NAPA, Calif., July 11 /PRNewswire-FirstCall/ -- On May 23, 2006 Senetek PLC , http://www.senetekplc.com/ announced adoption of the Senetek Equity Plan for employees, directors and consultants, replacing two shareholder-approved stock option plans that expired in December 2005, and reserving a total of 5,000,000 ordinary shares for issuance pursuant to grants of options and restricted shares.
Senetek's Board of Directors is authorized under English law to grant stock options without shareholder action. However, the Senetek Equity Plan adopted by the Board of Directors provides that it will be submitted for shareholder approval at its next Annual General Meeting.
In a conscious effort to align management and shareholder interests, the Board approved a plan authorizing performance based options only and made vesting of the options subject to Senetek achieving predetermined performance objectives related to increased market prices of the Company's stock or increased net operating profits, in addition to remaining with the Company through the date of vesting.
On June 6, 2006, the Board of Directors granted 1,900,000 options under the Senetek Equity Plan to employees and directors.
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Senetek is a life sciences-driven product development and licensing company focused on the high growth market for dermatological and skin care products primarily addressing photodamage and age-related skin conditions. Senetek's patented compound Kinetin is a naturally occurring cytokinin that has proven effective in improving the appearance of aging skin with virtually none of the side effects associated with acid-based active ingredients. Senetek has licensed Kinetin to 14 leading global and regional dermatological and skin care marketers including Valeant Pharmaceuticals, The Body Shop and Revlon. Senetek's researchers at the University of Aarhus, Denmark, also are collaborating with a broad range of academic and government-based research enterprises, including The Institute of Experimental Botany of the Czech Academy of Sciences, and with the Department of Dermatology, University of California at Irvine, to identify and evaluate additional new biologically active compounds for this high growth field.
Visit Senetek PLC's Web site at http://www.senetekplc.com. Senetek PLC Investor Relations Contact: 1-707-226-3900 ext. 102 E-Mail: Pknopick@eandecommunications.com Safe Harbor Statement:
This news release contains statements that may be considered 'forward-looking statements' within the meaning of the Private Securities Litigation Reform Act, including those that might imply that Senetek's share price and/or net operating income, as defined, will achieve the levels required to permit recently granted stock options to be exercised. Forward-looking statements by their nature involve substantial uncertainty, and actual results may differ materially from those that might be suggested by such statements. Important factors identified by the Company that it believes could result in such material differences are described in the Company's Annual Report on Form 10-K for the year 2005. However, the Company necessarily can give no assurance that it has identified or will identify all of the factors that may result in any particular forward-looking statement materially differing from actual results, and the Company assumes no obligation to correct or update any forward-looking statements which may prove to be inaccurate, whether as a result of new information, future events or otherwise.
Senetek PLCCONTACT: Senetek PLC Investor Relations, +1-707-226-3900, ext. 102,Pknopick@eandecommunications.com
Web site: http://www.senetekplc.com/
