The exec options deal with no published performance criteria ...fair enough but 17M with a 10 year maturity.... now wait for the next deal for the Bozos!
Company Virotec International Ld TIDM VTI Headline Issue of Equity Released 07:00 18-Jan-06 Number 0827X
RNS Number:0827X Virotec International Ld 18 January 2006
VIROTEC INTERNATIONAL LTD
18 January 2006
ISSUES OF SECURITIES
Virotec International Ltd (ASX/AIM: VTI) advises that it has issued the following securities:
119,048 Ordinary shares at a price of A$0.84 (approximately GBP£0.35) in consideration for services provided to the Company.
17,000,000 Options exercisable at a price of GBP£0.40 each (approximately A$1.00) at various times between 1 July 2006 and 30 September 2015 to senior executives. For further information refer to Note 1 below.
872,500 Options exercisable at A$0.70 each (approximately GBP£0.28) on or before 31 March 2009 issued to employees pursuant to the Virotec Option Incentive Scheme.
In addition, 200,000 options exercisable at A$0.50 per share on or before 30 September 2006 which were issued to employees have now lapsed unexercised.
The current issued capital of Virotec is as follows:
240,162,442 Ordinary shares
23,657,500 Options (unquoted) with various expiry dates between 30 September 2006 and 30 September 2015 and exercisable at prices between A$0.50 and A$1.00 each.
Angus Craig Company Secretary
Note 1 - Options issues to senior executives
Following senior appointments to the Virotec Group in 2005, three key senior executives have been granted incentive packages to align their interests with shareholders and reward them for strong performance achieved by Virotec in the coming years.
At the Annual General Meeting on 30 November 2005, shareholders approved the issue of 5,000,000 options to Mr Neil Bardach, Chief Executive Officer - North America on the terms set out in the notice of meeting. The Company has now issued 12,000,000 options to Mr John Catling, Chief Executive Officer of the Virotec Group who is also responsible for the Group's European operations, and 5,000,000 options to Dr Lee Fergusson, Chief Executive Officer - Australia and Asia.
The option packages are structured over a five year timeframe with 20% of the total number of options granted vesting to the executive each year dependent of achievement of specified performance criteria relating to revenue, profit and other criteria. As these hurdles are commercially sensitive, full details will not be made public. These options are issued under the terms of the Virotec Options Incentive Scheme with additional terms as outlined on the tables below and with additional performance criteria.
The basic terms of the options issued as are follows:
Number Exercise Performance hurdles Exercise Expiry Price Date Date (vesting date) 3,400,000 $1.00 Yes - in relation to financial 1 September 30 September year ending 30 June 2006 2006 2011
3,400,000 $1.00 Yes - for year ending 30 June 1 September 30 September 2007 2007 2012
3,400,000 $1.00 Yes - for year ending 30 June 1 September 30 September 2008 2008 2013
3,400,000 $1.00 Yes - for year ending 30 June 1 September 30 September 2009 2009 2014
3,400,000 $1.00 Yes - for year ending 30 June 1 September 30 September 2010 2010 2015
Note 2 - Option exercise windows
Under the terms of the Virotec Option Incentive Scheme options can generally only be exercised by employees during two periods each year, being one month immediately following the release of the half year and full year financial results.
VIROTEC INTERNATIONAL LTD ABN 81 004 801 398 PO BOX 188 SANCTUARY COVE QLD 4212 AUSTRALIA www.virotec.com
This information is provided by RNS The company news service from the London Stock Exchange
END
VTI Price at posting:
0.0¢ Sentiment: None Disclosure: Not Held
(20min delay)