Directorate change and grant of share options
6 January 2016
Petards, the AIM quoted developer of advanced security and surveillance systems, announces the appointment of Osman Abdullah as Chief Executive of Petards Group plc.
Osman joined the board of Petards in September 2010 as a non-executive director and since 2013 has acted as chairman of Petards Joyce-Loebl, the Group’s principal trading subsidiary, to oversee its reorganisation and implementation of the ‘Fit for Growth’ programme.
Osman was Chief Executive of Evered plc, a fully listed public company specialising in industrial and quarry products, from 1981 to 1989 and also served as a non-executive director of UMECO plc from 1993 to 2005 which achieved considerable acquisition and product led growth over that period.
Grant of Share Options
Petards further announces that following a meeting of its Remuneration Committee on 05 January 2016 and in accordance with the rules of its Enterprise Management Incentive (EMI) and Unapproved Option Plan approved by shareholders in January 2015, it has granted options over 850,000 shares to both Raschid Abdullah, Petards’ Chairman, and Osman Abdullah, Petards’ Chief Executive.
Under this award both Raschid and Osman have been granted EMI options over 728,316 ordinary shares and Unapproved options over 121,684 ordinary shares.
In addition, EMI options over a further 480,000 ordinary shares in the Company have been granted to five senior employees of the Group.
All the options granted have an exercise price of 12.25p, being the closing mid-market share price on 05 January 2016 (the latest possible date prior to the date of grant), vest three years from the date of grant and once vested are exercisable at any time up to ten years after the date of grant.
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