Grant of, and amendments to, Share Options

RNS Number : 5280E
Smartspace Software PLC
18 October 2018
 

 

18 October 2018

SmartSpace Software Plc

("SmartSpace" or the "Company" or the "Group")

 

 

Grant of, and amendments to, Share Options

 

Further to the announcement of 1 August 2018 of the Grant of EMI Options to 58 employees of SmartSpace, in order to align Directors and certain other senior members of SmartSpace, the Company announces that on 17 October 2018 the remuneration committee agreed a number of grants to directors and persons discharging managerial responsibilities ("PDMRs") of EMI options ("Options") and a number of amendments to the vesting periods of existing Options.

 

Grant of Options

 

Options have been granted over a total of 910,000 ordinary shares of 10p each as follows:

 

 

Director/PDMR

 

Scheme

Option over ordinary shares

Frank Beechinor

EMI Scheme

265,950

Frank Beechinor

Unapproved Option Scheme

284,050

Spencer Dredge

EMI Scheme

265,950

Spencer Dredge

Rosie Clawson

Unapproved Option Scheme

EMI Scheme

69,050

25,000

 

The Options have an exercise price of 94p per share (being the closing mid-market share price on 17 October 2018, the latest possible date prior to the date of grant), vest three years from the date of grant and once vested are exercisable at any time up to ten years after the date of grant, subject to performance conditions whereby the average mid-market closing share price of the Company's Ordinary Shares in any 90 day period in the period to 17 October 2021 is at or above certain defined levels, as follows:

 

Share price at or above:

Cumulative

% vesting

 

 

150p

15%

250p

31%

350p

54%

450p

77%

500p

100%

 

Spencer Dredge has surrendered existing options over 260,000 ordinary shares with an exercise price of 92p in consideration for the above option grants. 

 

Amendments to existing Options

 

In addition, given the significant change in the commercial strategy of the Group following the disposal of the Systems Integration and Management Services divisions in June this year, the remuneration committee has decided to extend the performance period relating to previously granted options held by Frank Beechinor (100,000 EMI Options), Guy van Zwanenberg (30,000 Unapproved Options) and Diana Dyer Bartlett (70,000 Unapproved Options). The options are subject to the same performance set out above but the period for the performance criteria to be met has been extended from 31 December 2018 to 17 October 2021.

 

Following the above, the resulting interests of the Directors in SmartSpace ordinary shares are as follows:

 


Position

Ordinary Shares

Options over ordinary shares

Guy Van Zwanenberg

Non-executive Chairman

30,000

30,000

Frank Beechinor

CEO

90,000

650,000

Spencer Dredge

CFO

32,126

335,000

Diana Dyer-Bartlett

Non-executive Director

40,000

70,000

 

Guy van Zwanenberg, Chairman of SmartSpace, commented:

 

"With the focus now on becoming an international leader in the fast growing workspace management software market, it is crucial that we align the interests of all members of the SmartSpace team with shareholders. The EMI Option Scheme was established to incentivise management and staff to increase shareholder value over the long term and the remuneration committee is keen to ensure that remuneration for the Company's senior team and employees will be effective, fair and motivate them to deliver success for the Company and its shareholders. Given the completion of the recently announced acquisition, we can now extend this to the board and others"

 

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.

 

 

Enquiries

SmartSpace Software Plc

Guy van Zwanenberg (Chairman)

Frank Beechinor (CEO)

 

via Lisa Baderoon

Lisa Baderoon (Head of Investor Relations)

lbaderoon@smartspaceplc.com

 

+44 (0) 7721 413 496

 

Cantor Fitzgerald Europe (Nominated Adviser & Joint Broker)

Marc Milmo / Catherine Leftley

 

+44 (0)20 7894 7000

 

About SmartSpace Software Plc

 

SmartSpace is building a SaaS orientated software business, designing and building software centering around its 'Connect' software platform and 'OneSpace' occupancy management software, to help people work smarter and more efficiently on a global platform. The Company's software solutions in workspace, retail and hospitality help transform employee and customer engagement with software modules which include: desk and meeting room management, wayfinding, car parking, visitor management, frictionless vending and space management.

For more information go to: www.smartspaceplc.com

 

1

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

 

Company Director/PDMR

Frank Beechinor

CEO

Spencer Dredge

CFO

Rosie Clawson

PDMR

2

 

Reason for the notification

 

a)

 

Position/status

 

 

See 1 (a) above for all positions, all classified as PDMRs of the Company

 

 

Initial notification /Amendment

 

 

Initial notification

3

 

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

 

a)

 

Name

 

 

Smartspace Software Plc

b)

 

LEI

 

 

213800IQXZ3XYCMH6U90

 

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

Ordinary Shares of 10p each



Identification code

ISIN: GB00BYWN0F98

 



b)

 

Nature of the transaction

 

 

Grant of share options over Ordinary Shares

 

c)

 

Price(s) and volume(s)


Exercise price: 94p per Ordinary Share

 

Volumes:

Frank Beechinor

550,000

Spencer Dredge

335,000

Rosie Clawson

25,000








d)

 

Aggregated information

n/a



- Aggregated volume




- Price




e)

 

Date of the transaction

 

 

17 October 2018

f)

 

Place of the transaction

 

 

Off market

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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