Surrender and Grant of Options

 

TIDMSTT 
 
RNS Number : 8718R 
Straight PLC 
07 May 2009 
 

Date: 7 May 2009 
On behalf of:Straight plc ("Straight" or "the Group") 
 
 
 
 
Straight plc 
Surrender and Grant of Options 
 
 
Straight Plc (AIM: STT) the recycling products and services group announces that 
the following options over Ordinary Shares of 1p each were on 6 May 2009 
surrendered and re-granted to Directors under the Approved & Unapproved Share 
Option Schemes: 
 
 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
|                | Surrendered |  Granted |    Total | Exercise | Exercise | Exercise | Exercise | 
|                |       6 May |        6 | Now held |    Price |    Price |    Price |    Price | 
|                |        2009 | May 2009 |          |      80p |   124.5p |      94p |      60p | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
|                |             |          |          |          |          |          |          | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| Unapproved     |             |          |          |          |          |          |          | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| Colin Glass    |      25,000 |   25,000 |   56,250 |   31,250 |   -      |        - |   25,000 | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| James Mellor   |      22,392 |   64,223 |   70,277 |        - |        - |    6,054 |   64,223 | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| James Newman   |      27,000 |   27,000 |   58,250 |   31,250 |        - |        - |   27,000 | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| Jonathan       |      90,000 |   90,000 |  215,000 |  125,000 |        - |        - |   90,000 | 
| Straight       |             |          |          |          |          |          |          | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| Mark Halford   |      53,766 |        - |        - |        - |        - |        - |        - | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
|                |             |          |          |          |          |          |          | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| Approved       |             |          |          |          |          |          |          | 
|                |             |          |          |          |          |          |          | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| James Mellor   |      30,608 |        - |   33,442 |        - |   24,496 |    8,946 |        - | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
| Mark Halford   |      39,234 |   93,000 |   93,000 |        - |        - |        - |   93,000 | 
+----------------+-------------+----------+----------+----------+----------+----------+----------+ 
 
 
 
 
All of the options re-granted on 6 May will be exercisable between three and ten 
years from the date of grant at a price of 60p per share, being the closing 
mid-market price on 5 May 2009. 
 
 
The options surrendered had a weighted average exercise price of 174p and 
consequently were not fulfilling their original retention and incentivising 
purpose. 
 
 
All the directors' options granted at the Company's flotation in November 2003 
with an exercise price of 80p and the options granted to James Mellor in May 
2004 with an exercise price of 124.5p and in May 2008 with an exercise price of 
94p were excluded from this process and consequently were not surrendered and 
re-granted. 
 
 
In addition to the options above, a further 242,533 options with a weighted 
average exercise price of 195p were surrendered by employees who were not 
directors and re-granted with an exercise price of 60p. 
 
 
All options re-granted can only be exercised if the growth in the Group's 
underlying earnings per share over the period from re-grant to exercise exceeds 
the retail prices index for the same period by more than 3%. 
 
 
For further information, please contact 
 
 
+-----------------------------------------------+---------------------------+ 
| Straight plc                                  |                           | 
+-----------------------------------------------+---------------------------+ 
| Jim Mellor, Finance Director                  | 0113 245 2244             | 
+-----------------------------------------------+---------------------------+ 
|                                               |                           | 
+-----------------------------------------------+---------------------------+ 
| Panmure Gordon                                |                           | 
+-----------------------------------------------+---------------------------+ 
| Andrew Godber / Katherine Roe                 | 0207 459 3600             | 
+-----------------------------------------------+---------------------------+ 
|                                               |                           | 
+-----------------------------------------------+---------------------------+ 
| Redleaf Communications                        | [e-mail]    | 
+-----------------------------------------------+---------------------------+ 
| Paul Dulieu / Sam Robbins / Kathryn Hurford   | 0207 566 6700             | 
+-----------------------------------------------+---------------------------+ 
 
 
 
 
Notes to Editors 
  *  Straight plc was established in 1993, by Jonathan Straight, to supply container 
  solutions for source separated waste. Initially one man and a desk, the company 
  grew to become the UK's leading supplier of kerbside recycling boxes as well as 
  a key supplier of other types of waste and recycling container solutions. 
  *  
  *  
  *  Following sustained growth, Straight joined AIM in 2003 with a view to fuelling further growth.In 2005, Straight acquired Blackwall Limited, the UK's largest supplier of home composters and water butts. Since integrating the two businesses, Straight now provides a wide range of waste and recycling solutions to local authorities, the waste industry and general businesses. Through the Blackwall brand Straight delivers environmental garden products directly to end users in partnership with local authorities and utilities.Further information about the company and its products can be found at: www.straight.co.uk
 
 
 
 
 
 
 
 
 
 
This information is provided by RNS 
            The company news service from the London Stock Exchange 
   END 
 
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