Grant of Options
July 17 2003 - 5:23AM
UK Regulatory
RNS Number:6533N
Entertainment Rights PLC
17 July 2003
17 July 2003
ENTERTAINMENT RIGHTS PLC
Grant of Options
On 16 July 2003, Entertainment Rights plc (the "Company") granted the following
options under the Company's Unapproved Share Option scheme representing 0.79 per
cent. of the Ordinary Shares currently in issue, to the following directors:
Director Number of Ordinary Shares over Total number of Ordinary Shares over which options
which options granted held following this notification
Mike Heap 780,659 5,382,857
Craig Hemmings 240,000 1,840,000
Jane Smith 1,040,000 3,640,000
The exercise price of the new options detailed above is 8.05p being the average
of the closing price of the Ordinary Shares over the 5 business days preceding
the date of grant. The options are exercisable from 16 July 2006 to 15 July
2013, subject to the achievement of the following performance criteria:
1/3 of the Ordinary Shares under option if the average annual
percentage increase in the Company's earnings per share over the 3 financial
years following the date of grant is at least equal to the average annual
percentage growth in the Retail Price Index plus 3 per cent;
1/3 of the Ordinary Shares under option if the average annual
percentage increase in the Company's earnings per share over the 3 financial
years following the date of grant is at least equal to the average annual
percentage growth in the Retail Price Index plus 6 per cent; and
1/3 of the Ordinary Shares under option if the average annual
percentage increase in the Company's earnings per share over the 3 financial
years following the date of grant is at least equal to the average annual
percentage growth in the Retail Price Index plus 9 per cent.
On the same day the Company was notified that certain existing, non-vested (due
to the Trigger Prices not being attained) options over ordinary shares of 5p
each in the capital of the Company ("Ordinary Shares"), granted by individual
deeds to certain directors of the Company and representing 0.98 per cent. of the
Ordinary Shares currently in issue, were surrendered as follows:
Director Number of Ordinary Shares over Exercise price Trigger Price
which options surrendered
Mike Heap 975,824 13.8p 85p to 100p
Craig Hemmings 300,000 25.0p 110p to 130p
Jane Smith 300,000 25.0p 110p to 130p
Jane Smith 1,000,000 23.0p 40p to 160p
For further details please contact:
Julian Paul Chairman of the Remuneration Committee 020 8762 6200
Paul Ashworth Group Financial Controller 020 8762 6200
ENDS
This information is provided by RNS
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