Grant of Stock Options

RNS Number : 3649X

Tekcapital plc

27 August 2020

 

27 Aug 2020

Tekcapital Plc

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

Grant of Stock Options

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group focused on creating marketplace value from investing in university technology, announces the grant of employee stock options.

For continued dedication, strong performances and commitment to the Company and as a means of incentivisation, Tekcapital has awarded a total of 4,350,000 options over ordinary shares of 0.4 pence each in the Company ("Ordinary Shares") to the management team. All grants are non-qualifying options (the "Options").

These Options will have an exercise price of 12p which is at a 26% or 2.5p premium on the 9.5p closing mid-market price on 26 August 2020, will vest over three years and (i) for Dr Gross they have additional accelerated vesting if the Tekcapital share price meets or exceeds 50p for five trading days and (ii) for the other grantees they are subject to performance criteria (the criteria requiring a growth in NAV of the Company at a minimum of 8% per annum) as agreed by the Remuneration committee. If not exercised the Options will lapse 5 years after the date of grant.

 A total of 4,250,000 of the awarded options to the management team are as set out below:

Executive	No. of options granted	Existing no. of options		Option Type	Total no. of options over Ordinary Shares	Total Options as a percentage of the Company's issued share capital
Dr Clifford Gross	3,000,000	0		Non-EMI	3,000,000	3.42%
Mr. Max Inglis	1,000,000	250,000		Non-EMI	1,250,000	1.42%
Mr. Konrad Dabrowski	250,000	1,175,000		Non-EMI	1,425,000	1.62%

Following the issue of the new Options, the total number of Ordinary Shares under option which could be issued if the performance criteria is met is 8,425,000 Ordinary Shares representing 9.60% of the Company's issued share capital.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them are set out below pursuant to the EU Market Abuse regulation.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dr Clifford Gross (CEO) Max Inglis (General Counsel) Konrad Dabrowski (CFO)
2	Reason for the notification
a)	Position/status	See 1 a) above
b)	Initial notification / Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	TEKCAPITAL PLC
b)	LEI	213800GOJTOV19FIFZ85
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	Ordinary Shares of 0.4p each ISIN: GB00BKXGY798
b)	Nature of the transaction	Grant of options over ordinary shares
c)	Price(s) and volume(s)	Director/PDMR  Price(s) Volume(s) Dr Clifford Gross 12p per share 3,000,000 Max Inglis 12p per share 1,000,000 Konrad Dabrowski  12p per share 250,000
d)	Aggregated information - Aggregated volume - Price	Price(s) Volume(s) 12p per share 4,250,000
e)	Date of the transaction	27 August 2020
f)	Place of the transaction	Outside a trading venue

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed intellectual properties and provides a range of IP investment services to make it easy for organisations to commercialise university-developed technology. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in the UK. For more information, please visit www.tekcapital.com

LEI: 213800GOJTOV19FIFZ85

For further information, please contact:

Tekcapital Plc		Via Flagstaff
Clifford M. Gross, Ph.D.
SP Angel Corporate Finance LLP (Nominated Adviser and Joint Broker)		[phone]
Richard Morrison/Charlie Bouverat (Corporate Finance)
Abigail Wayne (Corporate Broking)
Flagstaff Strategic and Investor Communications		[phone]
Tim Thompson/Andrea Seymour/Fergus Mellon

 

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