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IQE PLC (IQE)

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Wednesday 02 May, 2018

IQE PLC

IQE plc : Long Term Incentive Plan (LTIP) Awards

IQE plc : Long Term Incentive Plan (LTIP) Awards

IQE plc

("IQE" or the "Company")

Long Term Incentive Plan (LTIP) Awards

01 May 2018

IQE plc announces that on 01 May 2018 the Board confirmed a recommendation of the Remuneration Committee made on 06 March 2018 to grant 1,082,970 nil-cost share options ("Awards") over the Company's ordinary shares of 1 pence each awarded under the Company's Long Term Incentive Plan ("LTIP") to certain directors of the Group detailed in the table below:

NameRoleNumber of ordinary shares subject to award under the LTIP
Dr Andrew Nelson Chief Executive Officer 462,846
Mr Phillip Rasmussen (deceased) Chief Financial Officer to the date of his death on 1st April 2018 310,062
Dr Howard Williams Chief Operations Officer 310,062

The Awards are granted under the LTIP which was previously approved by shareholders and described in the Annual Remuneration Report in IQE's Report and Accounts for the years ended 31 December 2016 and 31 December 2017. The LTIP Awards for Dr Nelson and Dr Williams are subject to achievment of the performance criteria as approved by shareholders at the 2017 shareholder Annual General Meeting, their share Awards have a three year vesting period and no consideration is payable for the grant of the Awards.

The Board approved the accelerated vesting of 10,474,151 options over ordinary shares of 1 pence each in the Company awarded to Mr Phillip Rasmussen (deceased) through the LTIP granted between 2012 and 2018. This accelerated vesting includes the 310,062 Awards referred to above. Under the terms of the LTIP plan, the Board has discrection to approve the accelerated vesting of LTIP awards under certain circumstances, including that of a "good leaver". In this case, the Board decided to approve the accelerated vesting of the LTIP awards for Mr Rasmussen, following his tragic death in service on 01 April 2018.

Mr Rasmussen's Executor and Beneficiaries will have 12 months from the date of Mr Rasmussen's death to exercise the options, otherwise they will lapse. The interest in these options will no longer be reported since they are no longer deemed to be a PDMR or PCA.

The notification of the awards and accelerated vesting is intended to satisfy the Company's obligations under the Disclosure Guidance and Transparency Rules.  

Contacts:

IQE plc 
Chris Meadows

+44 (0) 29 2083 9400
Canaccord Genuity
Simon Bridges
Henry Fitzgerald-O'Connor
Richard Andrews
 
+ 44 (0) 20 7523 8000
Peel Hunt
Edward Knight
Nick Prowting

+44 (0) 20 7418 8900

The notification set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.

Notification of a Transaction pursuant to Article 19(1) of Regulation (EU) No. 596/2014

1.Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA")
a) Name Dr Andrew Nelson
2.Reason for the notification
a) Position / status PDMR (Chief Executive Officer)
b) Initial notification / amendment Initial notification
3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name IQE plc
b) Legal Entity Identifier 213800Y33WHD3ESJJP16
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 Award of LTIP options over ordinary shares of 1 pence each in the Company ("Awards")

GB0009619924
b) Nature of the transaction Granting of LTIP Awards
c) Price(s) and volume(s) Price(s)             Volume(s)

Nil pence   462,846 Awards
d) Aggregated information
  • Aggregated volume
  • Aggregated price
  • Aggregated total
 

N/A single transaction
e) Date of the transaction 1 May 2018
f) Place of the transaction Off market transaction

1.Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA")
a) Name Estate of Mr Phillip Rasmussen (Deased)
2.Reason for the notification
a) Position / status PDMR (Former 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 IQE plc
b) Legal Entity Identifier 213800Y33WHD3ESJJP16
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 Award of LTIP options over ordinary shares of 1 pence each in the Company ("Awards")

GB0009619924
b) Nature of the transaction Granting of LTIP Awards, and;
Acceleration of vesting of LTIP Awards
c) Price(s) and volume(s) Price(s)             Volume(s)

Nil pence    310,062 Awards
Nil pence  10,474,151 Awards
d) Aggregated information
  • Aggregated volume
  • Aggregated price
  • Aggregated total
 

10,474,151 Awards

Nil pence

Total consideration Nil
e) Date of the transaction 1 May 2018
f) Place of the transaction Off market transaction

1.Details of the Person discharging managerial responsibilities ("PDMR") / person closely associated with them ("PCA")
a) Name Dr Howard Williams
2.Reason for the notification
a) Position / status PDMR (Chief Operations Officer)
b) Initial notification / amendment Initial notification
3.Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a) Name IQE plc
b) Legal Entity Identifier 213800Y33WHD3ESJJP16
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 Award of LTIP options over ordinary shares of 1 pence each in the Company ("Awards")

GB0009619924
b) Nature of the transaction Granting of LTIP Awards
c) Price(s) and volume(s) Price(s)             Volume(s)

Nil pence   310,062 Awards
d) Aggregated information
  • Aggregated volume
  • Aggregated price
  • Aggregated total
 

N/A single transaction
e) Date of the transaction 1 May 2018
f) Place of the transaction Off market transaction



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: IQE plc via Globenewswire


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