Options exercise period extend (9004D)

TIDMRHEP

RNS Number : 9004D

Rheochem PLC

30 March 2011

Rheochem Plc

WAIVER FROM LISTING RULE 6.23.3 TO EXTEND OPTIONS EXERCISE PERIOD

ASX Limited ("ASX") today granted Rheochem Plc ("Company") a waiver from ASX Listing Rule 6.23.3, to allow the Company, in connection with the proposed disposal of its shares in Rheochem Limited, Rheochem Pacific Limited, Rheochem India Pvt Ltd and PT Rheochem Indonesia, announced on 4 March 2011, ("Disposal"), to extend the exercise period of options issued to certain employees ("ESOP Options") under the Company's Employee Share Option Plan ("ESOP").

The exercise periods of the ESOP Options have various end dates between 21 February 2012 and 9 February 2016.

If the Disposal is completed, the ESOP Options (under the rules of the ESOP) will lapse within six months of the date the Disposal is completed.

As set out in the notice of meeting published by the Company on 28 March 2011, the Company will, in relation to the Disposal, seek shareholder approval to waive the operation of certain rules of the ESOP, so that the exercise periods of the ESOP Options remain as stated on each relevant option certificate (meaning the various end dates of the exercise periods would still fall between 21 February 2012 and 9 February 2016).

The terms of the waiver are as follows.

-- ASX has granted the Company a waiver from ASX Listing Rule 6.23.3 to the extent necessary to permit the Company to amend the terms of 2,255,000 ESOP Options granted to employees of Rheochem Limited, Rheochem Pacific Limited and Rheochem India Pvt Ltd, so that the Disposal is taken not to affect the term of exercise of the ESOP Options, and the ESOP Options may be exercised in the period up to the relevant option lapse date, as recorded on each option certificate.

-- The waiver was granted on the condition that the terms of the waiver and full details of the increase to the exercise period of the ESOP Options are announced to the market immediately.

- Ends -

For further information, call:

 
 Rheochem 
  Haydn Gardner, CEO                 +61 8 9410 8200 
 Northland Capital Partners 
  Shane Gallwey                      +44 (0) 20 7492 4750 
 Financial Dynamics 
  Billy Clegg / Edward Westropp / 
  Alex Beagley                       +44 (0) 20 7269 7207 
 McCall Aitken McKenzie              +44 (0) 14 1249 6452 
  Bill McCall (Scotland)              +44 (0) 20 7464 4068 
  Keith Hughes (London)

This information is provided by RNS

The company news service from the London Stock Exchange

END

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