30 Apr 2019 07:00
30 April 2019
LightwaveRF plc
(AIM: LWRF)
Grant of Options
LightwaveRF plc ("LightwaveRF" or the "Company"), the leading smart home solutions provider, announces that it has granted to Jason Elliott, Kevin Edwards and John Shermer, the Executive Directors, and to certain senior employees of the Company, in aggregate, respectively 700,000, 490,000, 490,000 and 420,000 share options at an exercise price of 8.5 pence per share in accordance with the Company's EMI Share Option Scheme.
Provided that they vest, the share options are exercisable three years after grant. The options will vest in two equal tranches, in December 2019 and December 2020, after the publication of the Company's audited financial statements for the financial years ending 30 September for each of those years. The proportion of the option award vesting in each year will increase from 20% to 50% provided certain revenue targets are achieved by the Company with the maximum award being made at revenue of £8.0m and £16.0m respectively for the financial years ending 30 September 2019 and 2020 (the "Performance Criteria"). Subject to the discretion of the Company's Remuneration Committee, any options not vesting in any one financial year would be capable of vesting in a later year provided performance criteria are met for such later year.
Following this award, Mr. Elliott holds, in aggregate, options over 1,200,000 ordinary shares of the Company as follows:
No. of options | Exercise price (pence) | Trigger price for exercise | Exercise period |
500,000 | 16.0 | n/a | 06/04/2021* - 05/04/2028 |
700,000 | 8.5 | n/a | 30/04/2022* - 29/04/2029 |
* Provided the options vest in accordance with the Performance Criteria
Following this award, Mr. Edwards holds, in aggregate, options over 1,340,000 ordinary shares of the Company as follows:
No. of options | Exercise price (pence) | Trigger price for exercise | Exercise period |
100,000 | 29.0 | 80p | 31/03/2018 -30/03/2025 |
400,000 | 13.0 | 40p | 14/02/2020 - 13/02/2027 |
350,000 | 16.0 | n/a | 06/04/2021* - 05/04/2028 |
490,000 | 8.5 | n/a | 30/04/2022* - 29/04/2029 |
* Provided the options vest in accordance with the Performance Criteria
Following this award, Mr. Shermer holds, in aggregate, options over 1,440,000 ordinary shares of the Company as follows:
No. of options | Exercise price (pence) | Trigger price for exercise | Date from which exercisable |
200,000 | 28.0 | 80p | 30/09/2018 -30/03/2025 |
400,000 | 13.0 | 40p | 14/02/2020 -13/02/2027 |
350,000 | 16.0 | n/a | 06/04/2021* - 05/04/2028 |
490,000 | 8.5 | n/a | 30/04/2022* - 29/04/2029 |
* Provided the options vest in accordance with the Performance Criteria
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
For further information:
LightwaveRF plc Jason Elliott, CEO Kevin Edwards, CFO | www.lightwaveRF.com +44 (0) 121 250 3625 |
Stockdale Securities Limited Tom Griffiths/David Coaten | www.stockdalesecurities.com +44 (0) 20 7601 6100 |
Yellow Jersey PR Charles Goodwin/Annabel Atkins | www.yellowjerseypr.com +44 (0) 7747 788 221 |
About LightwaveRF
LightwaveRF plc ("Lightwave") is the UK's only fully integrated home automation company.
New customers typically buy a starter pack of Link Plus hub and smart dimmer which has Apple HomeKit compatibility, 2-way communication and built-in energy monitoring. Later adding other easy to install devices from the Lightwave range enables further in-home control, monitoring and automation of lighting, heating and power.
Devices may be operated manually, by smartphone or tablet-based apps and also through Google Assistant and Amazon Alexa voice control.
Leading tech industry publication 9to5 Mac describes Lightwave as "the best UK HomeKit solution for smart lighting".
For further information and "Newsletter sign up", please visit:
www.lightwaverf.com/corporate/