9 February 2024
Solid State
plc
("Solid
State", the "Group" or the "Company")
LTIP & CSOP
Award
Solid State plc (AIM: SOLI), the
specialist value added component supplier and design-in
manufacturer of computing, power, and communications products,
announces the following grants of options over a total of 56,400
ordinary shares of 5 pence each ("Ordinary Shares") to executive
directors pursuant to the Company's existing Long term Incentive
Plan ("LTIP"), which was approved by shareholders at the Company's
AGM held on 9 September 2020:
|
Executive Director
|
New
options awarded under LTIP
|
Other existing options held under LTIP
|
Other existing EMI options held
|
Total options held following new LTIP grant
|
|
Gary Marsh
|
14,100
|
35,500
|
8,000
|
57,600
|
|
Peter James
|
14,100
|
35,500
|
24,000
|
73,600
|
|
John Macmichael
|
14,100
|
35,500
|
8,000
|
57,600
|
|
Matthew Richards
|
14,100
|
35,500
|
32,000
|
81,600
|
These nominal cost options granted
under the LTIP award will vest in full only if the reported
adjusted diluted EPS growth in the period to the third anniversary
of the grant exceeds the UK rate of Consumer Price Inflation by at
least 30 per cent. The performance period is based on the 1
April 2023 to 31 March 2026, with EPS growth measured against the
reported adjusted diluted EPS for 31 March 2023. Partial vesting
for growth below this rate will be at the absolute discretion of
the Remuneration Committee at the appropriate time.
The Board believes that the
performance conditions attaching to the LTIP awards are a fair
measure of value creation and align the Directors' interest with
those of shareholders.
Furthermore, the Company announces
the awards of options over 50,150 Ordinary Shares to certain
employees pursuant to the Company Share Option Plan. These
options are exercisable after three years following grant, subject
to achievement of separate performance criteria and payment of the
exercise price.
For
further information please contact:
|
Solid State plc
Gary Marsh - Chief
Executive
Peter James - Group Finance
Director
|
Via Walbrook
|
|
Cavendish Capital Markets Limited (Nominated Adviser & Broker)
Adrian Hadden / Callum Davidson
(Corporate Finance)
Jasper Berry / Tim Redfern (Sales /
ECM)
|
020 7397 8900
020 7220 0500
|
|
Walbrook PR (Financial
PR)
Tom Cooper / Nick Rome / Joe
Walker
|
020 7933 8780
0797 122 1972
solidstate@walbrookpr.com
|
Analyst Research Reports:
For further analyst information and research see
the Solid State plc website:
https://solidstateplc.com/research/
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Gary Marsh
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Chief Executive Officer
|
|
b)
|
Initial notification
/Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Solid State plc
|
|
b)
|
LEI
|
213800QUHS9QTN5T1P62
|
|
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
Identification code
|
Ordinary shares of 5p
each
GB0008237132
|
|
b)
|
Nature of the transaction
|
Grant of options
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Exercise price:
5p
|
14,100
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - single transaction
|
|
e)
|
Date of the transaction
|
7 February 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Peter James
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Chief Financial Officer
|
|
b)
|
Initial notification
/Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Solid State plc
|
|
b)
|
LEI
|
213800QUHS9QTN5T1P62
|
|
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
Identification code
|
Ordinary shares of 5p
each
GB0008237132
|
|
b)
|
Nature of the transaction
|
Grant of options
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Exercise price:
5p
|
14,100
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - single transaction
|
|
e)
|
Date of the transaction
|
7 February 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
John Macmichael
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Executive Director
|
|
b)
|
Initial notification
/Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Solid State plc
|
|
b)
|
LEI
|
213800QUHS9QTN5T1P62
|
|
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
Identification code
|
Ordinary shares of 5p
each
GB0008237132
|
|
b)
|
Nature of the transaction
|
Grant of options
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Exercise price:
5p
|
14,100
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - single transaction
|
|
e)
|
Date of the transaction
|
7 February 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
Matthew Richards
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
Executive Director
|
|
b)
|
Initial notification
/Amendment
|
Initial Notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Solid State plc
|
|
b)
|
LEI
|
213800QUHS9QTN5T1P62
|
|
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
Identification code
|
Ordinary shares of 5p
each
GB0008237132
|
|
b)
|
Nature of the transaction
|
Grant of options
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
Exercise price:
5p
|
14,100
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
N/A - single transaction
|
|
e)
|
Date of the transaction
|
7 February 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
Notes to Editors:
Solid State plc (SOLI) is a value
added electronics group supplying commercial, industrial and
defence markets with durable components, assemblies, manufactured
units and power units for use in specialist and harsh
environments. The Group's mantra is - 'Trusted
technology for demanding environments'. To see an
introductory video on the Group - https://bit.ly/3kzddx7
Operating through two main
divisions: Systems (Steatite, Active Silicon & Custom Power)
and Components (Solid State Supplies, Pacer, Willow Technologies
& AEC); the Group specialises in complex engineering challenges
often requiring design-in support and component sourcing for
computing, power, communications, electronic, electro-mechanical
and opto-electronic products.
Headquartered in Redditch, UK, Solid
State employs approximately 400 staff across the UK and US, serving
specialist markets with high barriers to entry in industrial,
defence and security, transportation, medical and
energy.
Solid State was established in 1971
and admitted to AIM in June 1996. The Group has grown
organically and by acquisition - having made three acquisitions in
the last three years.