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Microsaic Systems (MSYS)

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Wednesday 12 June, 2019

Microsaic Systems

Award of options

RNS Number : 0018C
Microsaic Systems plc
12 June 2019
 

12 June 2019

Microsaic Systems plc

 

("Microsaic", "Microsaic Systems" or the "Company")

 

Award of options

 

Microsaic Systems plc (AIM: MSYS), the developer of point-of-need mass spectrometry ("MS") instruments, announces that on 12 June 2019, the Company has approved the award of options ("New Options") to executive directors over 5,000,000 ordinary shares of 0.25 pence each in the Company ("Ordinary Shares"), representing approximately 1.10% of the issued share capital of the Company. 

 

Options have been granted to directors as detailed below:

 

Director

Position

Number of New Options Awarded

Exercise Price of New Options

Total Options Held

Glenn Tracey

Chief Executive Officer

2,500,000

1.55 pence

4,800,000

Bevan Metcalf

Finance Director

2,500,000

1.55 pence

4,620,000

 

The New Options awarded to the executive directors were awarded under Microsaic's Enterprise Management Incentive (EMI) Scheme. The New Options have an exercise price of 1.55 pence per Ordinary Share, being the middle market closing price on 11 June 2019. These options are subject to performance criteria as well as not being ordinarily exercisable prior to the third anniversary of the date of award. The performance criteria are:

 

1.    The Company to achieve break-even in a financial year (50% of New Options vest)

2.    Launch by the Company of a bio-pharma OEM product (50% of New Options vest)

 

Following the award of the New Options, the total number of options outstanding under share incentive scheme arrangements is 18,744,000 representing 4.11% of the Company's issued share capital.

 

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

 

Enquiries:

 


Microsaic Systems plc

Glenn Tracey, CEO

Bevan Metcalf, FD

+44 (0)1483 751 577

 

N+1 Singer (Nominated Adviser & Broker)

Shaun Dobson (Corporate Finance)

Tom Salvesen (Corporate Broking)

 

 

+44 (0)20 7496 3000

IFC Advisory Ltd (Financial PR)

Graham Herring

Heather Armstrong

Florence Chandler

+44 (0)20 3934 6630

 

 

About Microsaic Systems

Microsaic Systems plc (AIM: MSYS) is a high technology company developing chip-based, bench-top and point-of-analysis mass spectrometry ("MS") instruments that are designed to improve the efficiency of pharmaceutical R&D and manufacturing. The Company is working with established global life science companies to co-develop new solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines. MS is a powerful method of analysis to enable earlier decision making relating to product identification, purity and bioactivity, and is the analytical technique of choice for biochemists across many industry sectors.

 

Microsaic's products retain the functionality of larger conventional MS systems, but are deployable for use at the point of need, easier to use by non-specialists, consume less energy and have lower running costs. For more information, please go to www.microsaic.com.  

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Glenn Tracey

2

 

Reason for the notification

 

a)

 

Position/status

 

 

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

 

Microsaic Systems plc

b)

 

LEI

 

213800P1VXZSD3US5N79

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

 

Share options over ordinary shares of 0.25p each

 

GB00B547ZY09

 

b)

 

Nature of the transaction

 

Award of share options over ordinary shares

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

1.55 pence

 

2,500,000

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

Not applicable

 

 

e)

 

Date of the transaction

 

12 June 2019

f)

 

Place of the transaction

 

Off market

 

 

1

 

Details of the person discharging managerial responsibilities / person closely associated

 

a)

 

Name

 

 

Bevan Metcalf

2

 

Reason for the notification

 

a)

 

Position/status

 

 

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

 

Microsaic Systems plc

b)

 

LEI

 

213800P1VXZSD3US5N79

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

 

Share options over ordinary shares of 0.25p each

 

GB00B547ZY09

 

b)

 

Nature of the transaction

 

Award of share options over ordinary shares

c)

 

Price(s) and volume(s)

 

 

 

Price(s)

 

Volume(s)

1.55 pence

 

2,500,000

 

d)

 

Aggregated information

 

- Aggregated volume

 

- Price

 

 

 

Not applicable

 

 

e)

 

Date of the transaction

 

12 June 2019

f)

 

Place of the transaction

 

Off market

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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