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Pin to quick picksSpectra (unres) Regulatory News (SPSY)

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Grant of Share Options

28 Mar 2022 07:00

RNS Number : 1537G
Spectra Systems Corporation
28 March 2022
 

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)

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
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