Last checked at 26 Oct 2020 07:00
26 October 2020
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014 ("MAR"). Upon the publication of this announcement via a Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain.
SmartSpace Software Plc
("SmartSpace" or the "Company" or the "Group")
Grant of Share Options & PDMR dealing
SmartSpace Software Plc, the leading provider of 'Integrated Space Management Software' for smart buildings, announces that on 23 October 2020 it granted options ("Options") over a total of 604,500 ordinary shares of 10 pence in the Company ("Ordinary Shares") to 40 employees ("Employee Options"). Options over a total of 284,500 Ordinary Shares have been granted to employees under the Company's Enterprise Management Incentive ("EMI") Share Option Scheme and options over 320,000 Ordinary Shares have been granted under the Company's Unapproved Share Option Scheme to employees not qualifying for the EMI Share Option Scheme.
125,000 of these Options have been granted to Bruce Morrison, Chief Financial Officer of the Company (the "PDMR Options"), under the EMI Share Option Scheme. Following the grant of these PDMR Options, Bruce Morrison now holds Options over 125,000 Ordinary Shares in the Company.
The Options have an exercise price of 92.5p per share (being the closing mid-market share price on 23 October 2020), vest three years from the date of grant (ensuring the employees remain in continuous employment within the Group for a three year period) and once vested, are exercisable at any time up to ten years after the date of grant. In addition, the PDMR 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 23 October 2023 is at or above certain defined levels, as follows:
Share price at or above: | Cumulative % vesting |
150p | 15% |
250p | 31% |
350p | 54% |
450p | 77% |
500p | 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.
Guy van Zwanenberg, Chairman of SmartSpace commented:
"With the focus now on becoming a leading supplier of software solutions in workspace management, it is crucial that we align the interests of all members of the SmartSpace team with shareholders. The EMI Option Scheme and Unapproved Share Option Scheme were established to incentivise management and staff to increase shareholder value over the long term and the remuneration committee is keen to ensure that remuneration for the Company's senior team and employees will be effective, fair and motivate them to deliver success for the Company and its shareholders."
Enquiries
SmartSpace Software Plc Frank Beechinor (CEO) Bruce Morrison (CFO)
Lisa Baderoon (Head of Investor Relations) lbaderoon@smartspaceplc.com
| via Lisa Baderoon - Head of Investor Relations
+44(0) 7721 413 496 |
N+1 Singer (NOMAD & Joint Broker) Shaun Dobson, Head of Corporate Finance Alex Bond, Corporate Finance Tom Salvesen, Corporate Broking | +44 (0)20 7496 3000 |
Canaccord Genuity (Joint Broker) | +44 (0) 20 7523 8000 |
Adam James Georgina McCooke |
About SmartSpace Software Plc
SmartSpace Software Plc is a SaaS-based technology business, designing and building smart software solutions. The Company's software solutions in workspace help transform employee and customer engagement with modules which include desk management, meeting room management, wayfinding, car parking, visitor management, and analytics.
The three operating companies in the Group comprise:
· Space Connect - SaaS Meeting Room and Desk booking (www.spaceconnect.com)
· SwipedOn - SaaS Visitor Management (www.SwipedOn.com)
· Anders & Kern - distribution and technical support (www.anders-kern.co.uk)
For more information go to: www.smartspaceplc.com
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||
a) | Name | Bruce Morrison | |
2 | Reason for the notification | ||
a) | Position/status | Chief Financial Officer | |
b) | Initial notification /Amendment | Initial notification | |
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
a) | Name | SmartSpace Software Plc | |
b) | LEI | 213800IQXZ3XYCMH6U90 | |
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
Identification code
| Ordinary Shares of 10p each
ISIN: GB00BYWN0F98 | |
b) | Nature of the transaction | Grant of share options over Ordinary Shares | |
c)
| Price(s) and volume(s)
| Price | Volume |
Exercise price: 92.5p per Ordinary Share | 125,000 | ||
d)
| Aggregated information
- Aggregated volume
- Price
| N/A | |
e) | Date of the transaction | 23 October 2020 | |
f) | Place of the transaction | Off market | |