TIDMPGB
RNS Number : 4245W
Pilat Media Global PLC
28 July 2009
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28 July 2009
Pilat Media Global plc
("Pilat" or the "Company")
Issue of Share Options
On 15 June 2009, the board of directors of the Company resolved to grant a total
of 3,300,000 options under the Pilat Share Option Schemes (together referred to
as the "Scheme(s)") which was subject to the approval of the Tel Aviv Stock
Exchange ("TASE"). The Tel Aviv Stock have today given their approval to the
grant of these options with the following additional conditions being applied to
the 1,400,000 options granted to the directors, Mr Engel, Mr Blair, Mr Shalgi
and Mr Livne and 1,000,000 options re-issued to Mr. Engel as detailed below:
i) During the first 6 months, starting on the date of allotment, none of the
shares exercisable under the options may be traded on TASE ("First Period");
(ii) During the year and half that follows the First Period, exercised shares
could be traded on TASE subject to:
(a) The quantity of the exercised
options can not exceed the daily average of the trading turnover of shares of
Pilat on TASE during the period of 8 weeks that preceded the date of the option
sale;
(b) The percentage represented by the exercised shares which are
being offered during each quarter may not exceed 1% of the issued and paid-up
capital of Pilat; for this limitation, 'issued and paid-up capital' - excluding
shares that will derive from a realization or conversion of convertible
securities that were issued up to the date of the share sale and that have not
yet been realized or converted.
The option grants which received TASE approval were as follows:
* 2,130,000 options under the Israeli Share Option Scheme ("Israeli Scheme");
* 908,766 options under the Enterprise Management Incentive Share Option
Scheme ("EMI Scheme"); and
* 261,234 options under the Pilat Media Global plc Unapproved Share Option Scheme
2002 ('Unapproved Scheme'
Under the terms of all the Schemes:
(a) the options granted are exercisable in two equal tranches on the first and
second anniversary of the date of grant;
(b) options lapse on the tenth anniversary of the date of grant, and
(c) the grant of options is subject to the approval of the Tel Aviv Stock
Exchange.
The exercise price of the options granted was set at the closing mid-market
price of Pilat's shares on AIM on Friday 12th June 2009, being 23.5 pence per
share. The total number of options outstanding pursuant to all the Schemes after
the grant of the above options will amount to 7,365,843 representing
approximately 11.1% of the Company's enlarged issued share capital on a fully
diluted basis.
Of the options approved today, 1,400,000 have been granted to Directors and
their resultant interests in options following this announcement are as follows:
+-------------------+-----------+----------+-----------+----------+-----------+-----------+----------+-----------+-----------+-----------+-----------------------------------+
| Israeli Scheme | EMI Scheme | Unapproved Scheme | |
+------------------------------------------+----------------------------------+----------------------------------------------+-----------+
| | Granted | Existing | Total | Granted | Existing | Total | Granted | Existing | Total | Total Options |
| | 15 June | | | 15 June | | | 15 June | | | |
| | 2009 | | | 2009 | | | 2009 | | | |
+-------------------+-----------+----------+-----------+----------+-----------+-----------+----------+-----------+-----------+-----------------------------------------------+
| Avi Engel, CEO | 1,000,000 | - | 1,000,000 | - | 425,000 | 425,000 | - | 575,000 | 575,000 | 2,000,000 |
+-------------------+-----------+----------+-----------+----------+-----------+-----------+----------+-----------+-----------+-----------------------------------------------+
| Avi Engel, CEO | 1,000,000 | - | 1,000,000 | - | (425,000) | (425,000) | - | (575,000) | (575,000) | (1,000,000) |
| (1) | | | | | | | | | | |
+-------------------+-----------+----------+-----------+----------+-----------+-----------+----------+-----------+-----------+-----------------------------------------------+
| Martin Blair, CFO | - | - | - | 156,383 | 270,000 | 426,383 | 93,617 | - | 93,617 | 520,000 |
+-------------------+-----------+----------+-----------+----------+-----------+-----------+----------+-----------+-----------+-----------------------------------------------+
| Kobi Livne | 75,000 | - | - | - | - | - | - | - | - | 75,000 |
+-------------------+-----------+----------+-----------+----------+-----------+-----------+----------+-----------+-----------+-----------------------------------------------+
| Menahem Shalgi | 75,000 | - | - | - | - | - | - | - | - | 75,000 |
+-------------------+-----------+----------+-----------+----------+-----------+-----------+----------+-----------+-----------+-----------+-----------------------------------+
1. On 16 April 2002 Mr Avi Engel was granted 1,000,000 options under the EMI Scheme
and Unapproved Scheme with an exercise price of 23.5 pence per share. These
options have been cancelled and re-issued under the Israeli Scheme with the
following terms:
(a) the options granted are exercisable on the first anniversary of the date of
grant;
(b) options lapse on the 15th April 2012, and
(c) the grant of options is subject to the approval of the Tel Aviv Stock
Exchange.
In addition, the TASE approval to issue 1,900,000 share option to 11 senior
managers was also received.
For further information:
+----------------------------------------+----------------------------+
| Pilat Media Global plc | |
+----------------------------------------+----------------------------+
| Avi Engel, Chief Executive Officer | Tel: +44 (0) 20 8782 0700 |
| Martin Blair, Chief Financial Officer | |
+----------------------------------------+----------------------------+
+----------------------------------------+----------------------------+
| Shore Capital and Corporate Limited | |
| (NOMAD) | |
+----------------------------------------+----------------------------+
| Dru Danford | Tel: +44 (0) 20 7408 4090 |
+----------------------------------------+----------------------------+
This information is provided by RNS
The company news service from the London Stock Exchange
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