Just a year after approving a new share option programme, shareholders at Hellenic Exchanges (ATH:EXAE) are being asked at their AGM on 6 May to approve the repricing of share options granted during 2008.

The options were originally granted at an exercise price of €11.76, with one third vesting annually from the first anniversary of grant. At the 2009 AGM, a resolution seeks to reduce the exercise price to the closing market price on the date of the 2009 AGM. The current share price stands at €6.40.

The Board of Directors, in making the decision on the repricing, took  'into consideration the negative economic climate and the significant drop of exchanges internationally, which has also affected the share price of the Company'. The repricing is however very sharp practice and a measure that is likely to be resisted by many international shareholders.

For further background, please see Manifest's meeting business report.