5 Feb 2014 07:00
RNS
Award of options
5 February 2014
Transense Technologies plc("Transense" or the "Company")
Award of options
As previously announced on 23 December 2011, options over 9,500,000 ordinary shares of 1 pence each in the Company ("Ordinary Shares") under the Transense 2011 Enterprise Management Incentive ("EMI") Option Scheme ("the Scheme") were granted to Graham Storey (CEO) and David Ford (Chairman, then Executive Director).
Director | Shares | Exercise Price | Exercise Term |
Graham Storey | 6,000,000 | £0.04 | Jan 2013-Jan 2018 |
David Ford | 3,500,000 | £0.04 | Jan 2013-Jan 2018 |
The limits applicable under the tax legislation prevailing at the time were such that only some of those options qualified for more favourable tax treatment as EMI options. Since then the limits available to individuals under EMI schemes have more than doubled and further qualifying options can be issued under the Scheme.
In order to provide a more tax effective incentive, the Remuneration Committee decided to grant a number of further qualifying options to these Board members, on the basis that they surrendered the same number of their existing non-qualifying options. The new options were granted yesterday on terms exactly the same as the original options. This will result in a reduction of tax liability when these options are exercised, both for the Company and the option holders. Apart from the tax benefit, the transaction is completely neutral as far as the Company is concerned and the total number of options over Ordinary Shares remains unaltered.
The total number of existing options surrendered was 2,305,000 and the total number of new options granted was 2,305,000. The details are as follows:
Director | Number ofoptions surrendered | Number ofnew options granted | ExercisePrice | ExerciseTerm |
Graham Storey | 2,000,000 | 2,000,000 | £0.04 | Mar 2014-Jan 2018 |
David Ford | 305,000 | 305,000 | £0.04 | Mar 2014-Jan 2018 |
Further information:
Transense Technologies plc Tel: +44 1869 238 380
Graham Storey, Chief Executive
N+1 Singer - Nominated Adviser and Broker Tel: +44 20 7496 3000
Shaun Dobson, Aubrey Powell
Newgate Threadneedle Tel: +44 20 7653 9850
Caroline Evans-Jones, Robyn McConnachie
About Transense Technologies
Based in Oxfordshire, UK, Transense has developed patent-protected sensor systems and supporting technology for use in a variety of diverse high growth markets. Transense's Surface Acoustic Wave (SAW), wireless, battery-less, sensor systems offer significant advantages over legacy wireless sensor systems. Transense is targeting the global electrical Smart Grid applications market, the transport and mining industries, and the global torque, temperature and pressure sensing markets, via its three trading divisions, IntelliSAW, Translogik and the newly established SAWSense, respectively.
Transense's shares are admitted to trading on AIM, a market operated by the London Stock Exchange (AIM: "TRT").
www.transense.co.uk
Transense (TRT)