TIDMSID

RNS Number : 1914T

Silverdell PLC

11 December 2012

Silverdell plc

("Silverdell" or the "Group")

New share option scheme, grant of options and related party transaction

Silverdell PLC (AIM: SID), the Specialist Environmental Support Services group, announces the award of 6,000,000 options over its ordinary shares of 1 pence each in the Group (the "Awarded Options") in accordance with the Omnibus Share Option Scheme (the "OSOS") to its executive directors. Previously, 10,000,000 options had also been awarded on 30(th) September 2012 to certain senior management, the dilutive effect of which was included in the calculation of fully diluted earnings per share announced in our preliminary results statement on 5(th) December 2012.

The Awarded Options include options over Ordinary Shares under the OSOS which is approved for tax purposed (the "Approved Options") and options over Ordinary Shares under a long-term incentive plan (the "LTIP") as part of the OSOS which is an unapproved scheme for tax purposes (the "Unapproved Options").

The Awarded Options will vest on the basis of fully diluted adjusted earnings per Ordinary Share ("EPS") performance (ie fully diluted earnings per share before non-recurring expenses, share-option charges, goodwill impairment and amortisation charges, as reported in the Group's annual report and accounts for the year ended 30 September 2015) over the vesting period, which is 1 October 2015 to 30 September 2022. 50% of the award will vest if EPS exceeds 2.3 pence per Ordinary Share over the period and 100% will vest if EPS exceeds 2.8 pence per Ordinary Share. If EPS is between 2.3 pence and 2.8 pence, the Awarded Options will vest on a pro rata basis between 50% and 100%.

All of the Awarded Options have an exercise price of 12 pence per Ordinary Share. Where possible, the Group will be making the first GBP30,000 of the award under the CSOP Scheme (to UK nationals).

Including the recent award to senior management, the total number of options over Ordinary Shares awarded amounts to 16,000,000 Ordinary Shares, or 5.11% of the Group's current issued ordinary share capital. The total number of options currently outstanding is now 24,972,412 which represents 7.97% of the current issued share capital of 313,213,910 ordinary shares. 4,800,000 Unapproved options expired on 30 September 2012 as a result of the vesting criteria, being the Group's share price equalling or exceeding 19 pence on 30 September 2012, not being met.

The Awarded Options include the following amounts of awarded to directors of the Group:

 
 Options     Options     Exercise   Performance target       Measurement   Exercise 
              awarded     price                               date          period 
----------  ----------  ---------  -----------------------  ------------  ------------ 
 S Nutley    3,500,000   12 pence   Fully diluted adjusted   30/9/15       1/10/15 
  (CEO)                              EPS of 2.3p for                        to 30/9/22 
                                     50% and maximum 
                                     award at 2.8p 
----------  ----------  ---------  -----------------------  ------------  ------------ 
 I Johnson   2,500,000   12 pence   Fully diluted adjusted   30/9/15       1/10/15 
  (CFO)                              EPS of 2.3p for                        to 30/9/22 
                                     50% and maximum 
                                     award at 2.8p 
----------  ----------  ---------  -----------------------  ------------  ------------

The shareholdings of directors of Silverdell to whom options over Ordinary Shares have been granted pursuant to this announcement, and the total number of options over Ordinary Shares held by them, are as follows:

 
                    Shareholding       Options over Ordinary 
                                        Shares 
-----------------  -----------------  --------------------------- 
                    number      %      number      % of fully 
                                                    diluted share 
                                                    capital 
-----------------  ----------  -----  ----------  --------------- 
 S Nutley (CEO)     5,468,714   1.75   3,833,333   1.13 
-----------------  ----------  -----  ----------  --------------- 
 I Johnson (CFO)    631,591     0.2    2,833,333   0.84 
-----------------  ----------  -----  ----------  ---------------

11 December 2012

ENQUIRIES:

 
 Silverdell Plc                       Tel: + 44 20 7389 6827 
 Sean Nutley, Group Chief Executive 
 Ian Johnson, Group Financial 
  Director 
 
 FinnCap                              Tel: + 44 20 7220 0500 
 Marc Young (Corporate Finance) 
  Ben Thompson (Corporate Finance) 
 Victoria Bates (Corporate Broking) 
 
 College Hill                         Tel: + 44 20 7457 2020 
 Helen Tarbet 
 Mark Garraway

This information is provided by RNS

The company news service from the London Stock Exchange

END

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