Issue of Options and Directorate Change

RNS Number : 3443N

Elecosoft PLC

19 May 2020

 

Elecosoft plc

("Elecosoft", the "Company" or the "Group")

Issue of Options and Directorate Change

Elecosoft plc (AIM: ELCO), the AIM-listed construction software specialist, announces that on 18^th May 2020 the Company issued a total of 800,000 options to subscribe for new ordinary shares in the Company under the Elecosoft 2015 Share Option Plan, as adopted by the shareholders at the AGM on 26 ^th May 2016, to the directors of the Company (the "Options").  Half of the Options shall vest if, and only if, if, the share price is equal to or exceeds 117 pence per share for 20 consecutive dealing days between the date of issue and the 31 May 2023. If the performance target is not met, the first half of the Options shall lapse.

The remaining half of Options shall vest if, and only if

a)  The basic EPS reported in the audited Accounts for the year ended 31 December 2022 is at least 7.15 pence; or

b)  if target (a) is not met but the basic EPS reported in the audited Accounts for the year ended 31 December 2023 is at least 8.23 pence; or

c)  if neither target (a) or (b) is met but the basic EPS reported in the audited Accounts for the year ended 31 December 2023 is at least 7.88 pence 2/3rds of the award will vest; or

d)  if none of targets (a), (b) or (c). is met but the basic EPS reported in the audited Accounts for the year ended 31 December 2023 is at least 7.70 pence fifty percent of the award will vest; or

e)  if none of targets (a), (b), (c) or (d) is met but basic EPS reported in the audited Accounts for the year ended 31 December 2023 is at least 7.53 pence 1/3rd of the option will vest, failing which the remaining half of Options will lapse.

The Options are exercisable at 74.30 pence per share and will expire on 31 May 2030. Details of director awards are included in the disclosure notices at the end of this announcement.

Director/PDMR	Options Issued	Total Options Held Post Issue
John Ketteley	250,000	350,000
Jonathan Hunter	250,000	350,000
Benjamin Moralee	150,000	150,000
Anders Karlsson	150,000	300,000

 The total number of options is issue post award is 2,215,000 , representing 2.69% of the Company's issued share capital.

Directorate Change

Today the Company announces that Mukul Mistry has resigned as a director of the Company to pursue other interests and the board wishes him well.

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information please contact:
Elecosoft plc Tel: [phone] JHB Ketteley, Executive Chairman Jonathan Hunter, Chief Operating Officer Ben Moralee, Finance Director finnCap Ltd Tel: [phone] Geoff Nash / Kate Bannatyne (Corporate Finance) Camille Gochez (Corporate Broking) Newgate Communications Tel: [phone] Elisabeth Cowell / Isabelle Smurfit

 The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

About Elecosoft plc

Elecosoft is listed on the Alternative Investment Market in London (AIM: ELCO). It is a specialist international provider of software and related services to the architectural, engineering, construction and digital marketing industries from centres of excellence in the UK, Sweden, Germany and the US. Elecosoft's market leading software solutions are developed by teams in the United Kingdom, Sweden and Germany; and its software programs cover project management, construction site management, estimating, timber engineering, 3D design and visualisation, and cloud based digital marketing solutions.

For more information, please visit www.elecosoft.com

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	John Ketteley - Executive Chairman Benjamin Moralee - Finance Director Jonathan Hunter - Chief Operating Officer Anders Karlsson - Managing Director
2.	Reason for the Notification
a)	Position/status	See 1a) above
b)	Initial notification/Amendment	Initial notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Elecosoft plc
b)	LEI	21380016GT9Z6ZQX4T37
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	Options to subscribe for new ordinary shares of 1p each
	Identification code	ELCO  GB0003081246
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Director Price(s) Volume(s) J Ketteley 74.30p 250,000 J Hunter 74.30p 250,000 B Moralee 74.30p 150,000 A Karlsson 74.30p 150,000
d)	Aggregated information: Aggregated volume Price	See 4c) above
e)	Date of the transaction	Share Options as described in 4c) 18 May 2020
f)	Place of the transaction	Outside of a trading venue

 

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