Business
New Share Option Scheme and Trading Update
New Share Option Scheme and Trading Update.
About this update from Ab Dynamics Plc
[{"type":"text","content":"\n \nRNS Number : 8545D AB Dynamics PLC 12 July 2016 \n\n12 July 2016\nAB Dynamics plc(\"ABD\" or the \"Group\" or the \"Company\" )\n \nAnnouncement of New Share Option Scheme and Trading Update\n \nAB Dynamics plc (AIM: ABDP) the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry, is pleased to announce a new Share Option Scheme (\"New Scheme\") in which all Group employees are eligible to participate.\n Following the successful conclusion of the Company's first staff Share Option Scheme (\"Existing Scheme\") and with all of the options granted under the Existing Scheme having now been exercised , on 11 July 2016 (the \"Grant Date\") the Remuneration Committee of the board approved the terms of the New Scheme and authorised the award of options over an aggregate of 1,337,122 new ordinary shares in the Company (\"Ordinary Shares\") at an exercise price of 395p per Ordinary Share (being the closing price on 8 July 2016, the latest practicable date prior to the Grant Date) and representing approximately 7.5% of the Company's issued ordinary share capital. \nUnder the New Scheme one third of the options awarded will vest on each of the first, second and third anniversary of the Grant Date subject to employees remaining employed by the Company or a Company subsidiary on the applicable vesting dates. The New Scheme will expire 11 July 2026.\nTrading Update\nThe Company continues to increase capacity, with the new factory facility expected to be completed in 2017. Additionally, the Company is committed to its new product development programme, which includes the recently announced partnership with Williams F1 to supply advanced dynamic vehicle simulators to the automotive industry.\nThe Directors believe the Company is on course to achieve the market expectations for the financial year ending 31 August 2016 and the continued global demand for its products and services gives excellent visibility on revenues well into the next financial year.\nIn line with previous years, the Board will provide a full year trading update and notice of results in August.\nTim Rogers, Managing Director AB Dynamics, commented: \"Our people are a cornerstone of the future success of the Company and I am delighted to announce the New Scheme in which all employees ar...