TIDMHDD

RNS Number : 4757X

Hardide PLC

21 February 2017

 
 21 February 2017

Hardide plc

("Hardide" or "the Group" or "the Company")

Grant of Options

Hardide (AIM: HDD), the provider of advanced surface coating technology, announces that on 20 February 2017 it granted share options to Peter Davenport, Finance Director of the Company, under its Share Option Plan (the "New Options"). The New Options are over a total of 3,000,000 new Ordinary shares with a nominal value of 0.1p each in the capital of the Company ("Ordinary Shares") and at an exercise price of 0.875p each.

The New Options will, subject to the satisfaction of certain performance conditions, vest in full immediately once the Board has determined that such criteria have been met. In accordance with the scheme rules, the options must be exercised within ten years of being granted but will lapse if the vesting criteria are not met. For the avoidance of doubt these options will be granted only once and not in respect of each year in which the vesting criteria are met. In summary the vesting criteria are:

i) The Company is EBITDA positive in any one of the full financial years to 30th September of 2017, 2018 or 2019;

ii) The closing mid-market price of the Company's Ordinary Shares reaches 2.5p within twelve months of the relevant financial year end set out in point i) above; and

   iii)           Both of the criteria in i) and ii) above are met

The New Options will also vest in full in the event of a change of control.

In aggregate, the New Options represent 0.2% of the existing Ordinary share capital of the Company and following the grant of the New Options, the Company has a total of 125,759,600 unexercised options pursuant to its Share Option Plan. This amounts to approximately 8.2% of the existing issued Ordinary share capital of the Company of 1,534,906,304 Ordinary Shares.

The information in this announcement contains inside information for the purposes of Article 7 of the Market Abuse Regulation (EU) No. 596/2014.

 
  For further information: 
  Hardide plc                        Tel: +44 (0) 1869 
   Philip Kirkham, CEO                353 830 
   Jackie Robinson, Communications 
   Manager 
 
   finnCap                             Tel: +44 (0)20 7220 
   Stuart Andrews / Henrik             0500 
   Persson / James Thompson

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                             Peter Davenport 
---  -------------------------------  ---------------------------------- 
 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                              n/a 
---  -------------------------------  ---------------------------------- 
 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                   Options over ordinary shares 
       the Financial                    of 0.1p each 
       instrument, type 
       of instrument 
--- 
      Identification                   GB00B069T034 
       code 
---  -------------------------------  ---------------------------------- 
 b)   Nature of the                    Grant of Options 
       transaction 
---  -------------------------------  ---------------------------------- 
 c)   Price(s) and                      Price(s)       Volume(s) 
       volume(s)                        -------------  ---------- 
                                         0.875 pence    3,000,000 
                                        -------------  ---------- 
---  -------------------------------  ---------------------------------- 
 d)   Aggregated information: 
        *    Aggregated volume           3,000,000 options over ordinary 
                                         shares of 0.1 pence granted 
                                         at 0.875 pence per ordinary 
        *    Price                       share 
---  -------------------------------  ---------------------------------- 
 e)   Date of the transaction          20 February 2017 
---  -------------------------------  ---------------------------------- 
 f)   Place of the                     London Stock Exchange, AIM 
       transaction                      Market 
---  -------------------------------  ----------------------------------

This information is provided by RNS

The company news service from the London Stock Exchange

END

DSHDMGZZVMFGNZM

(END) Dow Jones Newswires

February 21, 2017 11:45 ET (16:45 GMT)

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