| Thu 15 Jan 2009, 8:40 | | LAF - Lonrho - Amendment Of Certain Existing Staff Options And Grant Of New |
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LAF
LOLAF
LAF - Lonrho - Amendment Of Certain Existing Staff Options And Grant Of New
Share Options
Lonrho Plc
(Formerly Lonrho Africa Plc)
(Incorporated and registered in England and Wales)
(Registration number 2805337)
(Share code: LAF; ISIN number: GB0002568813)
("Lonrho" or "the Company")
14th January 2009
AMENDMENT OF CERTAIN EXISTING STAFF OPTIONS AND GRANT OF NEW SHARE OPTIONS
The Board of Lonrho Plc ("the Company") has, as a result of the impact of the
global economic downturn on the Company`s share price, been reviewing the
effectiveness of the Company`s share option plan which is used to incentivise
and retain employees, consultants and directors. Having considered the current
terms of the existing and previously announced share options the Board, on the
13th January 2009, determined that the current share options will not achieve
their objective of incentivising and retaining staff. At the Board`s request,
the Remuneration Committee has reviewed the situation and recommended, and the
Board has approved that the exercise price relating to 20,915,000 existing
options to current employees, consultants and directors representing 2.74% of
the current issued share capital of the Company be amended to 6.5 pence per
share. All the other terms and conditions of these existing share options remain
the same as previously announced.
Following the new appointment to the Board of non-executive director Ambassador
Frances Cook and Finance Director David Armstrong the Board has, on the
recommendation of its remuneration committee, on the 13th January 2009 granted
new options over, in aggregate, 10,000,000 ordinary shares of 1p each in the
share capital of the Company at an exercise price of 6.5pence to the new Board
members as well as existing directors, senior employees and consultants
allocated as to David Lenigas (Executive Chairman) 2,500,000; Geoffrey White
(Chief Executive Officer) 2,000,000; Emma De Borchgrave (Executive Director)
1,500,000; David Armstrong (Finance Director) 1,000,000; Ambassador Frances Cook
(Non-Executive Director) 500,000; Donald Strang (Non-Executive Director)
500,000; Jean Ellis (Non- Executive Director) 500,000 and senior management and
consultants 2,000,000. The grant of the new options was made under the Company`s
Unapproved Share Option Plan other than those to the non-executive directors and
a consultant (whose options were granted under stand-alone option agreements on
similar terms to those under the Unapproved Company Share Option Plan), each
with an exercise period of five years.
Following the amendment to the exercise price of the existing share options and
the grant of the new options the directors of the Company now have the following
options over shares in the capital of the Company at an exercise price of 6.5
pence: David Lenigas (Executive Chairman) 11,365,000; Geoffrey White (Chief
Executive Officer) 5,565,000; Emma De Borchgrave (Executive Director) 4,565,000;
David Armstrong (Finance Director) 1,000,000; Ambassador Frances Cook (Non-
Executive Director) 500,000; Donald Strang (Non-Executive Director) 1,200,000;
Jean Ellis (Non- Executive Director) 850,000. The total number of options held
by the board over shares in the capital of the Company is therefore in aggregate
25,045,000 options representing 3.28% of the current issued share capital of the
Company
The total number of options granted over shares in the capital of the Company is
now 37,505,000 options representing 4.91% of the total issued share capital of
the Company.
LONRHO ENQUIRIES
Lonrho Plc +44 (0)20 7016 5105
David Lenigas, Executive Chairman +44 (0)7881 825 378
Geoffrey White, Chief Executive +44 (0)7717 307 308
Officer
Emma de Borchgrave, Executive +44 (0)7867 785 177
Director
Pelham PR
Charles Vivian +44 (0) 20 7743 6672
+44 (0) 7977 297903
James MacFarlane +44 (0) 20 7743 6375
+44 (0) 7841 672831
Collins Stewart Europe : NOMAD
Hugh Field +44 (0) 20 7523 8350
South African sponsor to Lonrho Plc
Java Capital (Proprietary) Limited
Date: 15/01/2009 08:40:09 Produced by the JSE SENS Department.
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