Last checked at 28 Mar 2022 07:00
Spectra Systems Corporation("Spectra" or the "Company")
Grant of Share Options
Spectra Systems Corporation, a leader in machine-readable high speed banknote authentication, brand protection technologies and gaming security software announces that in accordance with the Company's 2007 Incentive Compensation Plan and the recommendation of the Compensation Committee, the Board granted options ("Options") over 531,000 shares of Common Stock ("Shares") to Corporate Officers and other employees of the Company.
Since the Company was admitted to trading on AIM on 25 July 2011, options issued over a total of 3,600,667 Shares remain outstanding, including this grant of Options, and 422,615 Shares have been issued as a result of option exercises. The aggregate total of 4,023,282 represents 8.9 percent of Spectra's current issued shares of common stock. Additionally, 5,403,649 pre-admittance options have expired since 25 July 2011.
The Options, which expire on 25 March 2032, have an exercise price of 150.50 pence per Share and vest over three years, one-third per year.
The grant of the Options is designed to align the interests of key employees of the Company with those of shareholders and to promote the retention of those individuals.
Details of the number of shares over which Options have been granted to Persons Discharging Management Responsibilities of the Company and their resultant interests are set out below:
Name | Title | New Options | Existing Options | Total Options | Total Shares |
Nabil Lawandy | CEO | 150,000 | 1,881,063 | 2,031,063 | 2,247,736 |
Brian McLain | CFO | 120,000 | 212,000 | 332,000 | 38,000 |
Donald Stanford, Chairman of the Compensation Committee commented: "We believe that this grant of options, which accords with our policy as announced at the time of our IPO in 2011, provides an opportunity for our key employees to benefit from significantly growing the value of our company, thereby aligning their interests with shareholders."
This announcement contains inside information for the purposes of Article 7 of the UK version of Regulation (EU) No 596/2014 which is part of UK law by virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon the publication of this announcement via a Regulatory Information Service, this inside information is now considered to be in the public domain.
Enquiries:
Spectra Systems Corporation |
|
Dr. Nabil Lawandy, Chief Executive Officer | Tel: +1 (0) 401 274 4700 |
|
|
WH Ireland Limited (Nominated Adviser and Broker) |
|
Chris Fielding (Head of Corporate Finance) Andrew de Andrade (Executive, Corporate Finance) | Tel: +44 (0) 20 7220 1650 |
|
|
Allenby Capital Limited (Joint Broker) |
|
Nick Naylor/James Reeve (Corporate Finance) | Tel: +44 (0) 20 3328 5665 |
Amrit Nahal (Sales and Corporate Broking) |
|