TIDMHAYD
RNS Number : 6641Z
Haydale Graphene Industries PLC
14 January 2020
The information contained within this announcement is deemed by
the Group to constitute inside information as stipulated under the
Market Abuse Regulations (EU) No. 596/2014 ("MAR"). Upon the
publication of this announcement via a Regulatory Information
Service ("RIS"), this inside information is now considered to be in
the public domain.
For immediate release 14 January 2020
Haydale Graphene Industries plc
("Haydale", "the Company" or the "Group")
Adoption of new EMI share option scheme, Grant of share options,
Lapse of 2014 EMI share option scheme and 2017 LTIP
PDMR dealings
Haydale (AIM: HAYD), the global advanced materials group
announces that on 13 January 2020, the Company adopted a new EMI
share option scheme ("2020 EMI Scheme") and that the Board of the
Company ("Board") has also granted options under the 2020 EMI
Scheme ("2020 Options") to certain directors of the Company
("Directors") and staff of the Group over an aggregate of
34,100,000 ordinary shares of 2p each in the capital of the Company
("Ordinary Shares") pursuant to the 2020 EMI Scheme Rules. The
grant of the 2020 Options to the Directors and certain of the key
staff of the Group ("Grant") are each related party transactions as
defined in AIM Rule 13.
As part of the adoption of the 2020 EMI Scheme, the Company's
two existing share incentive schemes, the 2014 EMI share option
scheme adopted by the Company in April 2014 ("2014 EMI Scheme") and
the 2017 LTIP adopted by the Company in December 2017 ("2017 LTIP")
will lapse.
Background to the 2020 EMI Scheme
Management changes at Haydale over the last 18 months, together
with new strategic direction and new hires has meant that the
Company's previous share incentive schemes were not relevant for
the business today. Accordingly, having consulted with a number of
the Company's key shareholders and its advisers, the Company has
adopted the 2020 EMI Scheme which will enable the Company to
retain, incentivise and reward its staff. The 2020 EMI Scheme has
been structured to ensure that value is created for shareholders
before any value is delivered to Directors and key staff ("Key
Management"). Holders of 2020 Options will only accrue value in the
event that the Company's share price materially increases, thereby
aligning the interests of the Key Management with those of
shareholders, as set out below.
Terms of the 2020 EMI Scheme
All of the Options granted have an exercise price of 2.25p per
Ordinary Share (being a 19.7 % premium to the closing mid-market
price of the Company's Ordinary Shares on 10 January 2020, the last
trading day before the Grant) and can only be exercised between the
third and tenth anniversary of Grant ("Exercise Period"). The
proportion of the 2020 Options granted that are capable of vesting
is dependent on certain performance conditions being met, with such
performance being directly linked to the performance of the
Company's share price over the period to 30(th) September 2023 as
follows:
% of Grant subject Performance Condition
to the Performance
Condition
30% For a period of 15 consecutive dealing days,
commencing after the date of Grant and ending
on or before the 30 September 2021, the closing
price of the Ordinary Shares exceeds 4.0p
(four pence) per Ordinary Share.
-------------------------------------------------
30% For a period of 15 consecutive dealing days,
commencing after the date of Grant and ending
on or before the 30 September 2022, the closing
price of the Ordinary Shares exceeds 8.0p
(eight pence) per Ordinary Share.
-------------------------------------------------
40% For a period of 15 consecutive dealing days,
commencing after the date of Grant and ending
on or before the 30 September 2023, the closing
price of the Ordinary Shares exceeds 16.0p
(sixteen pence) per Ordinary Share.
-------------------------------------------------
There are no other vesting criteria. Accordingly, should the
Company's closing mid-market share price not reach and remain at,
or above, 4.0p for at least 15 consecutive dealing days in the
period immediately following the date of Grant and ending on 30(th)
September 2021 ("Minimum Target"), then 30% of the Grant will
lapse. Furthermore, should the Company's closing mid-market share
price not reach and remain at, or above, 8.0p for at least 15
consecutive dealing days in the period immediately following the
date of Grant and ending on 30(th) September 2022, then a further
30% of the Grant will lapse, and should the Company's closing
mid-market share price not reach and remain at, or above, 16.0p for
at least 15 consecutive dealing days in the period immediately
following the date of Grant and ending on 30(th) September 2023
("Maximum Target"), then the balance of 40% of the Grant will
lapse. The Minimum Target and the Maximum Target represent premiums
of approximately 112% and 851%, respectively, to the closing
mid-market price of the Company's Ordinary Shares as at 10 January
2020, being the last trading day before the Grant.
