Award of options

RNS Number : 0018C

Microsaic Systems plc

12 June 2019

 

12 June 2019

Microsaic Systems plc

("Microsaic", "Microsaic Systems" or the "Company")

Award of options

Microsaic Systems plc (AIM: MSYS), the developer of point-of-need mass spectrometry ("MS") instruments, announces that on 12 June 2019, the Company has approved the award of options ("New Options") to executive directors over 5,000,000 ordinary shares of 0.25 pence each in the Company ("Ordinary Shares"), representing approximately 1.10% of the issued share capital of the Company. 

Options have been granted to directors as detailed below:

Director	Position	Number of New Options Awarded	Exercise Price of New Options	Total Options Held
Glenn Tracey	Chief Executive Officer	2,500,000	1.55 pence	4,800,000
Bevan Metcalf	Finance Director	2,500,000	1.55 pence	4,620,000

The New Options awarded to the executive directors were awarded under Microsaic's Enterprise Management Incentive (EMI) Scheme. The New Options have an exercise price of 1.55 pence per Ordinary Share, being the middle market closing price on 11 June 2019. These options are subject to performance criteria as well as not being ordinarily exercisable prior to the third anniversary of the date of award. The performance criteria are:

1.    The Company to achieve break-even in a financial year (50% of New Options vest)

2.    Launch by the Company of a bio-pharma OEM product (50% of New Options vest)

Following the award of the New Options, the total number of options outstanding under share incentive scheme arrangements is 18,744,000 representing 4.11% of the Company's issued share capital.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide additional detail.

Enquiries:
Microsaic Systems plc Glenn Tracey, CEO Bevan Metcalf, FD	[phone]
N+1 Singer (Nominated Adviser & Broker) Shaun Dobson (Corporate Finance) Tom Salvesen (Corporate Broking)	[phone]
IFC Advisory Ltd (Financial PR) Graham Herring Heather Armstrong Florence Chandler	[phone]

About Microsaic Systems

Microsaic Systems plc (AIM: MSYS) is a high technology company developing chip-based, bench-top and point-of-analysis mass spectrometry ("MS") instruments that are designed to improve the efficiency of pharmaceutical R&D and manufacturing. The Company is working with established global life science companies to co-develop new solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines. MS is a powerful method of analysis to enable earlier decision making relating to product identification, purity and bioactivity, and is the analytical technique of choice for biochemists across many industry sectors.

Microsaic's products retain the functionality of larger conventional MS systems, but are deployable for use at the point of need, easier to use by non-specialists, consume less energy and have lower running costs. For more information, please go to www.microsaic.com.  

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Glenn Tracey
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Microsaic Systems plc
b)	LEI	213800P1VXZSD3US5N79
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	Share options over ordinary shares of 0.25p each GB00B547ZY09
b)	Nature of the transaction	Award of share options over ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.55 pence 2,500,000
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	12 June 2019
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Bevan Metcalf
2	Reason for the notification
a)	Position/status	Finance Director
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Microsaic Systems plc
b)	LEI	213800P1VXZSD3US5N79
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	Share options over ordinary shares of 0.25p each GB00B547ZY09
b)	Nature of the transaction	Award of share options over ordinary shares
c)	Price(s) and volume(s)	Price(s) Volume(s) 1.55 pence 2,500,000
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	12 June 2019
f)	Place of the transaction	Off market

 

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