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Seeing Machines Ltd - CEO Long Term Incentive Equity Program

RNS Number : 0321J
Seeing Machines Limited
26 June 2017
 

Seeing Machines Limited

("Seeing Machines", the "Company", or, together with its subsidiaries the "Group")

 

CEO Long Term Incentive Equity Program

 

26 June 2017

 

Seeing Machines (AIM:SEE), an industry leader in computer vision based human sensing technologies which enable breakthrough solutions in performance, safety and user experiences, advises that further to the announcement on 9 May 2017, the Remuneration Committee has granted incentive equity rights to recently appointed CEO Mike McAuliffe (the "Grant Date") under its CEO Long Term Incentive Equity Program.

 

Subject to his continued employment with the Seeing Machines group, Mr McAuliffe has been granted rights to acquire 37,161,379 ordinary shares of no par value in the Company ("Ordinary Shares"), totaling 2.5% of the Company's current issued share capital.  Two thirds of the rights (representing 24,786,640 Ordinary Shares) have been granted as options over Ordinary Shares ("Options") and one third (12,374,739 Ordinary Shares) have been granted as performance rights (the "Performance Rights"). Both the Options and Performance Rights will vest monthly over 48 months, with the first vesting date being 29 August 2016, the date Mr McAuliffe began employment with the Group. 

 

The Performance Rights entitle Mr McAuliffe to be automatically issued 257,807 Ordinary Shares for no exercise price, on a monthly basis. The Options vest in equal tranches (being 516,388 Options) on a monthly basis and can be exercised at Mr McAuliffe's discretion over a ten year period at an exercise price of 3.89 pence, which is the average market price of the Company's shares over the 5 trading days before the Grant Date and they shall expire on the tenth anniversary of the first vesting date of 29 June 2017. The schedule of Options and Performance rights are set out in a table below.

 

Blocking Listing Application

The Company today announces that an application has been made to the London Stock Exchange for a block listing of securities in respect of 37,161,379 Ordinary Shares to be admitted to trading on AIM.

 

These Ordinary Shares will be issued from time to time in order to satisfy the requirement to allot Ordinary Shares arising from the Options and Performance Rights detailed above. It is expected that admission will become effective on 29 June 2017.

 

The Ordinary Shares will be issued credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company. The Company will provide six monthly updates in its block listing return, at which point any changes to total voting rights arising from the issuance of Ordinary Shares from Performance Rights will also be stated.

 



 

 

Mike McAuliffe

 

Details of the person discharging managerial responsibilities/person closely associated

a)

Name:

Mr Michael McAuliffe

 

Reason for the notification

a)

Position/status:

Chief Executive Officer

b)

Initial notification/Amendment:

Initial notification

 

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

a)

Name:

Seeing Machines Limited

b)

LEI:

n/a

 

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:

Performance Rights and Options Grant

ISIN: AU0000XINAJ0

b)

Nature of the transaction:

Issue of performance rights and share options

c)

Price(s) and volume(s):

 

Price(s)

Volume(s)

Nil - performance rights

12,374,739

3.89 pence - options

24,786,640

Total

37,161,379

d)

Aggregated information:

·      Aggregated volume:

·      Price:

See 4c) above and the schedules appended to this announcement

 

e)

Date of the transaction:

2017-06-23

f)

Place of the transaction:

Outside a trading venue

 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

Enquiries:

Seeing Machines Limited

www.seeingmachines.com  / +61 2 6103 4700

Mike McAuliffe, CEO

[email protected]

Media enquiries

[email protected]



finnCap Limited


Ed Frisby / Emily Watts, Corporate Finance

+44 20 7220 0500

Tim Redfern / Richard Chambers, Corporate Broking




Canaccord Genuity Limited


Simon Bridges

+44 20 7523 8000



About Seeing Machines

Seeing Machines, (AIM: SEE) is an industry leader in computer vision based human sensing technologies which enable breakthrough solutions in performance, safety and user experiences. With more than 15 years of R&D investment and proven industry experience, Seeing Machines uses advanced sensing technologies and machine learning algorithms to deliver precision tracking and analysis of heads, faces and eyes for multiple emerging applications. A primary application is Driver Monitoring Systems to detect and deal with drowsiness, distraction and broader cognitive states which enables intelligent ADAS / Autonomous Driving adoption. A further key application is in-vehicle real time delivery of precision eye tracking in real world conditions, normalizing for all light conditions (and challenges such as sunglasses) for smart display systems etc. It delivers its AI based technology platform in a range of solutions from embedded software to proprietary processors to full systems including a 24/7 monitoring and intervention telematics service ("Guardian") for the commercial trucking sector - which prevents accidents and saves costs and lives. Seeing Machines' technology has been adopted by global industry leaders across the transportation spectrum such as Caterpillar. Seeing Machines is headquartered in Canberra, Australia and currently has offices and people in Melbourne, Tucson, Silicon Valley, Detroit and UK.

