Grant of Options
VANE announces the grant, on 20th July 2009, of 500,000 options to subscribe for ordinary shares of 10p each in the Company (“Ordinary Shares”) to Sir Richard Needham, Non-executive Chairman.
The options are exercisable at 10p per Share, and shall vest conditional on the mid-market price of the Company’s Shares being traded at a price of 150% of the option price or higher for a period of three consecutive months. The options shall expire on the tenth anniversary of the start of the scheme, being May 2014.
This grant comprises Sir Richard’s total interest in shares or options in the Company.