02:00 Tue 14 Jan 2020
Haydale Graphene Ind - Adoption of new EMI share option scheme
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
For immediate release |
|
("Haydale", "the Company" or the "Group")
Adoption of new EMI share option scheme,
PDMR dealings
Haydale (AIM: HAYD), the global advanced materials group announces that on
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
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
% of |
Performance Condition |
30% |
For a period of 15 consecutive dealing days, commencing after the date of |
30% |
For a period of 15 consecutive dealing days, commencing after the date of |
40% |
For a period of 15 consecutive dealing days, commencing after the date of |
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
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
Director's name and employing Group company |
Number of 2020 Options granted |
Number of 2020 Options held following |
Total beneficial holding of Ordinary Shares |
% of current issued share capital |
(
|
12,000,000
|
12,000,000 |
500,000 |
0.15 |
(
|
7,000,000 |
7,000,000 |
- |
- |
(
|
2,000,000 |
2,000,000 |
50,671 |
0.01 |
|
|
|
|
|
( |
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
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. |
|
|
||||||
2 |
Reason for notification |
|
||||||
a. |
Position/Status |
Chief Executive Officer of |
||||||
b. |
Initial notification/ Amendment |
Initial Notification |
||||||
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
a. |
|
|
||||||
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 the financial instrument, type of instrument |
Ordinary Shares of 2p each GB00BKWQ1135 |
||||||
b. |
Nature of the transaction |
|
||||||
c. |
Price(s) and volume(s) |
|
|
|
|
|
||
|
Price(s) |
Volume(s) |
|
|||||
|
12,000,000 |
|
||||||
|
||||||||
d. |
Aggregated information - Aggregated Volume - Price |
12,000,000 options over ordinary shares with an exercise price of |
||||||
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. |
|
|
||||||
2 |
Reason for notification |
|
||||||
a. |
Position/Status |
Finance Director of |
||||||
b. |
Initial notification/ Amendment |
Initial Notification |
||||||
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
a. |
|
|
||||||
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 the financial instrument, type of instrument |
Ordinary Shares of 2p each GB00BKWQ1135 |
||||||
b. |
Nature of the transaction |
|
||||||
c. |
Price(s) and volume(s) |
|
|
|
|
|
||
|
Price(s) |
Volume(s) |
|
|||||
|
7,000,000 |
|
||||||
|
||||||||
d. |
Aggregated information - Aggregated Volume - Price |
7,000,000 options over ordinary shares with an exercise price of |
||||||
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. |
|
|
||||||
2 |
Reason for notification |
|
||||||
a. |
Position/Status |
Director of |
||||||
b. |
Initial notification/ Amendment |
Initial Notification |
||||||
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
a. |
|
|
||||||
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 the financial instrument, type of instrument |
Ordinary Shares of 2p each GB00BKWQ1135 |
||||||
b. |
Nature of the transaction |
|
||||||
c. |
Price(s) and volume(s) |
|
|
|
|
|
||
|
Price(s) |
Volume(s) |
|
|||||
|
2,000,000 |
|
||||||
|
||||||||
d. |
Aggregated information - Aggregated Volume - Price |
1,600,000 options over ordinary shares with an exercise price of |
||||||
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. |
|
|
||||||
2 |
Reason for notification |
|
||||||
a. |
Position/Status |
Director of |
||||||
b. |
Initial notification/ Amendment |
Initial Notification |
||||||
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
|||||||
a. |
|
|
||||||
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 the financial instrument, type of instrument |
Ordinary Shares of 2p each GB00BKWQ1135 |
||||||
b. |
Nature of the transaction |
|
||||||
c. |
Price(s) and volume(s) |
|
|
|
|
|
||
|
Price(s) |
Volume(s) |
|
|||||
|
1,500,000 |
|
||||||
|
||||||||
d. |
Aggregated information - Aggregated Volume - Price |
1,500,000 options over ordinary shares with an exercise price of |
||||||
e. |
Date of the transaction |
2020-01-13 |
||||||
f. |
Place of the transaction |
XLON (AIM Market) |
||||||
For further information:
|
|
|
Tel: +44 (0) 1269 842 946 |
|
|
|
|
Arden Partners plc (Nominated Adviser & Broker) |
|
|
Tel: +44 (0) 20 7614 5900 |
|
|
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
For more information please visit: www.haydale.com
Twitter: @haydalegraphene
This information is provided by RNS, the news service of the
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of...
FOR OUR FULL DISCLAIMER CLICK HERE