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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May 20, 2020 11:37 ET (15:37 GMT)

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