28 Mar 2019 07:00
The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.
Â
Surface Transforms plc
Â
("Surface Transforms" or the "Company")
Â
Grant of Options
Â
Surface Transforms plc (AIM: SCE) announces that it has granted options over 210,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Options") to an executive, being "a person with with direct management responsibility" (PDMR) as follows:
Â
PDMR | Position | Number of options granted | Total options held following this grant |
 |  |  |  |
Stephen Harvey | Senior Operations Manager | 210,000 | 210,000 |
 |  |  |  |
Â
The Options are exercisable at a price of 15.25 pence per share being the closing share price on 25 March 2019
Â
The vesting of the Options is conditional on the continued employment of the option holder as well as the satisfaction of certain financial and non-financial performance conditions. The Options will vest in one-third tranches upon production cell OEM1 being fully operational, the Company achieving an agreed (but commercially confidential) target cost for the manufacture of a carbon ceramic disc and generating revenue in a financial year of not less than £5m sales.
Â
Â
For enquiries, please contact:
Â
Surface Transforms plc +44 151 356 2141
Â
Kevin Johnson, CEO
Michael Cunningham, CFO
David Bundred, Chairman
Â
Cantor Fitgerald Europe (Nomad & Joint Broker) +44 20 7894 7000
Â
David Foreman/ Michael Boot (Corporate Finance)
Caspar Shand Kydd/Gregor Paterson/Maisie Atkinson (Sales)
Â
finnCap Ltd (Joint Broker) +44 20 7220 0500
Â
Ed Frisby/Giles Rolls (Corporate Finance)
Richard Chambers (ECM)
Â
This announcement has been released by Kevin Johnson, Chief Executive Officer, on behalf of the Company.
Â
For further Company details, visit www.surfacetransforms.com.
Â
Â
Â
Â
Â
The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.
Â
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014 Â | ||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a. | Name | Stephen Harvey | ||||
2 | Reason for notification | Â Â Â | ||||
a. | Position/Status | PDMR Senior Operations Manager | ||||
b. | Initial notification/ Amendment | Initial Notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a. | Name | Surface Transforms plc | ||||
b. | LEI | 213800GQHNJPE5O8XO79 | ||||
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 instrumentIdentification Code | Options over ordinary shares of 1p each ISIN: GB0002892528 | ||||
b. | Nature of the transaction | Grant of options over 210,000 ordinary shares of 1 pence | ||||
c. | Price(s) and volume(s) Â |
 | ||||
d. | Aggregated information  | Not applicable | ||||
e. | Date of the transaction | 26 March 2019 | ||||
f. | Place of the transaction | London Stock Exchange |
Â