| Thu 3 May 2012, 12:51 | | IPS - IPSA - Adoption of IPSA 2012 Share Option Scheme and Grant of Options |
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IPS
IPSA
IPS - IPSA - Adoption of IPSA 2012 Share Option Scheme and Grant of Options
IPSA GROUP PLC
(Incorporated and registered in England and Wales)
(Registration Number 5496202)
AIM Share Code IPSA ISIN GB00BOCJ3F01
JSE Share Code IPS ISIN GB00BOCJ3F01
("IPSA" or "the company")
Adoption of IPSA 2012 Share Option Scheme and Grant of Options
The Company`s board announces that it has adopted a new share option plan, the
IPSA Group PLC 2012 unapproved Share Option Plan.
The Company has not previously put any form of share option scheme in place, and
is doing so now in order to grant options to compensate certain directors and
the company secretary for the deferment of their fees and/or salaries which in
some cases have not been paid for over forty months.
Therefore on 2 May 2012, pursuant to this option plan, IPSA granted options over
2,500,000 ordinary shares of 2 pence each ("Ordinary Shares"), representing
2.33% of the current issued share capital. The exercise price on all these
options is 5 pence per share.
These options over Ordinary Shares in the Company were granted to the directors
and company secretary as follows:
Name Position No. of % of Current
Options Issued Share
Granted Capital
Richard Linnell Director 192,067 0.18%
Neil Bryson Director 213,407 0.20%
Rizelle Sampson Director 213,407 0.20%
Peter Earl Director 393,203 0.37%
Phil Metcalf Director 93,899 0.09%
Mike Eyre Director 356,857 0.33%
Michael Cox Director 230,480 0.21%
Elizabeth Shaw Director 399,499 0.37%
Susan Laker Company 407,181 0.38%
Secretary
Total 2,500,000 2.33%
At 31 December 2011, the outstanding fees and/or salaries payable to these
directors and the company secretary amounted to approximately GBP1.1m. It is
not anticipated that the Company will pay these amounts until the sale of its
second pair of turbines completes. Currently, the directors expect this to be
during June 2012, at which time the Company expects to settle all its
outstanding creditors.
All of the above options vest with immediate effect.
Phil Metcalf, Chief Executive of the Company commented: "Although guidance for
larger companies is that companies should not issue share options to non-
executive directors, we appreciate that our non-executives have remained on the
board despite non-payment of fees. The guidance also recommends a three year
vesting period for share options in normal circumstances. However, the options
granted today vest immediately to reflect the period in which the Company has
not remunerated its board and officers."
For further information contact:
Phil Metcalf, CEO, IPSA Group PLC +44 (0)20 7793 5600
John Llewellyn-Lloyd / Harry Stockdale, Execution Noble & Company Ltd +44 (0)20
7456 9191
Riaan van Heerden,PSG Capital (Pty) Ltd +27 (0)21 887 9602
Harry Ansell / James Joyce W H Ireland Ltd +44 (0)20 7220 1666
London
3 May 2012
Date: 03/05/2012 12:51:31 Produced by the JSE SENS Department.
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