Business
Issue of Options and Directorate Change
Issue of Options and Directorate Change.
About this update from Eleco Plc
[{"type":"text","content":"\n \n \n RNS Number : 3443N\n Elecosoft PLC\n 19 May 2020\n \n \n \n \n Elecosoft plc\n \n \n (\"Elecosoft\", the \"Company\" or the \"Group\")\n \n \n \n \n \n Issue of Options and Directorate Change\n \n \n \n \n \n Elecosoft plc (AIM: ELCO), the AIM-listed construction software specialist, announces that on 18th May 2020 the Company issued a total of 800,000 options to subscribe for new ordinary shares in the Company under the Elecosoft 2015 Share Option Plan, as adopted by the shareholders at the AGM on 26\n \n th\n \n May 2016, to the directors of the Company (the \"Options\"). Half of the Options shall vest if, and only if, if, the share price is equal to or exceeds 117 pence per share for 20 consecutive dealing days between the date of issue and the 31 May 2023. If the performance target is not met, the first half of the Options shall lapse.\n \n \n The remaining half of Options shall vest if, and only if\n \n \n a) The basic EPS reported in the audited Accounts for the year ended 31 December 2022 is at least 7.15 pence; or\n \n \n b) \n if target (a) is not met but the \n basic EPS reported in the audited Accounts for the year ended 31 December \n 2023 is at least 8.23 pence; or\n \n \n c) \n if neither target (a) or (b) is met but the \n basic EPS reported in the audited Accounts for the year ended \n 31 December 2023 is at least 7.88 pence 2/3rds of the award will vest; or \n \n \n d) \n if none of targets (a), (b) or (c). is met but the \n basic EPS reported in the audited Accounts for the year ended \n 31 December 2023 is at least 7.70 pence fifty percent of the award will vest; or\n \n \n e) \n if none of targets (a), (b), (c) or (d) is met but \n basic EPS reported in the audited Accounts for the year ended \n 31 December 2023 is at least 7.53 pence 1/3rd of the option will vest, failing which the remaining half of Options will lapse.\n \n \n The Options are exercisable at 74.30 pence per share and will expire on 31 May 2030. Details of director awards are included in the disclosure notices at the end of this announcement.\n \n \n \n \n \n \n \n \n \n Director/PDMR\n \n \n \n \n Options Issued\n \n \n \n \n Total Options Held Post Issue\n \n \n \n \n \n \n \n \n \n John Ketteley\n \n \n \n \n 250,000\n \n \n \n \n 350,000\n \n \n \n \n \n \n Jo...