Grant of Options

RNS Number : 4460J

Surface Transforms PLC

05 December 2018

 

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.

Surface Transforms plc

("Surface Transforms" or the "Company")

Grant of Options

Surface Transforms plc (AIM: SCE) announces that it has granted options over 2,585,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Options") to a director, 2 executives being "people with direct management responsibility" (PDMR) and 14 employees.  The Options for the director and PDMRs have been granted as follows:

Director		Position		Number of options granted		Total options held following this grant
Dr Kevin Johnson		CEO		1,910,000		4,175,000
PDMR
Geoff Whitfield		Engineering Manager		75,000		498,595
Kerry Wood		Quality Manager		150,000		350,000

The Options are exercisable at a price of 13 pence per share being the closing share price on 4 December 2018

The vesting of the Options for the director and PDMRs 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 the Company being awarded a contract on a track car, being awarded a contract for a volume road car from a mainstream volume OEM and generating revenue in a financial year of not less than £5 million.

The vesting of the options for the 14 employees are over three years for middle managers or after six months satisfactory service for other employees, both are dependent on continung employment of the option holder.

Details of the director's resultant holdings of Ordinary Shares and options over Ordinary Shares are as follows:

Name	Total No. of Options	No. of Existing Ordinary Shares
Dr Kevin Johnson	4,175,000	124,000

For enquiries, please contact:

Surface Transforms plc
Kevin Johnson, CEO Michael Cunningham CFO	[phone] [phone]
David Bundred, Chairman	[phone]
Cantor Fitzgerald Europe (Nomad & Joint-Broker)	[phone]
David Foreman, Richard Salmond, Michael Boot (Corporate Finance) Caspar Shand Kydd, Gregor Paterson (Sales)
FinnCap Ltd (Joint-Broker)	[phone]
Richard Chambers (Corporate Broking) Ed Frisby / Giles Rolls (Corporate Finance)

For further Company details, visit www.surfacetransforms.com.

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.

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Dr Kevin Johnson
2	Reason for notification
a.	Position/Status	PDMR CEO
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	N/A
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	Options over ordinary shares of 1p each   ISIN: GB0002892528
b.	Nature of the transaction	Grant of options over 1,910,000 ordinary shares of 1 pence
c.	Price(s) and volume(s)	Price(s) Volume(s) Not applicable 1,910,000
d.	Aggregated information	Not applicable
e.	Date of the transaction	5 December 2018
f.	Place of the transaction	London Stock Exchange

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Geoffrey Whitefield
2	Reason for notification
a.	Position/Status	PDMR Engineering 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	N/A
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	Options over ordinary shares of 1p each   ISIN: GB0002892528
b.	Nature of the transaction	Grant of options over 75,000 ordinary shares of 1 pence
c.	Price(s) and volume(s)	Price(s) Volume(s) Not applicable 75,000
d.	Aggregated information	Not applicable
e.	Date of the transaction	5 December 2018
f.	Place of the transaction	London Stock Exchange
Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014
1	Details of the person discharging managerial responsibilities/person closely associated
a.	Name	Kerry Wood
2	Reason for notification
a.	Position/Status	PDMR Quality 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	N/A
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	Options over ordinary shares of 1p each   ISIN: GB0002892528
b.	Nature of the transaction	Grant of options 150,000 ordinary shares of 1 pence
c.	Price(s) and volume(s)	Price(s) Volume(s) Not applicable 150,000
d.	Aggregated information	Not applicable
e.	Date of the transaction	5 December 2018
f.	Place of the transaction	London Stock Exchange

 

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