TIDMLONG

RNS Number : 4726E

Longships PLC

10 May 2013

LONGSHIPS PLC

Issue of options

Longships plc ("Longships" or the "Company") announces that it has conditionally granted options to Arlington Group Asset Management Limited ("AGAM") over a total of 10 million ordinary shares of 1 penny each in the Company at an exercise price of 4 pence per share (the "Options"). The Options vest when they become unconditional and have a five year life.

Charles Cannon Brookes and Malcolm Burne each control more than than 20% of AGAM and as a consequence AGAM's interest in the Company is aggregated with each of these two directors' holdings under the AIM definition of directors' family.

The table below sets out the interests of Messrs Burne, Brookes and AGAM in the Company:

 
                                                               Disclosable        Numbers 
                                                                percentage       of Options 
                                                                 interest      held following 
                                              % of current        under            grant 
                                                 issued       AIM definition 
                           Number of shares       share       of director's 
          Name                   held            capital         family* 
------------------------  -----------------  -------------  ----------------  --------------- 
 Malcolm Burne                6,537,500           6.55            8.55              Nil 
------------------------  -----------------  -------------  ----------------  --------------- 
 Charles Cannon Brookes       3,000,000           3.0              5.0              Nil 
------------------------  -----------------  -------------  ----------------  --------------- 
 AGAM                         2,000,000           2.0              Nil          10 million 
------------------------  -----------------  -------------  ----------------  ---------------

The award of the Options to AGAM is classified as a transaction with a related party for the purposes of Rule 13 of the AIM Rules for Companies. Nathan Steinberg, being an independent director of the Company, has consulted with the Company's Nominated Adviser, Westhouse Securities Limited, and considers the terms of the placing by the Company to be fair and reasonable in so far as shareholders are concerned.

The Options are unable to be issued at the current time as the directors currently have insufficient authority to allot the underlying ordinary shares. The grant is therefore conditional upon the passing of Resolutions 5 to 7 at the Company's forthcoming Annual General Meeting.

Enquiries:

 
Longships PLC                              +44 20 7269 7680 
Nathan Steinberg, Director 
 
Westhouse Securities (Nominated Adviser)   +44 20 7601 6100 
Richard Baty / Ian Napier

This information is provided by RNS

The company news service from the London Stock Exchange

END

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