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Pin to quick picksShearwater Regulatory News (SWG)

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Grant of Options and Director/PDMR Dealing

11 Feb 2022 07:00

RNS Number : 3655B
Shearwater Group PLC
11 February 2022
 

11 February 2022

Shearwater Group PLC("Shearwater" or the "Group")

Grant of Options and Director/PDMR Dealing

 

Shearwater Group plc (AIM: SWG), the organisational resilience group that provides cybersecurity, advisory and managed security services, announces the grant of options to acquire, in aggregate, up to 668,110 ordinary shares of 10 pence each (the "Options") to a broad range of the Group's employees. The Options have been granted to ensure that the Group's employees are well motivated and identify closely with the success of the Group.

 

Options to acquire up to 640,714 shares have been granted under the newly-adopted Shearwater Group Company Share Option Plan (the "CSOP") and Options to acquire up to 27,396 shares have been granted under the existing Shearwater Group Employee Share Option Plan (the "ESOP"). Options granted under the CSOP are intended to benefit from tax reliefs, whereas Options granted under the ESOP do not qualify for these reliefs.

 

The Options will be exercisable from vesting until the fifth anniversary of grant at a price of £0.95 per new ordinary share, a price equal to the closing mid-market price per Shearwater ordinary share on 9 February 2022.

 

Subject to the satisfaction of performance conditions and continued employment, where applicable, the Options will vest as to 89,998 shares on the first anniversary of grant, 11,112 shares on 10 September 2023 and 567,000 shares on the third anniversary of grant.

An Option over 25,000 shares has been granted under the CSOP to Paul McFadden, the Group's Chief Financial Officer and the notification below, made in accordance with the UK Market Abuse Regulation, provides further details in this regard.

 

Director

Position

Number of shares under option

Exercise price

Vesting date*

Expiry date

Paul McFadden

CFO

25,000

 

£0.95

 

10 February 2025

 

10 February 2027

 

*subject to the satisfaction of performance conditions

 

Following the grant of the Options, the Group has options outstanding over a total of 909,862 shares, which represent approximately 3.9% of the Company's existing issued ordinary share capital.

 

Enquiries:

Shearwater Group plc

David Williams

Phil Higgins

 

www.shearwatergroup.com

c/o Alma PR

Cenkos Securities plc - NOMAD and Joint Broker

Ben Jeynes / Max Gould - Corporate Finance

Julian Morse / Michael Johnson - Sales

 

+44 (0) 20 7397 8900

Berenberg - Joint Broker

Matthew Armitt / Mark Whitmore

 

+44 (0) 20 3207 7800

Alma PR

Susie Hudson / Caroline Forde / Joe Pederzolli

shearwater@almapr.co.uk 

+44 (0) 20 3405 0205

 

 

The Company makes the following disclosures in accordance with article 19(3) of the Market Abuse Regulation:

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Paul McFadden

 

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

Shearwater Group plc

 

b)

LEI

213800ZRUKUYDJLKD504

 

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 10 pence each

GB00BKT6VH21

 

b)

Nature of the transaction

Grant of share option under the Shearwater Group Company Share Option Plan

 

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

Volume(s)

nil

 25,000

d)

Aggregated information

- Aggregated volume

- Price

 

 N/A - single transaction

e)

Date of the transaction

10 February 2022

 

f)

Place of the transaction

Outside of a trading venue

 

 

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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