Grant of Options

RNS Number : 2697R
Surface Transforms PLC
20 September 2017
 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

 

Surface Transforms plc

 

("Surface Transforms" or the "Company")

 

Grant of Options

 

Surface Transforms plc (AIM: SCE) announces that it has granted options over 990,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Options").  The Options have been granted as follows:

 

Name

Position

No. of Options granted




Kevin Johnson

Chief Executive Officer

990,000

 

The Options are exercisable at a price of 15.875 pence per share being the closing share price on 19 September 2017 and vest against achievement of the performance criteria described below no earlier than 19 September 2020.  The Options expire on the tenth anniversary of the date of grant. 

 

The vesting of the Options is conditional on the continued employment of the option holder as well as the satisfaction of certain financial and non-financial performance conditions. The Options will vest in one-third tranches upon the Company being awarded a contract on a track car from a mainstream volume OEM, being awarded a contract for a volume road car from a mainstream volume OEM and/or generating revenue in a financial year of not less than £5 million.

 

Details of the director's resultant holdings of Ordinary Shares and options over Ordinary Shares are as follows:

 

Name

Total No. of Options

No. of Existing Ordinary Shares




Kevin Johnson

3,055,707

124,000

 

 

 

For enquiries, please contact:

Surface Transforms plc


 

Kevin Johnson, CEO

 

+44 151 356 2141         

David Bundred, Chairman

+44 7785 388 848

 

Cantor Fitzgerald Europe (Nomad & Joint-Broker)

+44 20 7894 7000

David Foreman, Callum Butterfield (Corporate Finance)

Alex Pollen (Sales)




FinnCap Ltd (Joint-Broker)

+44 20 7220 0500

Stephen Norcross / Nikita Jain (Corporate Broking)

Ed Frisby / Giles Rolls (Corporate Finance)


 

 

For further Company details, visit www.surfacetransforms.com.

 

 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1

Details of the person discharging managerial responsibilities/person closely associated

a.

Name

Kevin Johnson

2

Reason for notification

 

 

 

a.

Position/Status

PDMR

Chief Executive Officer

b.

Initial notification/

Amendment

Initial Notification

3

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

a.

Name

Surface Transforms plc

b.

LEI

N/A

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

Options over ordinary shares of 1p each

ISIN: GB0002892528

b.

Nature of the transaction

Grant of options over 990,000 ordinary shares of 1 pence

c.

Price(s) and volume(s)

 

Price(s)

Volume(s)

Not applicable

990,000

d.

Aggregated information

 

Not applicable

e.

Date of the transaction

20 September 2017

f.

Place of the transaction

London Stock Exchange

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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