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Issue of Equity and Options - Simigon

News Details

Issue of Equity and Options

SimiGon announces that, as part of ongoing initiatives to decrease cash expenses whilst continuing to incentivise and reward certain senior management and employees for meeting performance targets, the Board has approved the issue of a total 2,055,837 ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") and the granting of a total 2,964,115 options over ordinary shares of 0.01 NIS each ("Options") to Mr. Ami Vizer and Mr. Efraim Manea (both being directors of the Company).

Furthermore, pursuant to resolutions passed at the AGM held on Monday 28 November 2011, a further 119,727 Ordinary Shares have been issued to the Company's Non-Executive Directors in return for a one year salary reduction.

Following the issue and grants as described above, the interests of directors in Ordinary Shares and Options will be as follows:

Director

Issue of Ordinary Shares

Consequent interest in Ordinary Shares

Grant of Options

Consequent interest in Options

(# of Ordinary Shares)

% of Enlarged Share Capital

Ami Vizer

1,972,233

7,810,861

16.87%

2,926,533

3,336,533

Efraim Manea

22,109

189,264

0.41%

37,582

170,082

Alistair Rae

47,727

118,181

0.26%

-

-

Nevat Simon

24,000

48,000

0.1%

-

-

Vered Shany

24,000

48,000

0.1%

-

-

Eitan Cohen

24,000

48,000

0.1%

-

-

Total

2,114,069

8,262,306

17.84%

2,964,115

3,506,615

In addition, the Board has also approved the issue in the near future of a further 316,620 Ordinary Shares to senior management and employees and 516,921 Ordinary Shares to Ami Vizer, subject to the final achievement of certain performance targets.

The grant of Options to Mr. Manea is subject to shareholder approval at the next Annual General Meeting of the Company. The Options are exercisable at a price of 0.01 NIS (being the nominal value of the Ordinary Shares).

Accordingly, application has been made for a total of 2,175,564 Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange ("Admission"). The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares and Admission is expected to become effective on 17 April 2012. The Company will have 46,310,333 Ordinary Shares in issue following Admission ("Enlarged Share Capital").

View complete announcement on London Stock Exchange Website