News
Director Remuneration & Treasury Share Readmission
12 November 2010
TyraTech, Inc. (AIM: TYR), a leading independent novel eco-technology company for human, animal and environmental health, announces that following a meeting of the Company's Remuneration Committee (the "Committee") on 8 November 2010, the Board of Tyratech (the "Board") has accepted the Committee's recommendation to award Alan Reade, Executive Chairman, a bonus in the amount of $275,000. This award has been made in relation to the Company's successful fundraising announced 9 May 2010.
Alan Reade has requested that $150,000 of this payment be settled in Shares of Common Stock in the Company with a par value of US$0.001 ("Common Shares"), issued from Treasury at 30 pence, a premium of 2.5 pence to the closing mid price on 8 October for the Common Shares of 27.5 pence. The remaining balance of $125,000 is to be paid in cash to facilitate the settlement of income taxes arising from the bonus.
Alan Reade has thus been awarded 312,500 Common Shares and, as a result, now holds 4,071,808 Common Shares, equal to 8.57% of the issued share capital of the Company.
Application has today been made to AIM for the readmission of 312,500 Common Shares from Treasury to AIM. Admission to AIM is expected to occur on or about 18 November 2010.
Following admission of these shares, the Company will have a total of 47,505,522 Common Shares admitted to AIM.
For further information please contact:
| TyraTech Inc. James R Hills, Remuneration Committee Chairman www.tyratech.com |
+01 404 842 1707 |
| Brewin Dolphin Matt Davis/Iain Marlow www.brewincorporate.co.uk |
+44 (0)113 241 0138 |
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