Dealings by Directors and Persons Discharging Managerial Responsibilities ("PDMR's")

RNS Number : 6383Z
Corac Group Plc
22 July 2008

Corac Group plc ('Corac' or the 'Company') the intellectual property and licensing company specialising in compressor technology, announces the following changes to the interests of Directors in the Company's ordinary shares of 10p each ('Ordinary Shares'):

(a)On 21 July 2008 Corac's Employee Benefit Trust ('EBT') granted 300,000 share options to Philip Newell, Corac's Finance Director who joined the Company on 26 March 2008. Of these 173,900 are in the Enterprise Management Incentives scheme and 126,100 in the unapproved scheme. They are exercisable, subject to the achievement of performance conditions, at 69.0 pence per share between 21 July 2009 and 21 July 2018.

(b)  On 22 July 2008 Professor Gerry Musgrave sold 350,000 Ordinary Shares to the EBT at a price of 73.0 pence per Ordinary Share, representing 0.40% of the Company's issued share capital. The purpose of this sale is to fund his personal tax liability arising from his previous exercise of share options in the Company.

Following the above transactions, Philip Newell holds options over 300,000 Ordinary Shares and Professor Gerry Musgrave has an interest in 1,320,530 Ordinary Shares (representing 1.53% of the issued share capital of the Company) and holds options over 2,193,334 Ordinary Shares.

Corac regards the granting of share options as an important element of its staff incentivisation and retention policy. The above purchase by the EBT from Professor Gerry Musgrave, together with additional open market purchases of 330,000 Ordinary Shares since May 2008, will allow it to meet existing and future grants of share options to employees. Following the above transactions, the EBT now holds 1,506,347 Ordinary Shares representing 1.74% of the issued share capital of the Company.

For further information please contact:

Corac Group plc                                Tel: 01895 813463
Professor Gerry Musgrave, Executive Chairman
Philip Newell, Finance Director

Cenkos Securities plc                         Tel: 020 7397 8900
Camilla Hume

Buchanan Communications Ltd                   Tel: 020 7466 5000
Richard Darby/Ben Romney

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