Tekmar Group PLC Issue of Equity for Share Incentive Plan (8958A)
September 17 2018 - 1:00AM
UK Regulatory
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RNS Number : 8958A
Tekmar Group PLC
17 September 2018
For release: 07.00 am, 17 September 2018
Tekmar Group plc
("Tekmar" or the "Company")
Issue of Equity for Share Incentive Plan ("SIP")
Tekmar Group plc (AIM: TGP), a market-leading technology
provider of protection systems for subsea cable, umbilical and
flexible pipes and offshore engineering services, announces that,
further to the details included in the Company's AIM Admission
Document and in respect of the Share Incentive Plan for eligible
employees, the Company has on 13 September 2018 ("Award Date")
issued and allotted a total of 42,691 new ordinary shares of
GBP0.01 each in the Company ("SIP Shares"), which have been
purchased at nominal value by the Tekmar Group plc Employee Share
Incentive Plan.
On 24 August 2018 the Company invited eligible employees of the
Company to participate in an HMRC approved Share Incentive Plan,
which the Company put in place during August 2018. The scheme is a
tax efficient share incentive plan whereby eligible employees with
over 1 year's continuous service at the Award Date received GBP300
worth of free shares for each full year of service (the "Award"),
capped at 7 years maximum entitlement. The SIP Shares are held in
trust for a minimum holding period of 3 years and there is a
forfeiture period of 3 years during which employees who
participated in the SIP will lose their Award if they resign or are
dismissed from their employment. Shares issued under the SIP are
held by Equiniti Share Plan Trustees Limited.
Application has been made for the SIP Shares to be admitted to
trading on AIM ("Admission") and it is expected that Admission to
AIM will become effective on or around 20 September 2018.
The SIP Shares shall rank equally with the existing Ordinary
Shares.
No PDMRs were allocated shares.
Following the issue of SIP Shares, the Company will have
50,687,852 ordinary shares in issue and the total number of voting
shares in Tekmar Group plc will be 50,687,852.
The above figure of 50,687,852 should be used by shareholders as
the denominator for the calculations by which they will determine
if they are required to notify their interest in, or a change to
their interest in the share capital of Tekmar Group plc under the
Financial Conduct Authority's Disclosure and Transparency
Rules.
Enquiries
Tekmar Group plc
James Ritchie-Bland, Chief Executive Officer
Sue Hurst, Chief Financial Officer +44 (0)1325 379 520
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett / Jen Clarke +44 (0)20 7383 5100
Berenberg (Broker)
Chris Bowman / Ben Wright / Laure Fine +44 (0)20 3207 7800
Belvedere Communications (Financial PR)
Cat Valentine / Llew Angus +44 (0) 7715 769078
About Tekmar Group plc - www.tekmar.co.uk
Tekmar Group plc is a market-leading technology provider of
protection systems for subsea cable, umbilical and flexible pipes
and offshore engineering services.
It operates two primary divisions: the Offshore Wind Farm
division, which focuses on the provision of subsea protection for
power transmission cables from and between offshore wind turbines,
and the Subsea division which focuses primarily on the provision of
subsea protection for umbilicals and flexible pipes to the oil and
gas market. Both divisions are supported by AgileTek which provides
subsea analysis, simulation and engineering consultancy
services.
The Group is headquartered in Newton Aycliffe in the United
Kingdom in a 70,000 sq ft facility that includes the manufacturing
centre, HSQE centre and business administration, and a 30,000 sq ft
facility that includes product testing, client-training centre and
the sales, project and engineering offices. AgileTek operates from
an office in London and has offices supporting its Offshore Wind
Farm division in Hamburg (Germany) and Shanghai (China). Tekmar has
appointed sales agents in Busan (South Korea) and Boston (United
States) for the Offshore Wind Farm division and in Singapore and
Abu Dhabi (United Arab Emirates) for the Subsea division.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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