The 2020 Options may lapse in the event of cessation of
employment save for certain circumstances, including inter alia,
redundancy or retirement in which case, at the Company's sole
discretion and, subject to performance criteria being met, the
Exercise Period may be accelerated. The Exercise Period may also be
accelerated in the event of a change of control of the Company.
The Grant represents approximately 10% of the Company's issued
ordinary share capital. Of the 2020 Options granted, 22,500,000
were granted to directors of the Company and its subsidiaries, as
follows:
Number
Number of 2020 Total beneficial
of 2020 Options holding % of current
Director's name Options held following of Ordinary issued share
and employing Group company granted Grant Shares capital
------------------------------- ----------- ---------------- ----------------- ---------------
Keith Broadbent
(Haydale Graphene Industries
Plc) 12,000,000 12,000,000 500,000 0.15
Mark Chapman
(Haydale Graphene Industries
Plc) 7,000,000 7,000,000 - -
David Davies
(Haydale Ltd) 2,000,000 2,000,000 50,671 0.01
Nicholas Weatherby
(Haydale Composite Solutions
Ltd) 1,500,000 1,500,000 - -
The Company's Remuneration Committee retains the ability to
amend the performance conditions for the 2020 Options and for
future grants to ensure that such grants achieve the stated
purpose.
Related Party Transactions
The Grants to the Directors and the subsidiary directors of the
2020 Options, as outlined above, are related party transactions for
the purposes of Rule 13 of the AIM Rules for Companies.
Accordingly, the independent directors of the Company (being David
Banks, Graham Eves and Roger Humm) consider, having consulted with
the Company's nominated adviser, Arden Partners Plc, that the terms
of each of the Grants, as outlined above, are fair and reasonable
insofar as Shareholders are concerned.
Following the Grants, the Company's total number of Options
outstanding as at the date of this announcement is 34,100,000
representing approximately 10% of the Company's existing issued
share capital.
The number of ordinary shares currently in issue is 340,223,848
and it is this number that has been used to calculate the above
percentage shareholdings.
The notification set out below is provided in accordance with
the requirements of the EU Market Abuse Regulation.
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 Keith Broadbent
-----------------------------------------------------------
2 Reason for notification
--------------------------- -----------------------------------------------------------
a. Position/Status Chief Executive Officer of Haydale Graphene
Industries Plc
--------------------------- -----------------------------------------------------------
b. Initial notification/ Initial Notification
Amendment
--------------------------- -----------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------------
a. Name Haydale Graphene Industries Plc
---------------------------
b. LEI 213800KNULBQFF25IE72
--------------------------- -----------------------------------------------------------
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 Ordinary Shares of 2p each
the financial
instrument, type
of instrument
GB00BKWQ1135
Identification
Code
--------------------------- -----------------------------------------------------------
b. Nature of the Grant of options under the 2020 EMI Scheme
transaction with time vesting and share price performance
conditions attached
--------------------------- -----------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
--------------------------- -------------
GBP0.0225 12,000,000
---------------------------------------------------- ------------
d. Aggregated information 12,000,000 options over ordinary shares
- Aggregated Volume with an exercise price of GBP0.0225 each
- Price
--------------------------- -----------------------------------------------------------
e. Date of the transaction 2020-01-13
--------------------------- -----------------------------------------------------------
f. Place of the transaction XLON (AIM Market)
--------------------------- -----------------------------------------------------------
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 Mark Chapman
------------------------------------------------------------
2 Reason for notification
--------------------------- ------------------------------------------------------------
a. Position/Status Finance Director of Haydale Graphene Industries
Plc
--------------------------- ------------------------------------------------------------
b. Initial notification/ Initial Notification
Amendment
--------------------------- ------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------------
a. Name Haydale Graphene Industries Plc
---------------------------
b. LEI 213800KNULBQFF25IE72
--------------------------- ------------------------------------------------------------
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 Ordinary Shares of 2p each
the financial
instrument, type
of instrument
GB00BKWQ1135
Identification
Code
--------------------------- ------------------------------------------------------------
b. Nature of the Grant of options under the 2020 EMI Scheme
transaction with time vesting and share price performance
conditions attached
--------------------------- ------------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
--------------------------- --------------
GBP0.0225 7,000,000
