Business
Adoption of new EMI share option scheme
Adoption of new EMI share option scheme.
About this update from Haydale Plc
[{"type":"text","content":"\n \nRNS Number : 6641Z Haydale Graphene Industries PLC 14 January 2020 \n\n \nThe information contained within this announcement is deemed by the Group to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014 (\"MAR\"). Upon the publication of this announcement via a Regulatory Information Service (\"RIS\"), this inside information is now considered to be in the public domain.\n \n\n\n\nFor immediate release\n\n\n14 January 2020\n\n\n\n \nHaydale Graphene Industries plc\n \n(\"Haydale\", \"the Company\" or the \"Group\")\n \nAdoption of new EMI share option scheme, Grant of share options, Lapse of 2014 EMI share option scheme and 2017 LTIP\nPDMR dealings\n \n \nHaydale (AIM: HAYD), the global advanced materials group announces that on 13 January 2020, the Company adopted a new EMI share option scheme (\"2020 EMI Scheme\") and that the Board of the Company (\"Board\") has also granted options under the 2020 EMI Scheme (\"2020 Options\") to certain directors of the Company (\"Directors\") and staff of the Group over an aggregate of 34,100,000 ordinary shares of 2p each in the capital of the Company (\"Ordinary Shares\") pursuant to the 2020 EMI Scheme Rules. The grant of the 2020 Options to the Directors and certain of the key staff of the Group (\"Grant\") are each related party transactions as defined in AIM Rule 13.\n \nAs part of the adoption of the 2020 EMI Scheme, the Company's two existing share incentive schemes, the 2014 EMI share option scheme adopted by the Company in April 2014 (\"2014 EMI Scheme\") and the 2017 LTIP adopted by the Company in December 2017 (\"2017 LTIP\") will lapse.\n \nBackground to the 2020 EMI Scheme\nManagement changes at Haydale over the last 18 months, together with new strategic direction and new hires has meant that the Company's previous share incentive schemes were not relevant for the business today. Accordingly, having consulted with a number of the Company's key shareholders and its advisers, the Company has adopted the 2020 EMI Scheme which will enable the Company to retain, incentivise and reward its staff. The 2020 EMI Scheme has been structured to ensure that value is created for shareholders before any value is delivered to Directors and key staff (\"Key Management\"). Holders of 2020...