Grant of Options

RNS Number : 1053O

Hardide PLC

08 October 2012

 



hardide plc

("Hardide" or the "Group")

Grant of Options

8th October 2012

Hardide plc (AIM:HDD), the provider of unique metal surface engineering technology, announces that on 5^th October 2012 (the "Grant Date") it granted options to certain directors of the Group  under the Group's existing share option scheme on the following basis:

	Position	Number	Price (p)
Robert Goddard	Chairman	3,500,000	0.60
Dr Yuri Zhuk	Technical Director	500,000	0.86
Peter Davenport	Finance Director	500,000	0.86

The closing price on 4^th October 2012 was 0.86 pence per share.

Mr Goddard's options will vest as to 50% immediately and the remaining 50% upon the first anniversary of the Grant Date.  Options for Dr Zhuk and Mr Davenport will vest as to 50% 30 months after the Grant Date and the remaining 50% 60 months after the Grant Date.

Following the award above, the Company has approximately 9 percent of its existing Ordinary Share Capital under option to employees.  Following the award, those directors receiving the grants have the following interests in the Group:

	Number of shares held	Percentage of current issued share capital	Number of share options held*
Robert Goddard	3,468,333	0.4%	10,181,000
Dr Yuri Zhuk	6,031,132	0.6%	8,851,000
Peter Davenport	3,126,667	0.3%	8,851,000

*includes the awards made on 5^th October

The current number of shares in issue is 959,042,238.

Andrew Boyce, Chairman of the Hardide plc Remuneration Committee, commented:

"The award of options to our Chairman Robert Goddard, and the strike price for them, reflects the work completed by him during 2011 with the institutional fundraising at 0.60p and also his on‑going commitment to the business.  In addition, the awards to Dr Zhuk and Mr Davenport signal our desire to reward key employees for outstanding performance and their commitment to the Group."

Ends

For further information:

Hardide PLC

Andrew Boyce, Chairman of Remuneration Committee          Tel: [phone]

Jackie Robinson, Communications Manager

www.hardide.com

N+1 Brewin

Andrew Craig/Ben Wright                                                    Tel: [phone]

www.nplus1brewin.com

Note to editors:

Hardide develops, manufactures and applies tungsten carbide-based coatings to a wide range of engineering components. The Group's patented technology is unique in that it combines abrasion, erosion and corrosion resistant properties in one coating. When applied to metal components, the technology is proven to offer dramatic cost savings through reduced downtime and extended part life. Customers include leading companies operating in oil and gas exploration and production, valve and pumps manufacturing, general engineering and aerospace.

 

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