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28 July 2009

Pilat Media Global plc 

('Pilat' or the 'Company')

Issue of Share Options 

On 15 June 2009, the board of directors of the Company resolved to grant a total of 3,300,000 options under the Pilat Share Option Schemes (together referred to as the 'Scheme(s)') which was subject to the approval of the Tel Aviv Stock Exchange ('TASE'). The Tel Aviv Stock have today given their approval to the grant of these options with the following additional conditions being applied to the 1,400,000 options granted to the directors, Mr Engel, Mr Blair, Mr Shalgi and Mr Livne and 1,000,000 options re-issued to Mr. Engel as detailed below:

i) During the first 6 months, starting on the date of allotment, none of the shares exercisable under the options may be traded on TASE ('First Period'); 

(ii) During the year and half that follows the First Period, exercised shares could be traded on TASE subject to: 
    (a) The quantity of the exercised options can not exceed the daily average of the trading turnover of shares of Pilat on TASE during the period of 8 weeks that preceded the date of the option sale;
    (b) The percentage represented by the exercised shares which are being offered during each quarter may not exceed 1% of the issued and paid-up capital of Pilat; for this limitation, 'issued and paid-up capital' - excluding shares that will derive from a realization or conversion of convertible securities that were issued up to the date of the share sale and that have not yet been realized or converted.

 

The option grants which received TASE approval were as follows:

• 2,130,000 options under the Israeli Share Option Scheme ('Israeli Scheme'); 

• 908,766 options under the Enterprise Management Incentive Share Option Scheme ('EMI Scheme'); and 

• 261,234 options under the Pilat Media Global plc Unapproved Share Option Scheme 2002 ('Unapproved Scheme'

   

Under the terms of all the Schemes: 

(a) the options granted are exercisable in two equal tranches on the first and second anniversary of the date of grant;

(b) options lapse on the tenth anniversary of the date of grant, and

(c) the grant of options is subject to the approval of the Tel Aviv Stock Exchange.

 

The exercise price of the options granted was set at the closing mid-market price of Pilat's shares on AIM on Friday 12th June 2009, being 23.5 pence per share. The total number of options outstanding pursuant to all the Schemes after the grant of the above options will amount to 7,365,843 representing approximately 11.1% of the Company's enlarged issued share capital on a fully diluted basis. 

 

Of the options approved today, 1,400,000 have been granted to Directors and their resultant interests in options following this announcement are as follows: 

 

Israeli Scheme			EMI Scheme			Unapproved Scheme
	Granted 15 June 2009	Existing	Total	Granted 15 June 2009	Existing	Total	Granted 15 June 2009	Existing	Total	Total Options
Avi Engel, CEO	1,000,000	-	1,000,000	-	425,000	425,000	-	575,000	575,000	2,000,000
Avi Engel, CEO (1)	1,000,000	-	1,000,000	-	(425,000)	(425,000)	-	(575,000)	(575,000)	(1,000,000)
Martin Blair, CFO	-	-	-	156,383	270,000	426,383	93,617	-	93,617	520,000
Kobi Livne	75,000	-	-	-	-	-	-	-	-	75,000
Menahem Shalgi	75,000	-	-	-	-	-	-	-	-	75,000

• On 16 April 2002 Mr Avi Engel was granted 1,000,000 options under the EMI Scheme and Unapproved Scheme with an exercise price of 23.5 pence per share. These options have been cancelled and re-issued under the Israeli Scheme with the following terms: 

(a) the options granted are exercisable on the first anniversary of the date of grant;

(b) options lapse on the 15th April 2012, and

(c) the grant of options is subject to the approval of the Tel Aviv Stock Exchange.

In addition, the TASE approval to issue 1,900,000 share option to 11 senior managers was also received.

 

For further information:

Pilat Media Global plc
Avi Engel, Chief Executive Officer Martin Blair, Chief Financial Officer	Tel: +44 (0) 20 8782 0700

Shore Capital and Corporate Limited (NOMAD)
Dru Danford	Tel: +44 (0) 20 7408 4090

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