Grant of Share Options

RNS Number : 9200H

Falanx Group Limited

16 March 2018

 

Falanx Group Limited

("Falanx" or "the Company")

Grant of Share Options

Falanx Group Ltd announces the grant of 15,000,000 share options to the Directors and 9,150,000 share options to other management and employees (together the "Share Options").

The Company considers it important to incentivise employees and Directors through share incentive arrangements and to align them with shareholders to create long term value.

Options under this plan are granted with a strike price of 5p each, this is approximately 11% higher than the mid-market closing price of 4.5p on 15 March 2018. The option scheme is structured so that there are only returns for participants where the share price has very significantly increased from the current levels.  Individual Director grants are set out below:

Individual Director Option Grants

	Current Share Options	New Grant	Enlarged Share Options
Mike Read	-	5,000,000	5,000,000
Ian Selby	-	5,000,000	5,000,000
John Blamire	500,000	4,500,000	5,000,000
Emma Shaw	750,000	500,000	1,250,000

Vesting Criteria

These options vest in three tranches: the first tranche when the share price reaches 7.5p (25%), the second tranche when the share price reaches 10p (25%) and the third tranche when the share price reaches 12.5p (50%). The Share Options only vest if the average share price has reached the relevant threshold level for a period of three months, save for the event of a change of control in the Company, in which case they will vest in full. Based on the mid-market closing price of 4.5p, there is no gain at all unless the share price increases by 66% and full gains are not achieved until a gain of 178% has been achieved.

A further option grant is planned soon for staff in the recently acquired First Base business.

Executive Directors are issued share options under the EMI Scheme and Non-Executive Directors and (any other ineligible participants) under an unapproved scheme, which has the same rules as the EMI Scheme but without the relevant tax concessions. The Share Options have an exercise period of 10 years from grant under the rules of the EMI Scheme.

The above grant of  24,150,000 options represents approximately 9% of the share capital following the admission of the shares announced on 6 March 2018.

	Falanx Group Limited Mike Read, Chairman and CEO John Blamire, COO Ian Selby, CFO		www.falanx.com
	SPARK Advisory Partners Limited Nominated Adviser Matt Davis / James Keeshan		[phone]
	Turner Pope Investments (TPI) Ltd Broker Andy Thacker IFC Advisory Ltd Financial PR & IR Graham Herring Miles Nolan Zach Cohen		[phone] [phone]

Falanx Group Limited, is a global intelligence and cyber defence provider working with blue chip and government clients. The Group listed on AIM in June 2013 under ticker FLX For more information: http://www.falanx.com/ 

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	1.    Mike Read 2.    Ian Selby 3.    John Blamire 4.    Emma Shaw
2	Reason for the notification
a)	Position/status	Directors and PDMRs of the Company
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Falanx Group Limited
b)	LEI	213800YO4F9CUQLALV19
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 ISIN: VGG3338A1075
b)	Nature of the transaction	Grant of nil-cost options
c)	Price(s) and volume(s)	Price: 5p Volume 1.    5,000,000 2.    5,000,000 3.    4,500,000 4.    500,000 5.
d)	Aggregated information	- volume: 15,000,000 - Price: 5p
e)	Date of the transaction	15 March 20018
f)	Place of the transaction	Not on a trading venue

 

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