TIDMLST
RNS Number : 9506P
Light Science Tech. Holdings PLC
12 October 2023
Light Science Technologies Holdings plc
("LSTH", the "Company" or the "Group")
Award of Options
Light Science Technologies Holdings plc (AIM: LST), the
controlled environment agriculture ("CEA") technology and contract
electronics manufacturing ("CEM") group, announces that it is has
granted Options over Ordinary Shares to the following senior
management of the Group, in line with the Management Share Option
Plan adopted by the Company on its Admission to AIM on 15 October
2021 ("MSOP").
Name/ Position / Company Number of Options over Ordinary
Shares
Krzysztof Hernik, Managing Director,
Tomtech (UK) Limited 2,500,000
--------------------------------
Jessica Browne, Electronics Engineer,
Light Science Technologies Ltd 339,000
--------------------------------
Krzysztof's options will be exercisable between the second and
tenth anniversaries of the date of grant, and are subject to a
performance-related target on 1,250,000 of the Options. The
exercise price is GBP0.03. Jessica's options will be exercisable
between the third and tenth anniversaries of the date of grant with
an exercise price of GBP0.03.
As at 11 October 2023, the LSTH Employee Benefit Trust whose
corporate trustee is LSTH Trustee Limited ("EBT"), held 8,900,000
Ordinary Shares representing approximately 2.7 per cent. of the
Company's Share Capital. Ordinary Shares held in the EBT are
already in issue and therefore a large proportion of the Share
Options granted under this announcement will not count towards the
overall plan limits set out within the MSOP rules, summarised in
the footnote below*. However, a maximum potential issue of 739,000
Ordinary Shares, representing approximately 0.2 per cent. of the
Company's Share Capital, may be required to satisfy all Share
Options in circulation as at 11 October 2023 (including those the
subject of this announcement), at a future point in time if all
those Share Options are respectively exercised.
The Company recognises the importance of ensuring that the
management and employees of the Group are effectively and
appropriately incentivised and their interests are aligned with
those of the Group. The ongoing success of the Group depends to a
high degree on retaining and incentivising the performance of key
members of senior management.
*The Company will grant EMI Options for as long as the Company
satisfies the qualifying conditions set out in the EMI Code (as
defined in Section 527(3) of ITEPA). Under the EMI Code, an
employee may hold EMI Options over Ordinary Shares with a value (as
at the date of grant) of up to GBP250,000. Where this threshold is
exceeded, the employee may not receive EMI Options for three years.
The employee may, however, receive non-qualifying Options. Unless
the Remuneration Committee otherwise determines, the aggregate
number of Ordinary Shares over which Options may be granted under
the MSOP on any date shall be limited so that the total number of
Ordinary Shares issued and issuable pursuant to Options granted
under the MSOP and any other share scheme operated by the Company
in any rolling 10 year period will be restricted to 10 per cent. of
the Company's issued Ordinary Share capital from time to time
calculated at the relevant time. Treasury shares count towards this
limit, as do Ordinary Shares issued to the trustee of an employees'
trust. However, Ordinary Shares issued to the trustee of an
employees' trust are not counted a second time if those shares are
subsequently placed under option or used to satisfy Options. No
account will be taken of Ordinary Shares which an employees' trust
purchases in the market or of Options which have lapsed, been
surrendered or otherwise become incapable of exercise or vesting.
The EBT is an employees' trust for these purposes.
