RNS Number : 8150V
Baobab Resources PLC
03 June 2008
BAOBAB RESOURCES PLC
3 June 2008
ESTABLISHMENT OF INCENTIVE SHARE OPTION PLAN AND
ISSUE OF OPTIONS
Baobab Resources plc ("Baobab" or "the Company") is pleased to announce the Board of
Directors has approved the establishment of the
Baobab Resources Plc Incentive Share Option Plan.
The Baobab Resources Plc Incentive Share Option Plan will provide a useful means to
incentivise and retain an excellent and dedicated
management team and key employees and implementation of the Plan will:
* provide an incentive to employees to work to improve the performance of the
Company;
* attract and retain valued employees essential for the continued growth and
development of the Company;
* establish a sense of ownership in the Company for the employees;
* promote and foster loyalty and support amongst employees for the benefit of both the
employees and the Company;
* enhance the relationship between the Company and its employees for the long term
mutual benefit of shareholders; and
* enable the Company to attract high calibre individuals, who can bring expertise to
the Company.
In April 2008, the Board approved the issue of 1,350,000 unlisted options to certain
employees subject to the establishment of the
Baobab Resources Plc Incentive Share Option Plan. As the Incentive Share Option Plan has now
been established the Company announces the
issue of 1,350,000 unlisted options today. A summary of the terms and conditions of the
1,350,000 unlisted options is included below:
* 250,000 unlisted options exercisable at 11.5p on or before 16 April 2011 vesting on
16 April 2009;
* 250,000 unlisted options exercisable at 13p on or before 16 April 2011 vesting on 16
April 2010;
* 425,000 unlisted options exercisable at 11.5p on or before 25 March 2011 vesting on
25 March 2009;
* 425,000 unlisted options exercisable at 13p on or before 25 March 2011 vesting on 25
March 2010;
Of the 1,350,000 unlisted options issued today, Mr. Ben James, Baobab's Technical
Director, has been issued with 250,000 unlisted
options exercisable at 11.5p on or before 25 March 2011 vesting on 25 March 2009 and 250,000
unlisted options exercisable at 13p on or
before 25 March 2011 vesting on 25 March 2010.
With regard to 1.5 million unlisted options held by former Managing Director, Mr. Ian
Cullen, 1.0 million unlisted options have
lapsed, and 0.5 million unlisted options exercisable at 11p are now exercisable on or before
31 July 2008.
For Further Information please contact:
Baobab Resources plc Tel: +61 (0)8 9430 7151
Brett Townsend - Acting Managing Director
www.baobabresources.com
Baobab Resources plc Tel: +44 (0)1372 450529
Jeremy Dowler - Non -Executive Chairman
Grant Thornton Corporate Finance Tel: +44 (0)20 7383 5100
Fiona Owen
Fox-Davies Capital Limited Tel: +44 (0)20 7936 5200
Richard Hail
This information is provided by RNS
The company news service from the London Stock Exchange
END
RDSGGGGVRFMGRZG
|