14 Dec 2015 13:36
14 December 2015
Coms plc
("the Company")
Grant of options
Coms plc (AIM:COMS) a leading provider of Infrastructure and Smart Buildings solutions announces that on 11 December 2015 it granted options over 111,000,000 ordinary shares to the Directors of Coms plc under the Company's share option schemes at an exercise price of 0.92p per ordinary share.
The options have been granted as follows:
Director |
Scheme | Option over ordinary shares |
Mark Braund | EMI Scheme | 27,173,912 |
Mark Braund | Unapproved Option Scheme | 37,826,088 |
Spencer Dredge | EMI Scheme | 26,000,000 |
Frank Beechinor | Unapproved Option Scheme | 10,000,000 |
Diana Dyer Bartlett | Unapproved Option Scheme | 7,000,000 |
Guy van Zwanenberg | Unapproved Option Scheme | 3,000,000 |
The options are subject to performance conditions whereby the average mid-market closing share price of the Company's ordinary shares in any 90 day period in the period to 31 December 2018 is at or above certain defined levels, as follows:
Share price at or above: | Cumulative % vesting |
1.5p | 15% |
2.5p | 31% |
3.5p | 54% |
4.5p | 77% |
5.0p | 100% |
The Board believes that the above performance conditions are a good measure of value creation and align the Directors' interests with those of shareholders.
In the event that the Company's share price does not reach these predefined levels in the three years to 31 December 2018 the options will lapse. Vested options will be exercisable from 31 December 2018 until 10 December 2025.
The options granted to Frank Beechinor and Diana Dyer Bartlett replace warrants granted to them previously, and include warrants now cancelled of; 1,000,000 ordinary shares with an exercise price of 6p and 3,000,000 ordinary shares with an exercise price of 7p for Frank Beechinor and 2,000,000 ordinary shares with an exercise price of 5p for Diana Dyer Bartlett.
The Board intends to review the Groups existing option grants and expects to reissue these awards via the above new schemes.
For further information, please contact:
Coms plc
Frank Beechinor (Chairman) +44 (0) 207 886 2976
Panmure Gordon & Co +44 (0) 207 886 2976
(Nominated Adviser and Broker)
Karri Vuori or Mark Taylor
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