For additional information please contact:
Light Science Technologies Holdings www.lightsciencetechnologiesholdings.com
plc
Simon Deacon, Chief Executive Officer via Walbrook PR
Jim Snooks, Chief Financial Officer
Andrew Hempsall, Chief Operating
Officer
Strand Hanson Limited (Nominated Tel: +44 (0) 20 7409 3494
& Financial Adviser)
Ritchie Balmer / James Harris /
Rob Patrick
Oberon Capital (Broker)
Mike Seabrook / Nick Lovering Tel: +44 (0) 203 179 5300
Walbrook PR Ltd (Media & Investor Tel: +44 (0)20 7933 8780 or
Relations) lst@walbrookpr.com
Nick Rome / Paul McManus
This announcement contains inside information for the purposes
of Article 7 of the Market Abuse Regulation (EU) No. 596/2014, as
it forms part of UK domestic law by virtue of the European Union
(Withdrawal) Act 2018, as amended.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Krzysztof Hernik
------------------------------------ ------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------
a) Position/status Managing Director, Tomtech (UK)
Limited
------------------------------------ ------------------------------------------
b) Initial notification Initial
/Amendment
------------------------------------ ------------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or auction
monitor
--------------------------------------------------------------------------------
a) Name Light Science Technologies Holdings
plc
------------------------------------ ------------------------------------------
b) LEI 213800V 9MWRRLVQ6EY56
------------------------------------ ------------------------------------------
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 Grant of options under management
of the financial share option plan
instrument, type
of instrument
Identification GB00BNDQJN14
code
b) Nature of the
transaction Grant of options
------------------------------------ ------------------------------------------
c) Price(s) and
volume(s)
----------------- --------------------
Price Volume(s)
----------------- --------------------
GBP0.03 2,500,000
----------------------------------------------------------- --------------------
d) Aggregated information
- Aggregated N/A - Single transaction
volume
- Price
e) Date of the 11 October 2023
transaction
------------------------------------ ------------------------------------------
f) Place of the Off-market transaction
transaction
------------------------------------ ------------------------------------------
About Light Science Technologies Holdings plc (
www.lightsciencetechnologiesholdings.com )
Light Science Technologies Holdings plc is the holding company
of the Group's controlled environment agriculture ("CEA") division,
comprising Light Science Technologies Ltd ("Light Science
Technologies") and Tomtech (UK) Limited ("Tomtech"), alongside its
contract electronics manufacturing ("CEM") division, UK Circuits
and Electronics Solutions Limited ("UK Circuits").
Controlled Environment Agriculture
Light Science Technologies was founded in 2019 and is the
Company's grow lights and sensor technology business, providing
bespoke recipes and technologies tailored to customers' needs -
with key targets including indoor, vertical, glasshouses,
polytunnels and medicinal farming markets. The all-in-one CEA
solution will include analysing customers' crop growing
requirements to provide bespoke, low-energy and sustainable
equipment. Tomtech, which was acquired in September 2023, further
broadened the Group's portfolio with its control systems usable
across multiple crops in glasshouses and other horticultural
environments. Additionally, it generates long-term recurring
revenues via maintenance, servicing, and software contracts.
Market drivers include food and water shortages in many parts of
the world; growing global population; UK and other government
policy encouraging sustainable and efficient growth methods;
increased scrutiny of the effect of food production on climate
change and the continuing transition away from processed foods.
sensorGROW
sensorGROW was launched in June 2022 and its technology will
enable farmers to monitor the following key air zone growing
factors in real-time: carbon dioxide levels, humidity, light,
oxygen - and in the future: air speed, plant disease, soil,
temperature and water pH levels. By monitoring these key growing
factors, farmers can save money through better management of
resources: water, nutrients, fertilisers and energy - while
increasing yields and producing healthier crops.
nurturGROW
nurturGROW is a sustainable grow lighting product range,
offering an innovative, high-performance and cost-effective
solution for indoor farming, covering greenhouses, vertical
farming, polytunnels and medicinal plants.
Created with four core component parts, the nurturGROW range is
made of high quality, durable materials to give growers the ideal
balance between strength and optimal performance, minimising the
amount of materials needed to drastically cut down on waste and
reduce carbon footprint.
Tomtech
Tomtech was established in 1986 as a sole trader and
incorporated as Tomtech (UK) Limited in 2011. Since then, it has
become a UK leader in control systems for commercial greenhouses
and polytunnels. Since launching its first product over 35 years
ago, it has been at the forefront of the sector, providing
innovative and effective products and solutions.
It now provides comprehensive solutions to customers helping
them create, monitor and maintain an optimised cultivating
environment within glasshouses and other horticultural spaces. Its
sensors monitor temperature, humidity, light, carbon dioxide, pH,
nutrients and more - whilst its intelligent systems help control
irrigation, fertigation, dosing, ventilation, light and more.
Its highly adaptive systems are used throughout the UK and
Ireland to optimise growing conditions for multiple types of crops
grown within commercial greenhouses and other horticultural
environments.
Contract Electronics Manufacturing
UK Circuits is the Company's CEM focussed division, profit
making with strong revenues. The Group designs, procures, and
manufactures high-quality CEM products, specialising in Printed
Circuit Boards, which are used in a range of sectors including
audio, automotive, electronics, gas detection, lighting, pest
control, telecommunications and, more recently, the CEA market.
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END
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