Grant of Options

RNS Number : 7054C

Surface Transforms PLC

21 October 2020

 

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Surface Transforms plc

("Surface Transforms" or the "Company")

Grant of Options

Surface Transforms plc (AIM: SCE) announces that it has granted options over 180,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Options") to a number of employees, none of whom are PDMR's.

The Options are exercisable at a price of 46.0 pence per share being the closing share price on 19 October 2020.

The vesting of the Options for all employees is conditional on the continued employment of the option holder. For managers there are also the following financial and non-financial performance conditions. The Options will vest in one-third tranches upon meeting confidential internal financial criteria, the Company achieving an agreed (but commercially confidential) target cost for the manufacture of a carbon ceramic disc and generating revenue in a financial year of not less than £5m sales.

For all employees below manager level, the Options will vest in two years, subject to their continued employment.

For enquiries, please contact:
Surface Transforms plc	[phone]
Kevin Johnson, CEO Michael Cunningham, CFO David Bundred, Chairman
Zeus Capital Limited (Nominated Advisor and Joint Broker)	[phone]
David Foreman / Dan Bate / Jordan Warburton (Corporate Finance) Dominic King (Corporate Broking)
finnCap Ltd (Joint Broker)	[phone]
Ed Frisby / Giles Rolls (Corporate Finance) Richard Chambers (ECM)

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

 

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