Grant of options

RNS Number : 7238V

Surface Transforms PLC

05 December 2019

 

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Surface Transforms plc

("Surface Transforms" or the "Company")

Grant of Options

Surface Transforms plc (AIM: SCE) announces that it has granted options over 500,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Options") to 9  employees, none of whom are directors or PDMRs.

The Options are exercisable at a price of 23.5 pence per Ordinary Share being the closing share price on 4 December 2019.

The vesting of the Options for these employees is conditional on the continued employment of the option holder. For managers there are certain additional vesting criteria based on both financial and non-financial performance conditions with one-third tranches vesting upon:

-     production cell OEM1 meeting certain internal production criteria;

-     the Company achieving a certain target cost for the manufacture of a carbon ceramic disc; and

-     the Company generating revenue in a financial year of not less than £5m.

For non-manager employees, the Options vest after two years.

For enquiries, please contact:
Surface Transforms plc	[phone]
Kevin Johnson, CEO Michael Cunningham, CFO David Bundred, Chairman
Cantor Fitzgerald Europe (Nomad & Joint Broker)	[phone]
David Foreman/Michael Boot (Corporate Finance) Caspar Shand Kydd/Maisie Atkinson (Sales)
finnCap Ltd (Joint Broker)	[phone]
Ed Frisby/Giles Rolls (Corporate Finance) Richard Chambers (ECM)

This announcement has been released by Kevin Johnson, Chief Executive Officer, on behalf of the Company.

For further Company details, visit www.surfacetransforms.com.

 

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