GON Galleon Hldgs

TIDMGON

RNS Number : 4885S

Galleon Holdings PLC

22 November 2011

22 November 2011

Galleon Holdings plc

("Galleon" or the "Company")

Cancellation and Grant of Share Options

Galleon Holdings plc (AIM: GON), the AIM-quoted entertainment media company, announces that on 18 November 2011 it cancelled 7,675,000 existing share options held by directors and employees, of which 6,300,000 options were held by directors, and granted 9,725,000 new share options to directors and employees, of which 8,350,000 options have been granted to directors. All of the new share options have been granted under the Company's approved and unapproved schemes.

The existing share options were exercisable at a range of prices from 7p to 25.25p and a range of dates and a number of these options had already vested. Given that the Company's share price is currently significantly below this range, reflecting the fact that the Company is undergoing a period of transition and restructuring of its business model, the remuneration committee concluded that these existing options did not act as the incentive for staff for which they were intended.

The new share options are being granted at a price of 3.375p and are exercisable for a period of seven years from the third anniversary of grant. The remuneration committee of the Company believes that this effectively rebases and locks in the incentive for employees, aligning more effectively their interests with those of shareholders at a time of considerable change within the Company.

The number of options cancelled and granted for each of the directors is shown in the table below.

 
 Director                Cancelled        Total new          New share           New share 
                     share options    share options    options granted     options granted 
                                                        under approved    under unapproved 
                                                                scheme              Scheme 
 Yu Peng                 1,000,000        1,000,000                  -           1,000,000 
                   ---------------  ---------------  -----------------  ------------------ 
 David Wong              2,200,000        2,150,000                  -           2,150,000 
                   ---------------  ---------------  -----------------  ------------------ 
 Hayden Eastwood         2,900,000        5,000,000            888,888           4,111,112 
                   ---------------  ---------------  -----------------  ------------------ 
 Pritesh Desai             200,000          200,000                  -             200,000 
                   ---------------  ---------------  -----------------  ------------------ 
 TOTAL                   6,300,000        8,350,000            888,888           7,461,112 
                   ---------------  ---------------  -----------------  ------------------ 
 

Enquiries:

 
 Galleon Holdings plc 
  Hayden Eastwood, Chief Financial 
  Officer                              +44 20 8987 0011 
 Nominated Adviser 
  Cairn Financial Advisers LLP 
  James Caithie / Avi Robinson         +44 20 7148 7900 
 

Notes to Editors:

ABOUT GALLEON HOLDINGS

Galleon Holdings plc is primarily a publisher of digital content in China across both online and mobile platforms. It also has a Product IP Division that provides innovative marketing devices for fast moving consumable goods and an Entertainment Division that develops multi-platform branded formats designed to establish a direct, interactive relationship with the viewer.

This information is provided by RNS

The company news service from the London Stock Exchange

END

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