TIDMHDD
RNS Number : 3509Q
Hardide PLC
25 February 2021
THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION
25 February 2021
Hardide plc
("Hardide", the "Group" or the "Company")
Issue of Options
Hardide (AIM: HDD), the developer and provider of advanced
surface coating technology, announces that, following a meeting of
the Company's Remuneration Committee, a total of 1,820,108 options
to subscribe for new ordinary shares in the Company (the "Options")
have been granted to directors and senior managers.
The Company has a long--standing policy of granting share
options with appropriate performance and tenure conditions as a
core component of the Company's executive remuneration. The
Remuneration Committee intend that the Options should retain and
motivate the Group's senior management whilst at the same time
setting challenging performance targets that are specifically
aligned with the Group's strategic goals and shareholder interests.
The terms of the Options are in line with the Company's previous
issues as set out in its annual report.
The Options are exercisable at 31.0 pence per share (being the
closing price on 24 February 2021, the business day prior to the
grant today). All Options are subject to certain performance
conditions set out below, can vest in part should only certain
targets be met, and are subject to ongoing employment at the
relevant vesting date.
A total of 1,530,108 Options have been issued to directors of
the Company, as below:
Director Role New Options Consequent total
issued holding of share
options
Chief Executive
Philip Kirkham Officer 741,600 1,983,200
-------------------- ------------ ------------------
Yuri Zhuk Technical Director 338,508 689,516
-------------------- ------------ ------------------
Simon Hallam Finance Director 300,000 600,000
-------------------- ------------ ------------------
Robert Goddard Chairman 150,000 387,500
-------------------- ------------ ------------------
In addition, 290,000 Options have been issued to senior
employees of the Group.
Vesting of the Options issued to Directors is subject to the
following conditions: 40% vest on the date of the announcement of
the Company's audited financial results for the year to 30
September 2022 subject to the achievement by the Company of a gross
profit target of GBP3.5m and a further 40% on the achievement of a
higher gross profit target of GBP4.2m for the following year, and
the remainder will vest subject to the Company having achieved a
share price of at least 75p for any continuous 28 day period before
31 March 2024. Options issued to employees relate only to the
achievement of the same gross profit targets.
Following the award of the Options, the Company has 4,850,472
Options in issue, representing 8.0% of the Company's issued share
capital (as enlarged by the exercise of these Options).
Enquiries:
----------------------------------------- -----------------------
Hardide plc
Robert Goddard, Non-Executive Chairman Tel: +44 (0) 1869 353
Philip Kirkham, CEO 830
Jackie Robinson, Communications Manager
-----------------------
IFC Advisory Tel: +44 (0) 20 3934
Graham Herring / Tim Metcalfe / Florence 6630
Chandler
-----------------------
finnCap - Nominated Adviser and Joint Tel: +44 (0) 2072 200
Broker 500
Henrik Persson / Matthew Radley
-----------------------
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 Philip Kirkham
2. Reason for the Notification
a) Position/status CEO
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)
31 pence 741,600
d) Aggregated information:
-- Aggregated volume As above
-- Price
e) Date of the transaction 25 February 2021
f) Place of the transaction London Stock Exchange (XLON)
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Yuri Zhuk
2. Reason for the Notification
a) Position/status Technical 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)
31 pence 338,508
d) Aggregated information:
-- Aggregated volume As above
-- Price
e) Date of the transaction 25 February 2021
f) Place of the transaction London Stock Exchange (XLON)
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)
31 pence 300,000
d) Aggregated information:
-- Aggregated volume As above
-- Price
e) Date of the transaction 25 February 2021
f) Place of the transaction London Stock Exchange (XLON)
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Robert Goddard
2. Reason for the Notification
a) Position/status Chairman
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)
31 pence 150,000
d) Aggregated information:
-- Aggregated volume As above
-- Price
e) Date of the transaction 25 February 2021
f) Place of the transaction London Stock Exchange (XLON)
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END
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