009

On 26 November 2007, as part of its AIM admission process, the Company entered into a share exchange agreement with the shareholders of Plastics Capital Trading Limited ("Plastics Capital Trading"). Pursuant to this agreement, the Company issued ordinary shares of 1p each ("Ordinary Shares") to the then shareholders of Plastics Capital Trading in exchange for the acquisition of the entire issued share capital of Plastics Capital Trading and its subsidiaries. At this time, a number of EMI options held by Nicholas Ball, Finance Director of the Company, became exercisable. Nicholas Ball undertook not to exercise his EMI options on the sale of Plastics Capital Trading to the Company pursuant to the share exchange agreement but agreed that these EMI options would be exercised at a later date. 4,000 such options were exercised on 30 June 2008.

Plastics Capital Trading has today agreed to exercise Nicholas Ball's remaining options resulting in him receiving 6,000 ordinary shares of 1p each in Plastics Capital Trading. Following such exercise, the Company entered into a share exchange agreement with Nicholas Ball pursuant to which in consideration for the Company acquiring 6,000 shares in Plastics Capital Trading from Nicholas Ball , it issued 53,400 Ordinary Shares to him. This transaction was completed at the admission price of 100p per Ordinary Share. Application has been made for the 53,400 new Ordinary Shares to be admitted to trading on AIM which is expected to take place on 31 July 2009. Following the issue of Ordinary Shares, Nicholas Ball will have a beneficial holding of 201,801 Ordinary Shares representing 0.75 per cent. of the Company's total issued share capital.
   

The total number of voting Ordinary Shares in issue following this exercise of options will be 26,953,463.

Powered by Intergage