Change to employee stock option plan
08 January 2010
The board of MCB Finance Group plc ("MCB Finance" or the "Company") has decided to amend certain terms of the Company's employee stock options program.
MCB Finance currently has 1,393,362 employee stock options outstanding, representing 7.4% of the fully-diluted share capital of the Company. The options vest over a period of three years, can be exercised at prices between 41p and 176.5p per share, and have expiry periods ranging between 31 March 2009 and 31 March 2013.
In recognition of key employees' contributions under challenging market conditions, and to ensure the option program can continue to incentivise key employees, the board has decided to extend the exercise period and lower the exercise price of certain options. As a result, 1,168,362 options will have their expiry period extended by two years so that these options expire 5 years after the date of grant. Out of these, 610,362 options which currently have exercise prices of 150p or above will have the exercise price reduced to 50p, slightly above the market price of the Company's shares during the last quarter. There will be no changes to the remaining 225,000 options outstanding.
Out of the amended options, 392,000 options are held by Rami Ryhanen, CEO and board member, and 457,362 options are held by Henry Nilert, CFO and board member. No changes were made to options held by the non-executive directors of the Company.
After these amendments the details of the Company's options plan will be as follows.
| Exercise | |||
| Number | price | Expiry | |
| 558,000 | 41p | 31 December 2011 | |
| 460,000 | 50p | 31 December 2011 | |
| 30,000 | 50p | 31 December 2012 | |
| 120,362 | 50p | 31 March 2013 | |
| 180,000 | 150p | 31 December 2011 | * |
| 45,000 | 171p | 30 June 2012 | * |
| 1,393,362 |
* Options not amended. Non-amended options expire gradually until final expiry date.
Further information:
| MCB Finance Group plc: | |
| Rami Ryhänen, Chief Executive rami@mcbfinance.com |
+372 5300 8332 |
| Henry Nilert, CFO henry@mcbfinance.com |
+358 451 370 065 www.mcbfinance.com |
| Media enquiries: | |
| Allerton Communications: | |
| Peter Curtain | +44 20 3137 2500 |
| Nominated adviser and broker: | +44 20 7065 2000 |
| Fox-Pitt, Kelton Limited: Marc Milmo Jonny Franklin-Adams |