Issue of Equity for Share Incentive Plan

RNS Number : 8958A

Tekmar Group PLC

17 September 2018

 

For release: 07.00 am, 17 September 2018

Tekmar Group plc

("Tekmar" or the "Company")

Issue of Equity for Share Incentive Plan ("SIP")

Tekmar Group plc (AIM: TGP), a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services, announces that, further to the details included in the Company's AIM Admission Document and in respect of the Share Incentive Plan for eligible employees, the Company has on 13 September 2018 ("Award Date") issued and allotted a total of 42,691 new ordinary shares of £0.01 each in the Company ("SIP Shares"), which have been purchased at nominal value by the Tekmar Group plc Employee Share Incentive Plan.

On 24 August 2018 the Company invited eligible employees of the Company to participate in an HMRC approved Share Incentive Plan, which the Company put in place during August 2018. The scheme is a tax efficient share incentive plan whereby eligible employees with over 1 year's continuous service at the Award Date received £300 worth of free shares for each full year of service (the "Award"), capped at 7 years maximum entitlement. The SIP Shares are held in trust for a minimum holding period of 3 years and there is a forfeiture period of 3 years during which employees who participated in the SIP will lose their Award if they resign or are dismissed from their employment. Shares issued under the SIP are held by Equiniti Share Plan Trustees Limited.

Application has been made for the SIP Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission to AIM will become effective on or around 20 September 2018.

The SIP Shares shall rank equally with the existing Ordinary Shares.

No PDMRs were allocated shares.

Following the issue of SIP Shares, the Company will have 50,687,852 ordinary shares in issue and the total number of voting shares in Tekmar Group plc will be 50,687,852.

The above figure of 50,687,852 should be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in the share capital of Tekmar Group plc under the Financial Conduct Authority's Disclosure and Transparency Rules.

Enquiries

Tekmar Group plc James Ritchie-Bland, Chief Executive Officer Sue Hurst, Chief Financial Officer	[phone]
Grant Thornton UK LLP (Nominated Adviser) Philip Secrett / Jen Clarke	[phone]
Berenberg (Broker) Chris Bowman / Ben Wright / Laure Fine	[phone]
Belvedere Communications (Financial PR) Cat Valentine / Llew Angus	[phone]

About Tekmar Group plc - www.tekmar.co.uk 

Tekmar Group plc is a market-leading technology provider of protection systems for subsea cable, umbilical and flexible pipes and offshore engineering services.

It operates two primary divisions: the Offshore Wind Farm division, which focuses on the provision of subsea protection for power transmission cables from and between offshore wind turbines, and the Subsea division which focuses primarily on the provision of subsea protection for umbilicals and flexible pipes to the oil and gas market. Both divisions are supported by AgileTek which provides subsea analysis, simulation and engineering consultancy services.

The Group is headquartered in Newton Aycliffe in the United Kingdom in a 70,000 sq ft facility that includes the manufacturing centre, HSQE centre and business administration, and a 30,000 sq ft facility that includes product testing, client-training centre and the sales, project and engineering offices. AgileTek operates from an office in London and has offices supporting its Offshore Wind Farm division in Hamburg (Germany) and Shanghai (China). Tekmar has appointed sales agents in Busan (South Korea) and Boston (United States) for the Offshore Wind Farm division and in Singapore and Abu Dhabi (United Arab Emirates) for the Subsea division.

 

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