Grant of Employee Options

RNS Number : 7836M

Strat Aero PLC

01 May 2018

 

Strat Aero plc / Index: AIM / TIDM: AERO / Sector: Support Services

1 May 2018

Strat Aero plc ("Strat Aero," the "Company" or the "Group")

Grant of Employee Options

Under the terms of the Company's Option Plan, the Company yesterday granted a total of 100,000,000 options to subscribe for ordinary shares in the Company ("Options") to certain employees.

The Options can be exercised in whole or in part, subject to meeting revenue and profit based vesting conditions, at any time up to the fifth anniversary of grant at a price of 0.06p per option, subject to the overriding condition that no Option may be exercised unless the quoted price of the Company's ordinary shares is at least 0.10p.

Included in the Options grant is a grant of 83,333,333 Options to Gary Nel ("Related Party Option Grant"). Mr. Nel, as a director of the Company's subsidiary Geocurve Limited, is considered to be a related party under the AIM Rule for Companies. The issue of Options to Mr. Nel has therefore been treated as a related party transaction in accordance with Rule 13 of the AIM Rules for Companies.

The Directors independent of the Related Party Options Grant, being Trevor Brown, Nigel Burton and Paul Ryan, consider, having consulted with the Company's nominated adviser, SP Angel, that the terms of the Related Party Options Grant are fair and reasonable insofar as the Company's shareholders are concerned.

- ENDS -

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

For further information please visit www.strat-aero.com or contact:

Strat Aero plc

Trevor Brown (Executive Director)                                                                             [phone]

Nigel Burton (Non-Executive Director)                                                                    [phone]

SP Angel Corporate Finance LLP                                                                                 [phone]

Stuart Gledhill

Jeff Keating

Caroline Rowe

Peterhouse Corporate Finance                                                                                 [phone]

Lucy Williams

Fungai Ndoro

Notes

Strat Aero plc is focused on the continued development of the Company's 'Survey & Inspection' business, in addition to implementing an enhanced growth strategy via the appraisal of complementary acquisition or investment opportunities, and recently acquired a 37% stake in Gyrometric Systems. This is in line with the Company's stated objective to achieve improved financial performance in the near term.

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:	Gary Nel
2.	Reason for the notification
a)	Position/status:	Director of Subsidiary
b)	Initial notification/Amendment:	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name:	Strat Aero plc
b)	LEI:	213800VR2P5DDQHYZO48
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: Identification code:	Ordinary shares of 0.01 pence each GB00BQQPLG38
b)	Nature of the transaction:	Issue of share options
c)	Price(s) and volume(s):	Price(s) Volume(s) 0.06p 83,333,333
d)	Aggregated information: Aggregated volume: Price:	Single transaction as in 4 c) above Price(s) Volume(s) 0.06p 83,333,333
e)	Date of the transaction:	30 April 2018
f)	Place of the transaction:	Outside a trading venue

 

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