Grant of Options

Light Science Tech. Holdings PLC

12 October 2023

 

Light Science Technologies Holdings plc

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

Award of Options

Light Science Technologies Holdings plc (AIM: LST), the controlled environment agriculture ("CEA") technology and contract electronics manufacturing ("CEM") group, announces that it is has granted Options over Ordinary Shares to the following senior management of the Group, in line with the Management Share Option Plan adopted by the Company on its Admission to AIM on 15 October 2021 ("MSOP").

Name/ Position / Company	Number of Options over Ordinary Shares
Krzysztof Hernik, Managing Director, Tomtech (UK) Limited	2,500,000
Jessica Browne, Electronics Engineer, Light Science Technologies Ltd	339,000

Krzysztof's options will be exercisable between the second and tenth anniversaries of the date of grant, and are subject to a performance-related target on 1,250,000 of the Options. The exercise price is £0.03. Jessica's options will be exercisable between the third and tenth anniversaries of the date of grant with an exercise price of £0.03.

As at 11 October 2023, the LSTH Employee Benefit Trust whose corporate trustee is LSTH Trustee Limited ("EBT"), held 8,900,000 Ordinary Shares representing approximately 2.7 per cent. of the Company's Share Capital. Ordinary Shares held in the EBT are already in issue and therefore a large proportion of the Share Options granted under this announcement will not count towards the overall plan limits set out within the MSOP rules, summarised in the footnote below*. However, a maximum potential issue of 739,000 Ordinary Shares, representing approximately 0.2 per cent. of the Company's Share Capital, may be required to satisfy all Share Options in circulation as at 11 October 2023 (including those the subject of this announcement), at a future point in time if all those Share Options are respectively exercised.

The Company recognises the importance of ensuring that the management and employees of the Group are effectively and appropriately incentivised and their interests are aligned with those of the Group. The ongoing success of the Group depends to a high degree on retaining and incentivising the performance of key members of senior management.

*The Company will grant EMI Options for as long as the Company satisfies the qualifying conditions set out in the EMI Code (as defined in Section 527(3) of ITEPA). Under the EMI Code, an employee may hold EMI Options over Ordinary Shares with a value (as at the date of grant) of up to £250,000. Where this threshold is exceeded, the employee may not receive EMI Options for three years. The employee may, however, receive non-qualifying Options. Unless the Remuneration Committee otherwise determines, the aggregate number of Ordinary Shares over which Options may be granted under the MSOP on any date shall be limited so that the total number of Ordinary Shares issued and issuable pursuant to Options granted under the MSOP and any other share scheme operated by the Company in any rolling 10 year period will be restricted to 10 per cent. of the Company's issued Ordinary Share capital from time to time calculated at the relevant time. Treasury shares count towards this limit, as do Ordinary Shares issued to the trustee of an employees' trust. However, Ordinary Shares issued to the trustee of an employees' trust are not counted a second time if those shares are subsequently placed under option or used to satisfy Options. No account will be taken of Ordinary Shares which an employees' trust purchases in the market or of Options which have lapsed, been surrendered or otherwise become incapable of exercise or vesting. The EBT is an employees' trust for these purposes.

For additional information please contact:

Light Science Technologies Holdings plc	www.lightsciencetechnologiesholdings.com
Simon Deacon, Chief Executive Officer Jim Snooks, Chief Financial Officer Andrew Hempsall, Chief Operating Officer	via Walbrook PR
Strand Hanson Limited (Nominated & Financial Adviser)	Tel: [phone]
Ritchie Balmer / James Harris / Rob Patrick
Oberon Capital (Broker)
Mike Seabrook / Nick Lovering	Tel: [phone]
Walbrook PR Ltd (Media & Investor Relations)	Tel: [phone] or [e-mail]
Nick Rome / Paul McManus

This announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic law by virtue of the European Union (Withdrawal) Act 2018, as amended.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Krzysztof Hernik
2	Reason for the notification
a)	Position/status	Managing Director, Tomtech (UK) Limited
b)	Initial notification /Amendment	Initial
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Light Science Technologies Holdings plc
b)	LEI	213800V9MWRRLVQ6EY56
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	Grant of options under management share option plan
	Identification code	GB00BNDQJN14
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price	Volume(s)
			£0.03	2,500,000
d)	Aggregated information
	- Aggregated volume	N/A - Single transaction
	- Price
e)	Date of the transaction	11 October 2023
f)	Place of the transaction	Off-market transaction

About Light Science Technologies Holdings plc (www.lightsciencetechnologiesholdings.com)

Light Science Technologies Holdings plc is the holding company of the Group's controlled environment agriculture ("CEA") division, comprising Light Science Technologies Ltd ("Light Science Technologies") and Tomtech (UK) Limited ("Tomtech"), alongside its contract electronics manufacturing ("CEM") division, UK Circuits and Electronics Solutions Limited ("UK Circuits").

Controlled Environment Agriculture

Light Science Technologies was founded in 2019 and is the Company's grow lights and sensor technology business, providing bespoke recipes and technologies tailored to customers' needs - with key targets including indoor, vertical, glasshouses, polytunnels and medicinal farming markets. The all-in-one CEA solution will include analysing customers' crop growing requirements to provide bespoke, low-energy and sustainable equipment. Tomtech, which was acquired in September 2023, further broadened the Group's portfolio with its control systems usable across multiple crops in glasshouses and other horticultural environments. Additionally, it generates long-term recurring revenues via maintenance, servicing, and software contracts.

Market drivers include food and water shortages in many parts of the world; growing global population; UK and other government policy encouraging sustainable and efficient growth methods; increased scrutiny of the effect of food production on climate change and the continuing transition away from processed foods. 

sensorGROW

sensorGROW was launched in June 2022 and its technology will enable farmers to monitor the following key air zone growing factors in real-time: carbon dioxide levels, humidity, light, oxygen - and in the future: air speed, plant disease, soil, temperature and water pH levels. By monitoring these key growing factors, farmers can save money through better management of resources: water, nutrients, fertilisers and energy - while increasing yields and producing healthier crops.

nurturGROW

nurturGROW is a sustainable grow lighting product range, offering an innovative, high-performance and cost-effective solution for indoor farming, covering greenhouses, vertical farming, polytunnels and medicinal plants.

Created with four core component parts, the nurturGROW range is made of high quality, durable materials to give growers the ideal balance between strength and optimal performance, minimising the amount of materials needed to drastically cut down on waste and reduce carbon footprint.

Tomtech

Tomtech was established in 1986 as a sole trader and incorporated as Tomtech (UK) Limited in 2011. Since then, it has become a UK leader in control systems for commercial greenhouses and polytunnels. Since launching its first product over 35 years ago, it has been at the forefront of the sector, providing innovative and effective products and solutions.

It now provides comprehensive solutions to customers helping them create, monitor and maintain an optimised cultivating environment within glasshouses and other horticultural spaces. Its sensors monitor temperature, humidity, light, carbon dioxide, pH, nutrients and more - whilst its intelligent systems help control irrigation, fertigation, dosing, ventilation, light and more.

Its highly adaptive systems are used throughout the UK and Ireland to optimise growing conditions for multiple types of crops grown within commercial greenhouses and other horticultural environments.

Contract Electronics Manufacturing

UK Circuits is the Company's CEM focussed division, profit making with strong revenues. The Group designs, procures, and manufactures high-quality CEM products, specialising in Printed Circuit Boards, which are used in a range of sectors including audio, automotive, electronics, gas detection, lighting, pest control, telecommunications and, more recently, the CEA market.

 

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