02:00 Mon 10 Aug 2020
Synectics PLC - Directors' / PDMRs' Interests in Shares
(the "Company")
Directors' / PDMRs' Interests in Shares
Director Options
| Position | Number of Options |
| Chief Executive Officer | 300,000 |
| Group Finance Director | 186,000 |
Following these awards, their total interests in Ordinary Shares comprise:
|
Number of Ordinary Shares held | Interest in Ordinary Shares in |
Resultant total interest in Ordinary Shares |
% of issued share capital |
| 57,115 | 533,909 | 591,024 | 3.32% |
| 5,000 | 186,000 | 191,000 | 1.07% |
The above one-off awards vest over a five-year period up to the end of the Company's financial year ending
The performance criteria will be measured according to the average of the Compound Annual Growth Rate ("CAGR") of the Total Shareholder Return and the CAGR of Adjusted Underlying Diluted Earnings Per Share for each of the three relevant periods of roughly three, four and five years respectively. If this average is 25% or more, 100% of that tranche of Options will vest. If this average is above 15% and below 25%, between 0% and 100% of the Options will vest (on a straight-line basis). 75% of any Options not vesting at the three year and four-year vesting points may be carried forward to the following year. Any Options not vesting at the five-year point will lapse. The baseline for calculating the CAGR of Total Shareholder Return is
The limit on the number of Ordinary Shares over which options may be awarded remains unchanged.
Any entitlement under the PSP will lapse on cessation of employment prior to the end of the five-year vesting period, unless cessation of employment is by reason of redundancy, ill health or death.
PDMR Options
| Number of Options |
| 20,000 |
| 20,000 |
| 20,000 |
Following these awards, their total interests in Ordinary Shares comprise:
|
Number of Ordinary Shares held | Interest in Ordinary Shares in | Resultant total interest in Ordinary Shares | % of issued share capital |
| - | 23,237 | 23,237 | 0.13% |
| 10,000 | 40,759 | 50,759 | 0.29% |
| 12,210 | 30,000 | 42,210 | 0.24% |
Under the PSP, selected employees are entitled to exercise an option to receive a certain number of Ordinary Shares at any time after a three-year vesting period, exercisable at nil cost. The number of Ordinary Shares that are awarded at the end of the three-year period is dependent on the achievement of certain performance criteria and must be exercised within ten years of the date of award.
As above, vesting of the PSP award is measured according to the average of the CAGR of the Total Shareholder Return Index and the CAGR of Adjusted Underlying Diluted Earnings Per Share. If this average is 25% or more, 100% of the award will vest. If this average is above 15% and below 25%, between 0% and 100% of the award will vest (on a straight-line basis). The same baselines apply as for the Director Options above.
The limit on the number of Ordinary Shares over which options may be awarded remains unchanged.
Any entitlement under the PSP will lapse on cessation of employment prior to the end of the 3-year vesting period, unless cessation of employment is by reason of redundancy, ill health or death.
Should the performance criteria be met in full or in part for both the Director Options and the PDMR Options, it is intended that the appropriate number of Options will be satisfied firstly from any unallocated Ordinary Shares already held within the Company's employee benefit trust with the balance to be satisfied from a new issue of Ordinary Shares.
Full details of the PSP were set out in the Company's Annual Report for the year ended
For further information, please contact:
Tel: +44(0) 114 280 2828
www.synecticsplc.com
[email protected]
Shore Capital
Tel: +44 (0) 207 408 4050
About Synectics plc
Synectics (AIM: SNX) is a leader in the design, integration and support of advanced security and surveillance systems that enable clients around the world to protect their people, communities, and assets.
Founded over 30 years ago, Synectics has deep industry experience across gaming, energy, urban transport, public space and critical infrastructure projects. The group's expert engineering teams work in partnership with customers to create integrated product and technology platforms, proven in the most complex and demanding operating environments.
Find out more at www.synecticsplc.com.
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