RE: Potential Investor18 Jan 2021 16:32
Roly 17.5% dilution , under current SP and 10 years to vest them. Bwahahhahahahha.
New Options
The New Options will be granted, wherever possible, under EMI rules, and will vest from 1 October 2020 with an exercise period of 10 years ending on 20 April 2030. As announced on 31 March 2020, the exercise price of each option is 1 penny per share, an increase of 75% above the closing price of 0.57 pence per share on 30 March 2020, being the trading day immediately before that announcement. The New Options have customary good leaver and bad leaver provisions and acceleration of vesting criteria in certain specified circumstances. The Warrants are being granted with an identical exercise price and for an identical period of time.
A further 1,250,000 share options are being issued in the ordinary course of the Group's remuneration policy to staff under the Group's existing EMI scheme. These have an exercise price of 1.15 pence each.
Total options in the Group
Following the Surrender and the grant of the New Options and Warrants, the Company will have a total of 80,237,004 share options and Warrants in issue, 9,000,000 of which are expected to lapse by June 2020. This equates to 20.0% of the current issued share capital prior to any lapse and 17.8% after this expected lapse.