DXS INTERNATIONAL PLC
AMENDMENT OF TERMS OF OPTIONS AND
GRANT OF FURTHER OPTIONS
In the light of the successful conclusion of the Company's application for Lot 1 approval under GPSoC, and in order to recognise the previous and continuing contribution of the executive directors, the Board has agreed to enhance the current share option schemes for David Immelman, the Chief Executive, and Steven Bauer, the Managing Director by granting additional options and amending the terms of some of the current options.
Amendment of Current Options
Mr Immelman and Mr Bauer currently hold management options exercisable at 13p totalling 1,846,154 which were due to expire on 18th February 2015. The exercise date for these options has now been extended to 30th April 2023 so that they are co-terminous with the performance related options at 25p. The table below sets out the revised position.
No. of Option Shares | Original Option Exercise Date | Exercise Price | New Exercise Date | |||||
David Immelman | 923,077 | 18th February 2015 | 13p | 30th April 2023 | ||||
1,000,000 | 30th April 2023 | 20p | No change | |||||
Steven Bauer | 923077 | 18th February 2015 | 13p | 30th April 2023 | ||||
1,000,000 | 30th April 2023 | 20p | No change |
New Share Options
In addition to the amendment of the current management options the Board has agreed to issue new options in favour of its key executives, Mr Immelman and Mr Bauer, and to the Chairman, Mr Sutcliffe. The new options are granted at 25p and 55p respectively and have vested immediately.
No. of Option Shares | Option Exercise Date | Exercise Price | ||||
David Immelman | 250,000 | 30th April 2023 | 25p | |||
250,000 | 30th April 2023 | 55p | ||||
StevenBauer | 250,000 | 30th April 2023 | 25p | |||
250,000 | 30th April 2023 | 55p | ||||
Bob Sutcliffe | 900,000 | 30th April 2023 | 25p |
As a result of the grant of these new options the Directors currently hold the following options over Ordinary Shares in the Company:
- 1,846,154 unexercised options at 13p;
- 2,000,000 unexercised options at 20p
- 1,400,000 unexercised options 25p;
- 500,000 unexercised options 55p
Assuming that all existing options and warrants in the Company are exercised they would constitute 17.91% of the issued ordinary share capital of the Company as enlarged.
The Directors of DXS International plc accept responsibility for this announcement.
Contact Information:
David Immelman
Wrecclesham House
Wrecclesham Road
Farnham
Surrey
GU10 4PS
Tel: 01252 719800
Website: www.dxs-systems.com
Corporate Adviser:
David Papworth
City & Merchant Limited,
Salisbury House,
29 Finsbury Circus,
London
EC2M 5QQ
Tel: 020 7101 7676