Last checked at 14 Jun 2018 07:00
14 June 2018
Iofina plc
("Iofina" or the "Company")
Grant of Share Options
Iofina (AIM: IOF), specialists in the exploration and production of iodine and iodine specialty chemical derivatives, announces that it has, effective from 13 June 2018, adopted an updated share option plan for the incentivisation and retention of key personnel. The Company adopted its initial share option plan in 2008 (the "2008 Plan"), the terms of which have not been previously amended or otherwise updated. The Company's board of directors (the "Board") considered it to be the appropriate time to review the terms of the 2008 Plan to assess whether any changes should be made to the terms to reflect the Company's current strategy and update any obsolete federal and/or regulatory references. The Board resolved to update the 2008 Plan to ensure it remains fit for purpose. The updated share option plan of the Company is to be known as the "Iofina plc 2018 Stock Option Plan" (the "2018 Plan").
The Company further announces that it granted on 13 June 2018, in aggregate, 1,980,000 share awards in the form of options over ordinary shares in the capital of the Company ("Ordinary Shares") under the 2018 Plan (the "2018 Options"). As at today's date, the options represent approximately 1.55 per cent. of the current issued share capital of the Company.
The 2018 Options will be exercisable at a price of 16.2 pence per Ordinary Share (being the closing price on 12 June 2018), with 50 per cent. vesting one year from the date of grant and the remaining 50 per cent. vesting two years from the date of grant. The 2018 Options are exercisable at any time prior to (and including) the day falling on the tenth anniversary of grant. In the event that any option holder leaves the Company, they will have a period of 90 days within which to exercise any vested options failing which they will lapse (the "90 Days Condition").
The grant of options under the 2018 Plan is part of the Company's long-term incentive arrangements designed to align the interests of the shareholders and certain executives.
There remain outstanding 985,000 share awards in the form of options over Ordinary Shares granted on 2 July 2011 under the 2008 Plan (the "2008 Options"), representing approximately 0.77 per cent. of the current issued share capital of the Company. The 2008 Options are exercisable at 30 pence per Ordinary Share and are exercisable up to (and including) 2 July 2021. The 90 Days Condition is also applicable to the 2008 Options.
The 2018 Options and the 2008 Options represent, in aggregate, approximately 2.33 per cent. of the current issued share capital of the Company.
In accordance with the requirements of the EU Market Abuse Regulation the 2018 Options have been granted to PDMRs under the 2018 Plan.
The total options granted over Ordinary Shares under the 2008 Plan and the 2018 Plan are detailed below.
Name | 2008 Options granted | Exercise price per 2008 Option | Lapse date | 2018 Options granted | Exercise price per 2018 Option | Lapse date |
Thomas Becker | 250,000 | 30 pence | 02/07/21 | 660,000 | 16.2 pence | 13/06/28 |
Malcolm Lewin | - | - | - | 330,000 | 16.2 pence | 13/06/28 |
Lance Baller | - | - | - | 220,000 | 16.2 pence | 13/06/28 |
William Bellamy | - | - | - | 110,000 | 16.2 pence | 13/06/28 |
Forest Dorn | 350,000 | 30 pence | 02/07/21 | 220,000 | 16.2 pence | 13/06/28 |
Kurt Jones | 125,000 | 30 pence | 02/07/21 | 220,000 | 16.2 pence | 13/06/28 |
Scott Formolo | 100,000 | 30 pence | 02/07/21 | 220,000 | 16.2 pence | 13/06/28 |
Michael Coddington | 100,000 | 30 pence | 02/07/21 | - | - | - |
Other employees (non-PDMRs) | 60,000 | 30 pence | 02/07/21 | - | - | - |
Enquiries:
Iofina plc
Dr. Tom Becker, CEO & President
Tel: +44 (0)20 3006 3135
finnCap Ltd
Christopher Raggett/Giles Rolls/Camille Gochez
Tel: +44 (0)20 7220 0500
Media Contact:
Yellow Jersey
Charles Goodwin/Harriet Jackson
Tel: +44 (0)7544 275 882
About Iofina:
Iofina specialises in the exploration and production of iodine, halogen based specialty chemical derivatives and produced water. Iofina's business strategy is to identify, develop, build, own and operate iodine extraction plants currently focused in North America, based on Iofina's WET® IOsorb® technology. Iofina has production operations in the United States, specifically in Kentucky and Oklahoma. It is a vertically integrated company, covering the process from the production of iodine in the field, to the manufacture of the chemical end-products derived from iodine, supplying them to the consumer, and the recycling of iodine using iodinated side-streams from waste chemical processes. Iofina utilises its portfolio of patented and patent-pending technology, and proprietary methods and trademarks throughout all business lines.
www.iofina.com