Spacecom Satellite Communications Ltd's (TASE:SCC) share price has risen 26.2% in the past month, and is up 108% since the beginning of 2009. The rise, together with the further rise anticipated with the start of operations of the Amos 4 and Amos 5 communications satellites over the next two years, led the company's board of directors to unanimously approve a generous stock options plan for executives.
Spacecom president and CEO David Pollack and 23 other executives will get options exercisable for 4.3% of Spacecom's share capital. The options have a strike price of NIS 46, a 38% discount on today's share price, reflecting an on-paper capital gain of NIS 21 million.
Pollack will get most of the bonus: 142,000 options with a current paper profit of NIS 4 million. He already owns Spacecom shares worth NIS 1.2 million, after selling NIS 2.3 million worth of shares during 2008.
Shaul Elovitch-owned Eurocom Group owns 51.74% of Spacecom, and Israel Aerospace Industries Ltd. (IAI) (TASE: ARSP.B1) owns 14.94%. Spacecom's share was unchanged today at NIS 74.45, giving a market cap of NIS 1.34 billion.
Published by Globes [online], Israel business news - www.globes-online.com - on January 31, 2010
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