 

The attached notifications, made in accordance with the requirements of the EU Market Abuse Regulation, give further detail on the above.

 

Performance Rights Vesting Schedule






Number of rights


 12,374,739

Vesting start date


29-Aug-16

Number of months


48

Number vesting per month

 257,807





Year

Month

Vest this month

Cumulative vested

2016

Sep

 257,807

 257,807


Oct

 257,807

 515,614


Nov

 257,807

 773,421


Dec

 257,807

 1,031,228

2017

Jan

 257,807

 1,289,035


Feb

 257,807

 1,546,842


Mar

 257,807

 1,804,649


Apr

 257,807

 2,062,457


May

 257,807

 2,320,264


Jun

 257,807

 2,578,071


Jul

 257,807

 2,835,878


Aug

 257,807

 3,093,685


Sep

 257,807

 3,351,492


Oct

 257,807

 3,609,299


Nov

 257,807

 3,867,106


Dec

 257,807

 4,124,913

2018

Jan

 257,807

 4,382,720


Feb

 257,807

 4,640,527


Mar

 257,807

 4,898,334


Apr

 257,807

 5,156,141


May

 257,807

 5,413,948


Jun

 257,807

 5,671,755


Jul

 257,807

 5,929,562


Aug

 257,807

 6,187,370


Sep

 257,807

 6,445,177


Oct

 257,807

 6,702,984


Nov

 257,807

 6,960,791


Dec

 257,807

 7,218,598

2019

Jan

 257,807

 7,476,405


Feb

 257,807

 7,734,212


Mar

 257,807

 7,992,019


Apr

 257,807

 8,249,826


May

 257,807

 8,507,633


Jun

 257,807

 8,765,440


Jul

 257,807

 9,023,247


Aug

 257,807

 9,281,054


Sep

 257,807

 9,538,861


Oct

 257,807

 9,796,668


Nov

 257,807

 10,054,475


Dec

 257,807

 10,312,283

2020

Jan

 257,807

 10,570,090


Feb

 257,807

 10,827,897


Mar

 257,807

 11,085,704


Apr

 257,807

 11,343,511


May

 257,807

 11,601,318


Jun

 257,807

 11,859,125


Jul

 257,807

 12,116,932


Aug

 257,807

 12,374,739

 

 

Options Vesting Schedule






Number of rights                

24,786,640

Vesting start date               

29-Aug-16

Number of months

48

Number vesting per month

516,388





Year

Month

Vest this month

Cumulative vested

2016

Sep

516,388

 516,388


Oct

516,388

 1,032,777


Nov

516,388

 1,549,165


Dec

516,388

 2,065,553

2017

Jan

516,388

 2,581,942


Feb

516,388

 3,098,330


Mar

516,388

 3,614,718


Apr

516,388

 4,131,107


May

516,388

 4,647,495


Jun

516,388

 5,163,883


Jul

516,388

 5,680,272


Aug

516,388

 6,196,660


Sep

516,388

 6,713,048


Oct

516,388

 7,229,437


Nov

516,388

 7,745,825


Dec

516,388

 8,262,213

2018

Jan

516,388

 8,778,602


Feb

516,388

 9,294,990


Mar

516,388

 9,811,378


Apr

516,388

 10,327,767


May

516,388

 10,844,155


Jun

516,388

 11,360,543


Jul

516,388

 11,876,932


Aug

516,388

 12,393,320


Sep

516,388

 12,909,708


Oct

516,388

 13,426,097


Nov

516,388

 13,942,485


Dec

516,388

 14,458,873

2019

Jan

516,388

 14,975,262


Feb

516,388

 15,491,650


Mar

516,388

 16,008,038


Apr

516,388

 16,524,427


May

516,388

 17,040,815


Jun

516,388

 17,557,203


Jul

516,388

 18,073,592


Aug

516,388

 18,589,980


Sep

516,388

 19,106,368


Oct

516,388

 19,622,757


Nov

516,388

 20,139,145


Dec

516,388

 20,655,533

2020

Jan

516,388

 21,171,922


Feb

516,388

 21,688,310


Mar

516,388

 22,204,698


Apr

516,388

 22,721,087


May

516,388

 23,237,475


Jun

516,388

 23,753,863


Jul

516,388

 24,270,252


Aug

516,388

 24,786,640

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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Quick facts: Seeing Machines Ltd.

Price: 3.025

Market: AIM
Market Cap: £101.8 m
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