----------------------------------------------------- ------------
d. Aggregated information 7,000,000 options over ordinary shares with
- Aggregated Volume an exercise price of GBP0.0225 each
- Price
--------------------------- ------------------------------------------------------------
e. Date of the transaction 2020-01-13
--------------------------- ------------------------------------------------------------
f. Place of the transaction XLON (AIM Market)
--------------------------- ------------------------------------------------------------
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 David Davies
--------------------------------------------------------------
2 Reason for notification
--------------------------- --------------------------------------------------------------
a. Position/Status Director of Haydale Ltd, a subsidiary of
Haydale Graphene Industries Plc
--------------------------- --------------------------------------------------------------
b. Initial notification/ Initial Notification
Amendment
--------------------------- --------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------------
a. Name Haydale Graphene Industries Plc
---------------------------
b. LEI 213800KNULBQFF25IE72
--------------------------- --------------------------------------------------------------
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 Ordinary Shares of 2p each
the financial
instrument, type
of instrument
GB00BKWQ1135
Identification
Code
--------------------------- --------------------------------------------------------------
b. Nature of the Grant of options under the 2020 EMI Scheme
transaction with time vesting and share price performance
conditions attached
--------------------------- --------------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
--------------------------- --------------
GBP0.0225 2,000,000
----------------------------------------------------- -------------
d. Aggregated information 1,600,000 options over ordinary shares with
- Aggregated Volume an exercise price of GBP0.0225 each
- Price
--------------------------- --------------------------------------------------------------
e. Date of the transaction 2020-01-13
--------------------------- --------------------------------------------------------------
f. Place of the transaction XLON (AIM Market)
--------------------------- --------------------------------------------------------------
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 Nicholas Weatherby
--------------------------------------------------------------
2 Reason for notification
--------------------------- --------------------------------------------------------------
a. Position/Status Director of Haydale Composite Solutions
Ltd, a subsidiary of Haydale Graphene Industries
Plc
--------------------------- --------------------------------------------------------------
b. Initial notification/ Initial Notification
Amendment
--------------------------- --------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------------------
a. Name Haydale Graphene Industries Plc
---------------------------
b. LEI 213800KNULBQFF25IE72
--------------------------- --------------------------------------------------------------
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 Ordinary Shares of 2p each
the financial
instrument, type
of instrument
GB00BKWQ1135
Identification
Code
--------------------------- --------------------------------------------------------------
b. Nature of the Grant of options under the 2020 EMI Scheme
transaction with time vesting and share price performance
conditions attached
--------------------------- --------------------------------------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
--------------------------- --------------
GBP0.0225 1,500,000
----------------------------------------------------- -------------
d. Aggregated information 1,500,000 options over ordinary shares with
- Aggregated Volume an exercise price of GBP0.0225 each
- Price
--------------------------- --------------------------------------------------------------
e. Date of the transaction 2020-01-13
--------------------------- --------------------------------------------------------------
f. Place of the transaction XLON (AIM Market)
--------------------------- --------------------------------------------------------------
For further information:
Haydale Graphene Industries plc
Keith Broadbent, CEO Tel: +44 (0) 1269 842 946
Gemma Smith, Global Head of Marketing www.haydale.com
Arden Partners plc (Nominated Adviser
& Broker)
Ruari McGirr / Paul Shackleton / Tel: +44 (0) 20 7614 5900
Ben Cryer
Notes to Editors
Haydale is a global technologies and materials group that
facilitates the integration of graphene and other nanomaterials
into the next generation of commercial technologies and industrial
materials. With expertise in graphene, silicon carbide and other
nanomaterials, Haydale is able to deliver improvements in
electrical, thermal and mechanical properties, as well as
toughness. Haydale has granted patents for its technologies in
Europe, USA, Australia, Japan and China and operates from six sites
in the UK, USA and the Far East.
For more information please visit: www.haydale.com
Twitter: @haydalegraphene
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
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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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