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MANCHESTER - Coral Products plc (AIM:CRU) has granted 10 million options over new ordinary shares to certain directors and employees under its existing 2014 EMI Option Plan, according to a press release statement issued Tuesday.
The Manchester-based manufacturer of bespoke plastic products said the options have an exercise price of 10 pence per share and cannot be exercised until July 7, 2027. The options will expire on July 7, 2035, and have no vesting conditions attached.
Group CEO Ian Hillman, Group CFO Paul Rice, and Operations Director Robert David each received 2.5 million options, while Corporate Development Director Paul Freud was granted 1 million options.
The company stated that the options are part of its long-term incentive framework designed to "align the interests of management with shareholders and incentivise delivery of the Company’s strategy."
Coral Products specializes in the design and UK manufacture of bespoke plastic products from its base in Wythenshawe, Manchester.
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