Last checked at 4 Jan 2018 07:00
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Surface Transforms plc
("Surface Transforms" or the "Company")
Grant of Options
Surface Transforms plc (AIM: SCE) announces that it has granted options over 2,965,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Options") to a director, 5 executives being "people with direct management responsibility" (PDMR) and 22 employees. The Options for the director and PDMRs have been granted as follows:
Director or PDMR | Position | Number of options granted | Total options held following this grant | |||
David Bundred | Chairman | 450,000 | 1,000,000 | |||
Michael Cunningham | Finance Director | 990,000 | 990,000 | |||
Geoff Whitfield | Engineering Manager | 215,000 | 500,180 | |||
Des Farrell | Operations Manager | 300,000 | 500,000 | |||
Michael Sinai | European Sales Manager | 250,000 | 350,000 | |||
Kerry Wood | Quality Manager | 200,000 | 200,000 |
The Options are exercisable at a price of 15.25 pence per share being the closing share price on 3 January 2018
The vesting of the Options for the director and PDMRs is conditional on the continued employment of the option holder as well as the satisfaction of certain financial and non-financial performance conditions. The Options will vest in one-third tranches upon the Company being awarded a contract on a track car from a mainstream volume OEM, being awarded a contract for a volume road car from a mainstream volume OEM and/or generating revenue in a financial year of not less than £5 million.
The vesting of the options for the 22 employees are over three years for middle managers or after six months satisfactory service for junior employess, both are dependent on continung employment of the option holder
Details of the director's resultant holdings of Ordinary Shares and options over Ordinary Shares are as follows:
Name | Total No. of Options | No. of Existing Ordinary Shares |
David Bundred | 1,000,000
| 894,641 |
For enquiries, please contact:
Surface Transforms plc | |
Kevin Johnson, CEO |
+44 151 356 2141 |
David Bundred, Chairman | +44 7785 388 848
|
Cantor Fitzgerald Europe (Nomad & Joint-Broker) | +44 20 7894 7000 |
David Foreman, Callum Butterfield (Corporate Finance) Alex Pollen (Sales) | |
FinnCap Ltd (Joint-Broker) | +44 20 7220 0500 |
Stephen Norcross / Nikita Jain (Corporate Broking) Ed Frisby / Giles Rolls (Corporate Finance) |
For further Company details, visit www.surfacetransforms.com.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a. | Name | David Bundred | ||||
2 | Reason for notification |
| ||||
a. | Position/Status | PDMR Chairman | ||||
b. | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | Surface Transforms plc | ||||
b. | LEI | 213800GQHNJPE5O8XO79 | ||||
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 instrumentIdentification Code | Options over ordinary shares of 1p each ISIN: GB0002892528 | ||||
b. | Nature of the transaction | Grant of options over 450,000 ordinary shares of 1 pence | ||||
c. | Price(s) and volume(s)
|
| ||||
d. | Aggregated information
| Not applicable | ||||
e. | Date of the transaction | 3 January 2018 | ||||
f. | Place of the transaction | London Stock Exchange | ||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a. | Name | Michael Cunningham | ||||
2 | Reason for notification |
| ||||
a. | Position/Status | PDMR 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 | Surface Transforms plc | ||||
b. | LEI | 213800GQHNJPE5O8XO79 | ||||
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 instrumentIdentification Code | Options over ordinary shares of 1p each ISIN: GB0002892528 | ||||
b. | Nature of the transaction | Grant of options over 990,000 ordinary shares of 1 pence | ||||
c. | Price(s) and volume(s)
|
| ||||
d. | Aggregated information
| Not applicable | ||||
e. | Date of the transaction | 3 January 2018 | ||||
f. | Place of the transaction | London Stock Exchange | ||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a. | Name | Geoffrey Whitfield | ||||
2 | Reason for notification |
| ||||
a. | Position/Status | PDMR Engineering Manager | ||||
b. | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | Surface Transforms plc | ||||
b. | LEI | 213800GQHNJPE5O8XO79 | ||||
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 instrumentIdentification Code | Options over ordinary shares of 1p each ISIN: GB0002892528 | ||||
b. | Nature of the transaction | Grant of options over 215,000 ordinary shares of 1 pence | ||||
c. | Price(s) and volume(s)
|
| ||||
d. | Aggregated information
| Not applicable | ||||
e. | Date of the transaction | 3 January 2018 | ||||
f. | Place of the transaction | London Stock Exchange | ||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a. | Name | Desmond Farrell | ||||
2 | Reason for notification |
| ||||
a. | Position/Status | PDMR Operations Manager | ||||
b. | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | Surface Transforms plc | ||||
b. | LEI | 213800GQHNJPE5O8XO79 | ||||
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 instrumentIdentification Code | Options over ordinary shares of 1p each ISIN: GB0002892528 | ||||
b. | Nature of the transaction | Grant of options over 300,000 ordinary shares of 1 pence | ||||
c. | Price(s) and volume(s)
|
| ||||
d. | Aggregated information
| Not applicable | ||||
e. | Date of the transaction | 3 January 2018 | ||||
f. | Place of the transaction | London Stock Exchange | ||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a. | Name | Michael Sinai | ||||
2 | Reason for notification |
| ||||
a. | Position/Status | PDMR European Sales Manager | ||||
b. | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | Surface Transforms plc | ||||
b. | LEI | 213800GQHNJPE5O8XO79 | ||||
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 instrumentIdentification Code | Options over ordinary shares of 1p each ISIN: GB0002892528 | ||||
b. | Nature of the transaction | Grant of options over 250,000 ordinary shares of 1 pence | ||||
c. | Price(s) and volume(s)
|
| ||||
d. | Aggregated information
| Not applicable | ||||
e. | Date of the transaction | 3 January 2018 | ||||
f. | Place of the transaction | London Stock Exchange | ||||
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a. | Name | Kerry Wood | ||||
2 | Reason for notification |
| ||||
a. | Position/Status | PDMR Quality Manager | ||||
b. | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | Surface Transforms plc | ||||
b. | LEI | 213800GQHNJPE5O8XO79 | ||||
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 instrumentIdentification Code | Options over ordinary shares of 1p each ISIN: GB0002892528 | ||||
b. | Nature of the transaction | Grant of options 200,000 ordinary shares of 1 pence | ||||
c. | Price(s) and volume(s)
|
| ||||
d. | Aggregated information
| Not applicable | ||||
e. | Date of the transaction | 3 January 2018 | ||||
f. | Place of the transaction | London Stock Exchange | ||||