Replacement of share options

RNS Number : 8510N
Corac Group Plc
21 May 2015

Replacement of share options

Corac (AIM: CRA), the specialist engineering group focused on the aerospace & defence and energy & process industry sectors, announces that as part of a review of executive incentives conducted by the Company's remuneration committee in consultation with its major shareholders, certain options held by Phil Cartmell and Mark Crawford were cancelled on 20 May 2015 and new options over the same number of shares were granted to them also on 20 May 2015 (the "Replacement options"). 

The Replacement options are exercisable at a price of 10p, subject to the performance criteria that the closing mid-market price of the Company's shares is no less than 15p per share on each of 20 consecutive dealing days at some point during the three years after grant. The options will vest over three years in three equal tranches and will be exercisable between 20 May 2016 and 20 May 2025.

Cancelled Options 

 

Number of options

Exercise price

Lapse date

Phil Cartmell

2,000,000

42p

30 September 2019

 

300,000

21.75p

30 April 2020

 

 

 

 

Mark Crawford

300,000

39p

21 October 2019

 

200,000

34.75p

14 December 2019

 

300,000

21.75p

30 April 2020

 

 

 

 

 

Replacement options

 

Number of options

Exercise price

Lapse date

Phil Cartmell

2,000,000

10p

20 May 2025

 

300,000

10p

20 May 2025

 

 

 

 

Mark Crawford

300,000

10p

20 May 2025

 

200,000

10p

20 May 2025

 

300,000

10p

20 May 2025