Third time lucky

Today's RNS below.

If I read this correctly, the options were granted at an excercise price of 1p. That means that Moore will effectively receive £7.3m in todays money over the next 2years and 3 months ... in addition to his salary and bonusses. I have no objection to paying management well and to give incentives, but granting options at an excercise price of 1p is a gift not an incentive!!!

Am I reading this correctly?



TOREX RETAIL PLC (the "Company")

DIRECTOR SHAREHOLDING

The Company announces that certain directors were on 30 December 2005 granted
the following options over ordinary shares of 1p each ("Ordinary Shares")
subject to certain performance criteria under The Torex Retail Plc 2005 Non HM
Revenue & Customs Approved Company Share Option Plan:

Name of Options Exerciseable from Resultant total holding of options
director


Chris 1,809,000 1 March 2006 7,559,000
Moore 2,500,000 1 March 2007
2,500,000 1 March 2008

Mark 2,000,000 1 March 2006 4,000,000
Pearman 1,500,000 1 March 2007

Nigel 250,000 1 March 2006 800,000
Horn 250,000 1 March 2007

The exercise price for these options is 1p per share pursuant to arrangements
proposed and announced for the incentivisation of senior management at the time
of the Company's admission to trading on AIM in March 2004.

3 January 2006