Grant of Options and Director/PDMR Dealing

RNS Number : 3655B

Shearwater Group PLC

11 February 2022

 

11 February 2022

Shearwater Group PLC
("Shearwater" or the "Group")

Grant of Options and Director/PDMR Dealing

Shearwater Group plc (AIM: SWG), the organisational resilience group that provides cybersecurity, advisory and managed security services, announces the grant of options to acquire, in aggregate, up to 668,110 ordinary shares of 10 pence each (the "Options") to a broad range of the Group's employees. The Options have been granted to ensure that the Group's employees are well motivated and identify closely with the success of the Group.

Options to acquire up to 640,714 shares have been granted under the newly-adopted Shearwater Group Company Share Option Plan (the "CSOP") and Options to acquire up to 27,396 shares have been granted under the existing Shearwater Group Employee Share Option Plan (the "ESOP").  Options granted under the CSOP are intended to benefit from tax reliefs, whereas Options granted under the ESOP do not qualify for these reliefs.

The Options will be exercisable from vesting until the fifth anniversary of grant at a price of £0.95 per new ordinary share, a price equal to the closing mid-market price per Shearwater ordinary share on 9 February 2022.

Subject to the satisfaction of performance conditions and continued employment, where applicable, the Options will vest as to 89,998 shares on the first anniversary of grant, 11,112 shares on 10 September 2023 and 567,000 shares on the third anniversary of grant.

An Option over 25,000 shares has been granted under the CSOP to Paul McFadden, the Group's Chief Financial Officer and the notification below, made in accordance with the UK Market Abuse Regulation, provides further details in this regard. 

Director	Position	Number of shares under option	Exercise price	Vesting date*	Expiry date
Paul McFadden	CFO	25,000	£0.95	10 February 2025	10 February 2027

*subject to the satisfaction of performance conditions

Following the grant of the Options, the Group has options outstanding over a total of 909,862 shares, which represent approximately 3.9% of the Company's existing issued ordinary share capital.

Enquiries:

Shearwater Group plc David Williams Phil Higgins	www.shearwatergroup.com c/o Alma PR
Cenkos Securities plc - NOMAD and Joint Broker Ben Jeynes / Max Gould - Corporate Finance Julian Morse / Michael Johnson - Sales	[phone]
Berenberg - Joint Broker  Matthew Armitt / Mark Whitmore	[phone]
Alma PR Susie Hudson / Caroline Forde / Joe Pederzolli	[e-mail]  [phone]

The Company makes the following disclosures in accordance with article 19(3) of the Market Abuse Regulation:

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Paul McFadden
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Shearwater Group plc
b)	LEI	213800ZRUKUYDJLKD504
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 10 pence each GB00BKT6VH21
b)	Nature of the transaction	Grant of share option under the Shearwater Group Company Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) nil  25,000
d)	Aggregated information - Aggregated volume - Price	N/A - single transaction
e)	Date of the transaction	10 February 2022
f)	Place of the transaction	Outside of a trading venue

 

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