Tungsten Corporation PLC Tungsten launches SAYE share option scheme (2319O)
05 August 2014 - 4:01PM
UK Regulatory
TIDMTUNG
RNS Number : 2319O
Tungsten Corporation PLC
05 August 2014
TUNGSTEN CORPORATION PLC
("Tungsten")
NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN
PART, IN, INTO OR FROM THE UNITED STATES, CANADA, AUSTRALIA, JAPAN
NOR ANY JURISDICTION WHERE TO DO SO WOULD CONSTITUTE A VIOLATION OF
THE RELEVANT LAWS OF SUCH JURISDICTION
For Immediate Release 5th August, 2014
MARKET UPDATE
Tungsten launches SAYE share option scheme
London, 5 August - Tungsten Corporation Plc ("Tungsten") is
delighted to announce the success of the company's new Save As You
Earn (SAYE) share option scheme (the "scheme"), with 52 employees
choosing to participate.
Eligible employees have been granted 261,344 options, which
represent 0.3% of Tungsten's existing issued share capital of
100,000,000 ordinary shares. Under the terms of the scheme, the
options were granted at an exercise price of GBP2.25, which
represents a 20% discount on the mid-market price at close of
business on 14(th) July 2014. The board formally approved and
granted these options on 4(th) August 2014.
Eligible employees participating in the scheme have committed to
contribute between GBP5 and GBP500 per month over a three-year
period. At the end of that contracted period, their accumulated
funds can then be withdrawn from the scheme as cash or used to
exercise the options at the contracted price.
Three of Tungsten's directors, Edmund Truell (Group Chief
Executive Officer), Jeffrey Belkin (Group Chief Financial Officer)
and Lincoln Jopp (Group Chief Operating Officer), have entered into
this scheme, as follows:
Director No. of options Monthly Term of Option
granted Saving SAYE savings price
contract
Edmund Truell 8,000 GBP500 3 years GBP2.25
Jeffrey Belkin 8,000 GBP500 3 years GBP2.25
Lincoln Jopp 8,000 GBP500 3 years GBP2.25
LONDON, 5 August 2014
Enquiries:
Tungsten Corporation plc
Edmund Truell, Chief Executive Officer +44 20 3435 5680
Sandra Higgison, Head of Global Communications +44 20 7280 7973
Charles Stanley Securities
(Nominated Adviser and Joint Broker)
Marc Milmo/Dugald Carlean +44 20 7149 6000
Canaccord Genuity Limited
(Joint Broker)
Simon Bridges/Peter Stewart/Cameron Duncan +44 20 7523 8000
Equus Group (Communications)
Piers Hooper / Sam Barton +44 20 7223 1100
About Tungsten Corporation plc
Tungsten Corporation (LSE: TUNG) accelerates global trade by
enabling customers to streamline invoice processing, improve
cash-flow management and make better buying decisions from their
detailed spend data.
Buyer organisations that join Tungsten Network, built on OB10
e-Invoicing, can reduce their invoice-processing costs by 60%.
Suppliers benefit from efficiencies, greater visibility of their
invoice status and peace of mind. Tungsten offers supply chain
financing through Tungsten Bank to suppliers and helps buying
organisations profit by applying real-time spend analytics to its
vast repository of line-level invoice data.
Tungsten connects the world's largest companies and government
agencies to their thousands of suppliers around the globe. It is
compliant in 46 countries, and processes transactions worth over
$187bn per year for organisations such as Alliance Data, Aviva,
Cargill, Deutsche Lufthansa, General Motors, GlaxoSmithKline,
Henkel, IBM, Kellogg's and US Federal Government.
Tungsten Corporation joined forces with OB10 in 2013 to create
the world's largest electronic trading network.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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