Turbo Power Systems Inc.
TSX : TPS
AIM : TPS

Turbo Power Systems Inc.

June 30, 2009 02:00 ET

Turbo Power Systems Inc.: Grant of Options

LONDON, UNITED KINGDOM--(Marketwire - June 30, 2009) - Turbo Power Systems Inc. (TSX:TPS) (AIM:TPS) -

On 29 June 2009 options ("Options") were granted to Dr Graham Thornton and Paul Summers, directors of the Company, over an aggregate of 4,000,000 common shares of no par value in the Company ("Common Shares"). All Options were granted with an exercise price of 1.48p per Common Share (the closing mid-market price on 26 June 2009). No amounts were paid for the grants themselves. The exercise period for all Options is 10 years from the date of grant. All options vest on 29 June 2012.

Dr Graham Thornton was granted 1,000,000 Options. Following this announcement Dr Thornton holds 1,252,000 Common Shares and 4,000,000 Options over Common Shares in the capital of the Company. The Options, taken with Dr Thornton's existing Common Shares, will, if exercised, represent 1.63 per cent. of the then enlarged issued share capital of the Company.

Paul Summers was granted 3,000,000 Options. Following this announcement Mr Summers holds no Common Shares and 4,600,000 Options over Common Shares in the capital of the Company. The Options will, if exercised, represent 1.42 per cent. of the then enlarged issued share capital of the Company.

Contact Information

  • Turbo Power Systems
    Richard Bayliss
    Finance Director
    +44 (0) 208 564 4460
    or
    Kreab Gavin Anderson (PR)
    Ken Cronin
    +44 (0)20 7554 1400
    or
    Kreab Gavin Anderson (PR)
    Michael Turner
    +44 (0)20 7554 1400
    or
    KBC Peel Hunt Ltd (Nomad and Broker)
    Daniel Harris
    +44 (0)20 7418 8900
    or
    KBC Peel Hunt Ltd (Nomad and Broker)
    Nicholas Marren
    +44 (0)20 7418 8900