SimiGon announces that, as part of the 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 grant of 2,444,984 ordinary shares of 0.01 NIS each in the Company ("Ordinary Shares") to certain individuals.

Pursuant to this initiative, Ami Vizer and Efraim Manea, Directors of the Company, were issued 1,984,530 and 103,703 Ordinary Shares respectively. Following the issue of the Ordinary Shares, Mr. Vizer will have a beneficial interest in 5,838,628 Ordinary Shares, representing 13.24 per cent. of the total issued share capital of the Company, and Mr. Manea will have a beneficial interest in 167,155 Ordinary Shares, representing 0.38 per cent of the total issued share capital of the Company.

A further 356,751 Ordinary Shares will be issued to other employees of the Company under these arrangements.

Accordingly, application will be made for a total of 2,444,984 Ordinary Shares to be admitted to trading on the AIM market of the London Stock Exchange. The new Ordinary Shares will rank pari passu with the Company's existing Ordinary Shares and admission is expected to become effective on 8 July 2011. The Company will have 44,087,267 Ordinary Shares in issue following Admission.

View complete announcement on London Stock Exchange Website