Grant of, and amendments to, Share Options

RNS Number : 5280E

Smartspace Software PLC

18 October 2018

 

18 October 2018

SmartSpace Software Plc

("SmartSpace" or the "Company" or the "Group")

Grant of, and amendments to, Share Options

Further to the announcement of 1 August 2018 of the Grant of EMI Options to 58 employees of SmartSpace, in order to align Directors and certain other senior members of SmartSpace, the Company announces that on 17 October 2018 the remuneration committee agreed a number of grants to directors and persons discharging managerial responsibilities ("PDMRs") of EMI options ("Options") and a number of amendments to the vesting periods of existing Options.

Grant of Options

Options have been granted over a total of 910,000 ordinary shares of 10p each as follows:

Director/PDMR	Scheme	Option over ordinary shares
Frank Beechinor	EMI Scheme	265,950
Frank Beechinor	Unapproved Option Scheme	284,050
Spencer Dredge	EMI Scheme	265,950
Spencer Dredge Rosie Clawson	Unapproved Option Scheme EMI Scheme	69,050 25,000

The Options have an exercise price of 94p per share (being the closing mid-market share price on 17 October 2018, the latest possible date prior to the date of grant), vest three years from the date of grant and once vested are exercisable at any time up to ten years after the date of grant, subject to performance conditions whereby the average mid-market closing share price of the Company's Ordinary Shares in any 90 day period in the period to 17 October 2021 is at or above certain defined levels, as follows:

Share price at or above:	Cumulative % vesting
150p	15%
250p	31%
350p	54%
450p	77%
500p	100%

Spencer Dredge has surrendered existing options over 260,000 ordinary shares with an exercise price of 92p in consideration for the above option grants. 

Amendments to existing Options

In addition, given the significant change in the commercial strategy of the Group following the disposal of the Systems Integration and Management Services divisions in June this year, the remuneration committee has decided to extend the performance period relating to previously granted options held by Frank Beechinor (100,000 EMI Options), Guy van Zwanenberg (30,000 Unapproved Options) and Diana Dyer Bartlett (70,000 Unapproved Options). The options are subject to the same performance set out above but the period for the performance criteria to be met has been extended from 31 December 2018 to 17 October 2021.

Following the above, the resulting interests of the Directors in SmartSpace ordinary shares are as follows:

	Position	Ordinary Shares	Options over ordinary shares
Guy Van Zwanenberg	Non-executive Chairman	30,000	30,000
Frank Beechinor	CEO	90,000	650,000
Spencer Dredge	CFO	32,126	335,000
Diana Dyer-Bartlett	Non-executive Director	40,000	70,000

Guy van Zwanenberg, Chairman of SmartSpace, commented:

"With the focus now on becoming an international leader in the fast growing workspace management software market, it is crucial that we align the interests of all members of the SmartSpace team with shareholders. The EMI Option Scheme was established to incentivise management and staff to increase shareholder value over the long term and the remuneration committee is keen to ensure that remuneration for the Company's senior team and employees will be effective, fair and motivate them to deliver success for the Company and its shareholders. Given the completion of the recently announced acquisition, we can now extend this to the board and others"

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

Enquiries

SmartSpace Software Plc Guy van Zwanenberg (Chairman) Frank Beechinor (CEO)	via Lisa Baderoon
Lisa Baderoon (Head of Investor Relations) [e-mail]	[phone]
Cantor Fitzgerald Europe (Nominated Adviser & Joint Broker) Marc Milmo / Catherine Leftley	[phone]

About SmartSpace Software Plc

SmartSpace is building a SaaS orientated software business, designing and building software centering around its 'Connect' software platform and 'OneSpace' occupancy management software, to help people work smarter and more efficiently on a global platform. The Company's software solutions in workspace, retail and hospitality help transform employee and customer engagement with software modules which include: desk and meeting room management, wayfinding, car parking, visitor management, frictionless vending and space management.

For more information go to: www.smartspaceplc.com

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Company Director/PDMR Frank Beechinor CEO Spencer Dredge CFO Rosie Clawson PDMR
2	Reason for the notification
a)	Position/status	See 1 (a) above for all positions, all classified as PDMRs of the Company
	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Smartspace Software Plc
b)	LEI	213800IQXZ3XYCMH6U90
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	Ordinary Shares of 10p each
	Identification code	ISIN: GB00BYWN0F98
b)	Nature of the transaction	Grant of share options over Ordinary Shares
c)	Price(s) and volume(s)		Exercise price: 94p per Ordinary Share Volumes: Frank Beechinor 550,000 Spencer Dredge 335,000 Rosie Clawson 25,000
d)	Aggregated information	n/a
	- Aggregated volume
	- Price
e)	Date of the transaction	17 October 2018
f)	Place of the transaction	Off market

 

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