Grant of Options

RNS Number : 8630J

Microsaic Systems plc

14 September 2016

 

14 September 2016

Microsaic Systems plc

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

Grant of options

Microsaic Systems plc (AIM: MSYS), the developer of chip-based mass spectrometry instruments, announces that further to the announcement and circular dated 26 August 2016, which contained details of a proposed share option scheme, the Company has today granted options ("Options") over 6,200,000 ordinary shares in the Company ("Ordinary Shares"), representing approximately 3.42 per cent. of the issued share capital of the Company. 

Certain of the Options have been granted to executive directors as detailed below. No Options were granted to non-executive directors.

Director	Position	Number of Options Granted	Exercise price of these Options	Total options Held
Jim Ramage	Chief Executive Officer	1,000,000	5 pence	1,500,000
Glenn Tracey	Chief Operating Officer	1,000,000	5 pence	1,300,000
Bevan Metcalf	Finance Director	1,000,000	5 pence	1,120,000

The 3,000,000 options granted to executive directors ("Management Options") were granted under Microsaic's Enterprise Management Incentive (EMI) Scheme and have an exercise price of 5 pence per Ordinary Share, being the issue price of the Ordinary Shares issued pursuant to the Placing on 13 September 2016 (the "Placing Price"). The Management Options will vest in approximately three equal tranches subject to performance criteria linked to the share price appreciation against the Placing Price of 5 pence (2 x Placing Price, 3 x Placing Price and 4 x Placing Price) and time based criteria vesting on the second anniversary of the date of grant.

The balance of 3,200,000 options were granted to all other employees of the Company ("Employee Options") under Microsaic's EMI Scheme which also have an exercise price of 5 pence per ordinary share, being the Placing Price. The Employee Options vest on the third anniversary of the date of grant and are not subject to performance criteria.

Following the grant of the Options, the total number of Ordinary Shares outstanding under share incentive scheme arrangements is 7,897,200, representing 4.35 per cent. 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 Jim Ramage, CEO Bevan Metcalf, FD	[phone]
N+1 Singer (Nominated Adviser & Broker) Shaun Dobson Liz Yong	[phone]
Citigate Dewe Rogerson (Financial PR) Mark Swallow, Marine Perrier	[phone]/1068

About Microsaic Systems

Microsaic Systems plc is a high technology company developing chip-based, bench-top mass spectrometry ("MS") instruments that are designed to improve the efficiency of Pharma R&D.  MS is an analytical technique of choice for biochemists across many industry sectors.

Microsaic aims to bring routine MS analysis to the pharmaceutical scientist, providing powerful methods of analysis to enable earlier decision making relating to product identification, purity and bioactivity.

The Company is working with established global companies in preparative and purification science with expertise in Pharma and life sciences to co-develop new, integrated and optimised, application-specific, solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines.

The Microsaic 4000 MiD®, single quadrupole, is the world's smallest MS system, retaining the functionality of larger conventional MS systems, is easier to use by non-specialists, consumes less energy and has lower running costs. The Company is also developing new MS systems, based on its patented chip technologies, to address further areas of emerging need in Pharma R&D.

Microsaic Systems was established in 2001 by a team including founders from Imperial College London, and was admitted to AIM in 2011 (ticker: MSYS).

www.microsaic.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	J C Ramage
2	Reason for the 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	Microsaic Systems 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	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) 5 pence 1,000,000
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	14 September 2016
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	G D Tracey
2	Reason for the notification
a)	Position/status	PDMR - COO
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	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	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) 5 pence 1,000,000
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	14 September 2016
f)	Place of the transaction	Off market

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	B J Metcalf
2	Reason for the notification
a)	Position/status	PDMR - 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	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	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) 5 pence 1,000,000
d)	Aggregated information - Aggregated volume - Price	Not applicable
e)	Date of the transaction	14 September 2016
f)	Place of the transaction	Off market

 

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