ReThink Group (The) PLC Surrender and re-grant of share options (6863V)

TIDMRTG

RNS Number : 6863V

ReThink Group (The) PLC

17 December 2013

The Rethink Group plc

("Rethink" or the "Group")

Surrender and re-grant of share options

17 December 2013

The Rethink Group plc (AIM: RTG), one of the UK's leading recruitment services companies, announces that a total of 11,484,364 share options ("Options") held by employees and directors of the Company have been surrendered. The Options have been re-granted with an exercise price of 6.12 pence per ordinary share of 0.1p each ("Ordinary Share"), all other conditions remain the same. The surrendered options had exercise prices ranging from 6.75p to 11.00p with approximately 67% of the Options priced at 11.00p, further details on the Options are set out below:

 
                       Employee share options 
         Vesting period           Number of options    Lapse date 
 February 2013 - February 2015              662,500   February 2020 
 March 2013 - March 2015                     10,000      March 2020 
 April 2013 - April 2015                     30,000      April 2020 
 June 2014 - June 2016                    1,245,000       June 2021 
 July 2014 - July 2016                    1,012,500       July 2021 
 April 2015 - April 2017                    725,000      April 2022 
 April 2016 - April 2018                    150,000      April 2023 
                          TOTAL           3,835,000 
 
 
                                              Directors' share options 
                 Director                           Vesting period           Number of options     Lapse date 
 
 Fergal Brosnan (Executive Director)        June 2014 - June 2021                    2,404,500        June 2021 
 
 Steve Greenwood (Executive Director)       June 2014 - June 2021                    2,404,500        June 2021 
 
 Robert O'Callaghan (Executive Director)    November 2014 - November 2016              250,000    November 2021 
 
 Steve Wright                               April 2015 - April 2017                  1,102,941       April 2022 
  (CEO)                                      April 2016 - April 2018                 1,487,423    December 2023 
 
                                   TOTAL                                             7,649,364

The exercise price of 6.12p represents a premium of four per cent. to the middle market closing price of 5.875 pence per ordinary share on 16 December 2013 and the independent directors believe that it should now deliver appropriate incentive and reward to the directors and employees.

Related party transaction

The surrender and re-grant of the Options to Directors constitutes a related party transaction under the AIM Rules for Companies ("AIM Rules"). The independent directors consider, having consulted with Shore Capital & Corporate Limited, the Company's nominated adviser, that the terms of the re-pricing are fair and reasonable insofar as shareholders are concerned.

 
Rethink Group plc 
Steve Wright, CEO              07836 226902 
Shore Capital 
Bidhi Bhoma/Edward Mansfield   0207 408 4090 
 
Newgate Threadneedle           020 7653 9850 
John Coles/Fiona Conroy

About The Rethink Group plc

Rethink Group (AIM: RTG) provides business transformation services through talent management and recruitment services. These mutually supported activities work in synergy and support our growing customer base.

The Group supports clients across the UK, Europe, US, Middle East and Asia Pacific.

For more information please visit our website: www.rethinkgroupplc.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

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