Last checked at 27 Aug 2020 13:44
27 Aug 2020
Tekcapital Plc
("Tekcapital", the "Company" or "the Group")
Grant of Stock Options
Tekcapital Plc (AIM: TEK), the UK intellectual property investment group focused on creating marketplace value from investing in university technology, announces the grant of employee stock options.
For continued dedication, strong performances and commitment to the Company and as a means of incentivisation, Tekcapital has awarded a total of 4,350,000 options over ordinary shares of 0.4 pence each in the Company ("Ordinary Shares") to the management team. All grants are non-qualifying options (the "Options").
These Options will have an exercise price of 12p which is at a 26% or 2.5p premium on the 9.5p closing mid-market price on 26 August 2020, will vest over three years and (i) for Dr Gross they have additional accelerated vesting if the Tekcapital share price meets or exceeds 50p for five trading days and (ii) for the other grantees they are subject to performance criteria (the criteria requiring a growth in NAV of the Company at a minimum of 8% per annum) as agreed by the Remuneration committee. If not exercised the Options will lapse 5 years after the date of grant.
A total of 4,250,000 of the awarded options to the management team are as set out below:
Executive | No. of options granted | Existing no. of options |
| Option Type | Total no. of options over Ordinary Shares | Total Options as a percentage of the Company's issued share capital |
Dr Clifford Gross | 3,000,000 | 0 |
| Non-EMI | 3,000,000 | 3.42% |
Mr. Max Inglis | 1,000,000 | 250,000 |
| Non-EMI | 1,250,000 | 1.42% |
Mr. Konrad Dabrowski | 250,000 | 1,175,000 |
| Non-EMI | 1,425,000 | 1.62% |
Following the issue of the new Options, the total number of Ordinary Shares under option which could be issued if the performance criteria is met is 8,425,000 Ordinary Shares representing 9.60% of the Company's issued share capital.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them are set out below pursuant to the EU Market Abuse regulation.
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||||||
a)
| Name | Dr Clifford Gross (CEO) Max Inglis (General Counsel) Konrad Dabrowski (CFO) | ||||||||||||
2
| Reason for the notification | |||||||||||||
a)
| Position/status
| See 1 a) above | ||||||||||||
b)
| Initial notification / Amendment
| Initial notification | ||||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
a)
| Name
| TEKCAPITAL PLC | ||||||||||||
b)
| LEI
| 213800GOJTOV19FIFZ85 | ||||||||||||
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 0.4p each
ISIN: GB00BKXGY798
| ||||||||||||
b)
| Nature of the transaction
| Grant of options over ordinary shares | ||||||||||||
c)
| Price(s) and volume(s)
|
| ||||||||||||
d)
| Aggregated information - Aggregated volume - Price
|
| ||||||||||||
e)
| Date of the transaction
| 27 August 2020 | ||||||||||||
f)
| Place of the transaction
| Outside a trading venue | ||||||||||||
About Tekcapital plc
Tekcapital creates value from investing in new, university-developed intellectual properties and provides a range of IP investment services to make it easy for organisations to commercialise university-developed technology. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in the UK. For more information, please visit www.tekcapital.com
LEI: 213800GOJTOV19FIFZ85
For further information, please contact:
Tekcapital Plc |
| Via Flagstaff |
Clifford M. Gross, Ph.D. |
|
|
|
|
|
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker) |
| +44 (0) 20 3470 0470 |
Richard Morrison/Charlie Bouverat (Corporate Finance) |
|
|
Abigail Wayne (Corporate Broking) |
|
|
|
|
|
Flagstaff Strategic and Investor Communications |
| +44 (0) 20 7129 1474 |
Tim Thompson/Andrea Seymour/Fergus Mellon
|
|
|