Tekcapital plc Grant of Share Options (4455P)
08 Giugno 2015 - 8:01AM
UK Regulatory
TIDMTEK
RNS Number : 4455P
Tekcapital plc
08 June 2015
8 June 2015
Tekcapital plc
("Tekcapital" or "the Company")
Grant of Share Options
The Board of Tekcapital plc (AIM: TEK), an international
provider of technology and intellectual property services,
announces the grant of 1,340,000 options to subscribe for new
ordinary shares of 0.4 pence each in the Company ("Ordinary
Shares") (the "Options"). The Options were granted to certain
directors and senior management of the Company on 8 June 2015 (the
"Grant Date") under the Company's EMI Share Option Scheme ("EMI")
and Unapproved Share Option Plan ("Non-EMI").
765,000 of these Options have been issued to directors,
representing 2.21% of the Company's current issued share capital,
with the balance issued to certain senior employees in the Company,
representing 1.66% of the Company's current issued share
capital.
The Options have an exercise price of 36.25p per share, being
the closing mid-market price of Ordinary Shares on 5 June 2015. The
Options vest over a three year period as to one third on the first
anniversary, one third on the second anniversary and one third on
the third anniversary of the Grant Date. All Options granted will
vest immediately if the mid-price of Ordinary Shares is maintained
at or above GBP1.00 for ten consecutive trading days. The Options
will expire on the fifth anniversary of the Grant Date.
The Options issued to directors are detailed below:
Name Current Number Option Total number Percentage
number of Options Type of Options of current
of options granted now held issued
held share capital
------------------ ------------ ------------ -------- ------------- ---------------
Dr Clifford
Gross 0 450,000 Non-EMI 450,000 1.30%
------------------ ------------ ------------ -------- ------------- ---------------
Bill Payne 75,000 120,000 EMI 195,000 0.56%
------------------ ------------ ------------ -------- ------------- ---------------
Carl Nisser 0 120,000 EMI 120,000 0.35%
------------------ ------------ ------------ -------- ------------- ---------------
Susan Greenfield 75,000 75,000 EMI 150,000 0.43%
------------------ ------------ ------------ -------- ------------- ---------------
Total 150,000 765,000 915,000 2.64%
------------------ ------------ ------------ -------- ------------- ---------------
At the time of the Company's admission to AIM ("Admission") in
April 2014, Dr Clifford Gross' interest in Tekcapital's Ordinary
Shares represented 38.47% of the voting rights in the Company. Due
to the extent of Dr Gross' holding in the Company and taking
account of the UK Takeover Code (the "Takeover Code"), Tekcapital
had been advised that Dr Gross should not participate in the
Company's share option schemes. Subsequently, Dr Gross' interest in
Tekcapital's Ordinary Shares has reduced to 24.97% of the voting
rights in the Company due to dilution from the placing announced on
6 May 2015. The Company's remuneration committee does not now
consider the Takeover Code to represent an obstacle to Dr Gross
receiving Options and has therefore determined that it is now
appropriate for Dr Gross to be granted 450,000 Options (as
referenced above), given his contribution to Tekcapital's
development and progress since Admission and the level of
remuneration he receives.
As a holder of more than 10% of the Company's issued share
capital, Dr Clifford Gross is a substantial shareholder under the
AIM Rules for Companies and therefore this grant of Options to him
is a related party transaction pursuant to those rules. The
independent director of Tekcapital, being Malcolm Groat for this
purpose, considers, having consulted with Allenby Capital as the
Company's nominated adviser, that the terms of the option grant to
Dr Clifford Gross are fair and reasonable insofar as shareholders
are concerned.
Following the grant of the Options the total number of options
outstanding to subscribe for new ordinary shares in the Company is
2,290,000, representing 6.60% of the Company's current issued share
capital.
For further information please contact:
+1 305 200 3450
Tekcapital Plc Ext 305
Clifford M. Gross info@tekcapital.com
Allenby Capital Limited (Nominated
Adviser & Joint Broker) +44 (0)20 3394 2972
Jeremy Porter / Alex Brearley
Optiva Securities Limited (Joint +44 (0) 20 3137
Broker) 1904
Jeremy King / Vishal Balasingham jeremy.king@optivasecurities.com
+44 (0) 20 3727
FTI Consulting, LLP 1000
Chris Lane / Emma Appleton / Roger
Newby tekcapital@fticonsulting.com
Tekcapital plc - The World's Largest University Network for Open
Innovation
Tekcapital helps clients profit from new, university-developed
intellectual properties. With our proprietary discovery search
engine, linked to 4,000+ universities in 160 countries, coupled
with expert scientific review, we provide a turn-key service to
make it easy for clients to find and acquire the IP they need to
create a competitive advantage. Tekcapital plc is listed on the AIM
market of the London Stock Exchange (AIM: symbol TEK) and is
headquartered in Oxford, in the UK. For more information, please
visit www.tekcapital.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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