Hardide PLC Issue of Options (5297N)
20 Mai 2020 - 5:37PM
UK Regulatory
TIDMHDD
RNS Number : 5297N
Hardide PLC
20 May 2020
20 May 2020
Hardide plc
("Hardide", the "Group" or the "Company")
Issue of Options
Hardide (AIM: HDD), the developer and provider of advanced
surface coating technology, announces the issue of 300,000 options
to subscribe for new ordinary shares in the Company (the "Options")
to its newly appointed Finance Director, Simon Hallam. The
intention to grant these options was notified in the announcement
of Simon's appointment on 27 January 2020 and completion of the
issue was delayed pending the end of the Company's close period for
the interim results notified on 19 May 2020.
The Options are exercisable at 29 pence per share (being the
closing price on 20 April 2020, the business day prior to Simon's
formally joining the Company) and will lapse on the tenth
anniversary of grant unless previously exercised.
The Company does not have a formal long-term incentive plan or
share option schemes but a long-held policy of granting share
options with appropriate performance and tenure conditions as a
core component of the Company's executive remuneration. The
performance conditions attached to the Options relate to share
price appreciation in each of the two years to September 2022 (25%
of the options vest 20 April 2022 if the share price hits 75 pence
by 30 Sept 2021, and 25% vest 20 April 2023 if share price hits
82.5 pence by 30 Sept 2022), and 50% to achieving sales growth and
gross profit margin targets over the years ending 30 September
2021. The share options can vest in part should only certain
performance targets be met and are subject to ongoing employment at
the relevant vesting date.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Enquiries:
Hardide plc Tel: +44 (0) 1869 353
Robert Goddard, Non-Executive Chairman 830
Philip Kirkham, CEO
Jackie Robinson, Communications Manager
IFC Advisory Tel: +44 (0) 20 3934
Graham Herring / Tim Metcalfe / Florence 6630
Chandler
finnCap - Nominated Adviser and Joint Broker Tel: +44 (0) 2072 200
Henrik Persson / Matthew Radley 500
Allenby Capital - Joint Broker Tel: +44 (0) 20 3328
Jeremy Porter / Tony Quirke 5656
Notes to editors:
www.hardide.com
Hardide develops, manufactures and applies advanced technology
tungsten carbide/tungsten metal matrix coatings to a wide range of
engineering components. Its patented technology is unique in
combining in one material, a mix of toughness and resistance to
abrasion, erosion and corrosion; together with the ability to coat
accurately interior surfaces and complex geometries. The material
is proven to offer dramatic improvements in component life,
particularly when applied to components that operate in very
aggressive environments. This results in cost savings through
reduced downtime and increased operational efficiency. Customers
include leading companies operating in oil and gas exploration and
production, valve and pump manufacturing, precision engineering and
aerospace industries.
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 Simon Hallam
2. Reason for the Notification
a) Position/status Finance Director
b) Initial notification/Amendment Initial Notification
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name Hardide plc
b) LEI 213800HLAUIIFKMU5G89
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 Options over ordinary shares of 4 pence
instrument, type of instrument each
Identification code GB00BJJPX768
b) Nature of the transaction Grant of Options
c) Price(s) and volume(s) Price(s) Volume(s)
29 pence 300,000
d) Aggregated information: 300,000 options over ordinary shares
-- Aggregated volume of 4 pence each, granted at 29 pence
-- Price per ordinary share
e) Date of the transaction 20 May 2020
f) Place of the transaction Outside of trading venue
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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