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iO Adria Limited Advises BSX Of Cancellation And Withdrawal Of Share Options
Hamilton, Bermuda: 23 October 2012 – Following approval in accordance with the terms of the Company’s Share Option Plan dated 13 September 2006 as amended on 12 September 2012 (the “Plan”), iO announces the withdrawal and cancellation of 1,801,000 share options (“Old Options”). The Old Options were granted to directors and other employees of the Company and its subsidiaries (the “Group”) between September 2006 and March 2008 and had a weighted average exercise price of €1.14 compared with a subscription price of €0.20 for Ordinary Shares issued in August 2011 pursuant to the Company’s Reverse Auction Open Offer.
Grant of options
The Company has granted a total of 8,050,000 new share options to subscribe for ordinary shares of €0.01 each in the Company ("Ordinary Shares") (the "Options") pursuant to the Plan. The Options granted represent 4.3% of the Company's current issued share capital. Included within this grant are the following directors and officers of the Company:
|
Executive Directors |
Number |
|
Ivana Soljan |
1,100,000 |
|
|
1,100,000 |
|
Non Executive Directors |
|
|
Norman Lamont |
250,000 |
|
Goranko Fizulic |
200,000 |
|
Bernard Lambert |
200,000 |
|
Garth Lorimer Turner |
200,000 |
|
Andrew Smith |
225,000 |
|
Bruce Weatherill |
225,000 |
|
Non Executive Support |
|
|
|
150,000 |
|
Jonathan Carey** |
150,000 |
* Company Secretary
** Member of Audit Committee
In addition to the Options granted as set out above, 4,000,000 Options have been granted to management and other senior personnel within the Group and a further 250,000 Options have been granted to employees within the Group. Options may only be exercised following the third anniversary of the grant date at an exercise price of €0.20 and have a contractual life of 10 years from the date of Grant being 22 October 2012.
Following the grant of Options, the directors of the Company will be interested in the following number of Ordinary Shares and Options:
|
Name |
Number of Ordinary Shares |
Number of Options |
|
The Rt. Hon. The Lord Lamont of Lerwick |
147,467 |
250,000 |
|
Goranko Fizulic |
|
200,000 |
|
Bernard Lambert |
|
200,000 |
|
Garth Lorimer Turner |
230,000 |
200,000 |
|
J. Andrew Smith |
48,000 |
225,000 |
|
Bruce Weatherill |
200,000 |
225,000 |
|
William Crewdson |
11,000,000 |
|
|
|
|
1,100,000 |
|
Ivana Soljan |
|
1,100,000 |
|
|
|
|
|
Total |
11,625,467 |
3,500,000 |