Last checked at 20 May 2020 16:37
20 May 2020
Hardide plc
("Hardide", the "Group" or the "Company")
Issue of Options
Hardide (AIM: HDD), the developer and provider of advanced surface coating technology, announces the issue of 300,000 options to subscribe for new ordinary shares in the Company (the "Options") to its newly appointed Finance Director, Simon Hallam. The intention to grant these options was notified in the announcement of Simon's appointment on 27 January 2020 and completion of the issue was delayed pending the end of the Company's close period for the interim results notified on 19 May 2020.
The Options are exercisable at 29 pence per share (being the closing price on 20 April 2020, the business day prior to Simon's formally joining the Company) and will lapse on the tenth anniversary of grant unless previously exercised.
The Company does not have a formal long-term incentive plan or share option schemes but a long-held policy of granting share options with appropriate performance and tenure conditions as a core component of the Company's executive remuneration. The performance conditions attached to the Options relate to share price appreciation in each of the two years to September 2022 (25% of the options vest 20 April 2022 if the share price hits 75 pence by 30 Sept 2021, and 25% vest 20 April 2023 if share price hits 82.5 pence by 30 Sept 2022), and 50% to achieving sales growth and gross profit margin targets over the years ending 30 September 2021. The share options can vest in part should only certain performance targets be met and are subject to ongoing employment at the relevant vesting date.
The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
Enquiries: |
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Hardide plc Robert Goddard, Non-Executive Chairman Philip Kirkham, CEO Jackie Robinson, Communications Manager |
Tel: +44 (0) 1869 353 830 |
IFC Advisory Graham Herring / Tim Metcalfe / Florence Chandler | Tel: +44 (0) 20 3934 6630 |
finnCap - Nominated Adviser and Joint Broker Henrik Persson / Matthew Radley | Tel: +44 (0) 2072 200 500 |
Allenby Capital - Joint Broker Jeremy Porter / Tony Quirke |
Tel: +44 (0) 20 3328 5656 |
Notes to editors:
www.hardide.com
Hardide develops, manufactures and applies advanced technology tungsten carbide/tungsten metal matrix coatings to a wide range of engineering components. Its patented technology is unique in combining in one material, a mix of toughness and resistance to abrasion, erosion and corrosion; together with the ability to coat accurately interior surfaces and complex geometries. The material is proven to offer dramatic improvements in component life, particularly when applied to components that operate in very aggressive environments. This results in cost savings through reduced downtime and increased operational efficiency. Customers include leading companies operating in oil and gas exploration and production, valve and pump manufacturing, precision engineering and aerospace industries.
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 | Simon Hallam | ||||
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 | 213800HLAUIIFKMU5G89 | ||||
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 Financial instrument, type of instrument | Options over ordinary shares of 4 pence each | ||||
Identification code | GB00BJJPX768 | |||||
b) | Nature of the transaction | Grant of Options | ||||
c) | Price(s) and volume(s) |
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d) | Aggregated information: · Aggregated volume · Price |
300,000 options over ordinary shares of 4 pence each, granted at 29 pence per ordinary share | ||||
e) | Date of the transaction | 20 May 2020 | ||||
f) | Place of the transaction | Outside of trading venue | ||||