IQE PLC Iqe Plc : Long Term Incentive Plan (LTIP) Awards
May 02 2018 - 1:01AM
UK Regulatory
TIDMIQE
IQE plc
("IQE" or the "Company")
Long Term Incentive Plan (LTIP) Awards
01 May 2018
IQE plc announces that on 01 May 2018 the Board confirmed a
recommendation of the Remuneration Committee made on 06 March 2018 to
grant 1,082,970 nil-cost share options ("Awards") over the Company's
ordinary shares of 1 pence each awarded under the Company's Long Term
Incentive Plan ("LTIP") to certain directors of the Group detailed in
the table below:
Number of ordinary shares subject to award under the
Name Role LTIP
Dr Andrew
Nelson Chief Executive Officer 462,846
Mr Phillip
Rasmussen Chief Financial Officer to the date of his death on
(deceased) 1(st) April 2018 310,062
Dr Howard
Williams Chief Operations Officer 310,062
The Awards are granted under the LTIP which was previously approved by
shareholders and described in the Annual Remuneration Report in IQE's
Report and Accounts for the years ended 31 December 2016 and 31 December
2017. The LTIP Awards for Dr Nelson and Dr Williams are subject to
achievment of the performance criteria as approved by shareholders at
the 2017 shareholder Annual General Meeting, their share Awards have a
three year vesting period and no consideration is payable for the grant
of the Awards.
The Board approved the accelerated vesting of 10,474,151 options over
ordinary shares of 1 pence each in the Company awarded to Mr Phillip
Rasmussen (deceased) through the LTIP granted between 2012 and 2018.
This accelerated vesting includes the 310,062 Awards referred to above.
Under the terms of the LTIP plan, the Board has discrection to approve
the accelerated vesting of LTIP awards under certain circumstances,
including that of a "good leaver". In this case, the Board decided to
approve the accelerated vesting of the LTIP awards for Mr Rasmussen,
following his tragic death in service on 01 April 2018.
Mr Rasmussen's Executor and Beneficiaries will have 12 months from the
date of Mr Rasmussen's death to exercise the options, otherwise they
will lapse. The interest in these options will no longer be reported
since they are no longer deemed to be a PDMR or PCA.
The notification of the awards and accelerated vesting is intended to
satisfy the Company's obligations under the Disclosure Guidance and
Transparency Rules.
Contacts:
IQE plc
Chris Meadows +44 (0) 29 2083 9400
Canaccord Genuity
Simon Bridges
Henry Fitzgerald-O'Connor
Richard Andrews + 44 (0) 20 7523 8000
Peel Hunt
Edward Knight
Nick Prowting +44 (0) 20 7418 8900
The notification set out below is provided in accordance with the
requirements of the EU Market Abuse Regulation.
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1. Details of the Person discharging managerial responsibilities
("PDMR") / person closely associated with them ("PCA")
a) Name Dr Andrew Nelson
2. Reason for the notification
a) Position / status PDMR (Chief Executive Officer)
b) Initial notification / Initial notification
amendment
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name IQE plc
b) Legal Entity Identifier 213800Y33WHD3ESJJP16
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 Award of LTIP options over ordinary shares of 1 pence
financial instrument each in the Company ("Awards")
GB0009619924
b) Nature of the Granting of LTIP Awards
transaction
c) Price(s) and volume(s) Price(s) Volume(s)
Nil pence 462,846 Awards
d) Aggregated information
-- Aggregated volume N/A single transaction
-- Aggregated price
-- Aggregated total
e) Date of the transaction 1 May 2018
f) Place of the Off market transaction
transaction
1. Details of the Person discharging managerial responsibilities
("PDMR") / person closely associated with them ("PCA")
a) Name Estate of Mr Phillip Rasmussen (Deased)
2. Reason for the notification
a) Position / status PDMR (Former Finance Director)
b) Initial notification / Initial notification
amendment
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name IQE plc
b) Legal Entity Identifier 213800Y33WHD3ESJJP16
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 Award of LTIP options over ordinary shares of 1 pence
financial instrument each in the Company ("Awards")
GB0009619924
b) Nature of the Granting of LTIP Awards, and;
transaction Acceleration of vesting of LTIP Awards
c) Price(s) and volume(s) Price(s) Volume(s)
Nil pence 310,062 Awards
Nil pence 10,474,151 Awards
d) Aggregated information
-- Aggregated volume 10,474,151 Awards
-- Aggregated price Nil pence
-- Aggregated total Total consideration Nil
e) Date of the transaction 1 May 2018
f) Place of the Off market transaction
transaction
1. Details of the Person discharging managerial responsibilities
("PDMR") / person closely associated with them ("PCA")
a) Name Dr Howard Williams
2. Reason for the notification
a) Position / status PDMR (Chief Operations Officer)
b) Initial notification / Initial notification
amendment
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
a) Name IQE plc
b) Legal Entity Identifier 213800Y33WHD3ESJJP16
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 Award of LTIP options over ordinary shares of 1 pence
financial instrument each in the Company ("Awards")
GB0009619924
b) Nature of the Granting of LTIP Awards
transaction
c) Price(s) and volume(s) Price(s) Volume(s)
Nil pence 310,062 Awards
d) Aggregated information
-- Aggregated volume N/A single transaction
-- Aggregated price
-- Aggregated total
e) Date of the transaction 1 May 2018
f) Place of the Off market transaction
transaction
This announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the information
contained therein.
Source: IQE plc via Globenewswire
http://www.iqep.com
(END) Dow Jones Newswires
May 02, 2018 02:01 ET (06:01 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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