Issue of Options

RNS Number : 5297N
Hardide PLC
20 May 2020
 

20 May 2020

 

Hardide plc

("Hardide", the "Group" or the "Company")

 

Issue of Options

 

Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, announces the issue of 300,000 options to subscribe for new ordinary shares in the Company (the "Options") to its newly appointed Finance Director, Simon Hallam. The intention to grant these options was notified in the announcement of Simon's appointment on 27 January 2020 and completion of the issue was delayed pending the end of the Company's close period for the interim results notified on 19 May 2020.

 

The Options are exercisable at 29 pence per share (being the closing price on 20 April 2020, the business day prior to Simon's formally joining the Company) and will lapse on the tenth anniversary of grant unless previously exercised.

 

The Company does not have a formal long-term incentive plan or share option schemes but a long-held policy of granting share options with appropriate performance and tenure conditions as a core component of the Company's executive remuneration. The performance conditions attached to the Options relate to share price appreciation in each of the two years to September 2022 (25% of the options vest 20 April 2022 if the share price hits 75 pence by 30 Sept 2021, and 25% vest 20 April 2023 if share price hits 82.5 pence by 30 Sept 2022), and 50% to achieving sales growth and gross profit margin targets over the years ending 30 September 2021. The share options can vest in part should only certain performance targets be met and are subject to ongoing employment at the relevant vesting date.

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

 

 

 

Enquiries:

 

Hardide plc

Robert Goddard, Non-Executive Chairman

Philip Kirkham, CEO

Jackie Robinson, Communications Manager

 

Tel: +44 (0) 1869 353 830

IFC Advisory

Graham Herring / Tim Metcalfe / Florence Chandler

Tel: +44 (0) 20 3934 6630

finnCap - Nominated Adviser and Joint Broker

Henrik Persson / Matthew Radley

Tel: +44 (0) 2072 200 500

 

Allenby Capital - Joint Broker

Jeremy Porter / Tony Quirke

 

Tel: +44 (0) 20 3328 5656

 

Notes to editors:

www.hardide.com

 

Hardide develops, manufactures and applies advanced technology tungsten carbide/tungsten metal matrix coatings to a wide range of engineering components. Its patented technology is unique in combining in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, precision engineering and aerospace industries.

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1. 

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Simon Hallam

2. 

Reason for the Notification

a)

Position/status

Finance Director

b)

Initial notification/Amendment

Initial Notification

3. 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Hardide plc

b)

LEI

213800HLAUIIFKMU5G89

4. 

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the Financial instrument, type of instrument

Options over ordinary shares of 4 pence each

Identification code

GB00BJJPX768

b)

Nature of the transaction

Grant of Options

c)

Price(s) and volume(s)

Price(s)

Volume(s)

29 pence

300,000

 

d)

Aggregated information:

· Aggregated volume

· Price

 

300,000 options over ordinary shares of 4 pence each, granted at 29 pence per ordinary share

e)

Date of the transaction

20 May 2020

f)

Place of the transaction

Outside of trading venue

 


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Hardide (HDD)
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