IGR Ig Design Group Plc

 

TIDMIGR 
 
RNS Number : 4826N 
International Greetings PLC 
17 February 2009 
 

INTERNATIONAL GREETINGS PLC 
 
 
Grant of options to directors 
 
 
International Greetings plc ("International Greetings" or the "Company") 
announces that on 13 February 2009 the Board approved the grant of options over 
the Company's ordinary shares to Mr Paul Fineman, Mr Martin Hornung and Ms 
Sheryl Tye, all of whom are executive directors of the Company, under the terms 
of the International Greetings plc 2008 Executive Share Option Plan (the "New 
Scheme"). 
 
 
The New Scheme was approved by the Board of International Greetings on 28 
September 2008, and it replaces the Company's previous Employee Share Option 
Scheme (the "Old Scheme"). All holders of options under the Old Scheme have 
agreed to waive their entitlements under that scheme, including Mr Hornung who 
has waived his Old Scheme entitlement to options over 650,000 shares. 
 
 
Mr Fineman has now been granted, under the New Scheme, options 
over 1,052,556 shares, Mr Hornung has been granted options over 650,000 shares 
and Ms Tye has been granted options over 300,000 shares.  The total number of 
options which have now granted under the New Scheme, including the options being 
announced today, is 5,867,556, representing 12.5% of the existing issued share 
capital of the Company. 
 
 
Vesting of the directors' options is, under the rules of the New Scheme, linked 
to the achievement of performance conditions relating to the Company's 
profitability in the years ending 31 March 2010 and 31 March 2011. The 
percentage of the directors' option awards that will vest will be based on a 
sliding scale which reflects the extent to which the performance targets are 
achieved. 
 
 
The option exercise price is 14 pence per share and the options may be exercised 
at any time between the third and tenth anniversaries of the date of the grant. 
 
 
The options were awarded on 17 December 2008 pending consultation with the 
Company's principal shareholders. This consultation process has now been 
completed and the awards have the support of all the shareholders who were 
consulted. 
 
 
In addition to the options granted by the Company, the Hedlund family confirmed 
on 17 December 2008 that it had agreed to grant Mr Fineman an option over 
1,212,444 International Greetings shares currently held by Artistic AG, a 
company under the control of, the Hedlund family. The option exercise price is 
14 pence per share and the option may be exercised between 17 December 2011 and 
17 December 2018. 
 
 
Following the grant of these options, Mr Fineman has a beneficial interest 
in 2,188,534 shares, a non-beneficial interest in 851,100 shares and has options 
over 2,265,000 shares; Mr Hornung has a beneficial interest in 315,019 shares 
and has options over 650,000 ordinary shares; and Ms Tye has options over 
300,000 shares. 
 
Enquiries: 
 
Sheryl Tye 
Finance Director and Company Secretary 
International Greetings plc 
Tel: 01707 630630 
 
 
Richard Day 
Arden Partners plc 
Tel: 020 7398 1632 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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