Business
Amendment to Share Options
Amendment to Share Options.
About this update from Mercia Asset Management Plc
[{"type":"text","content":"\n \nRNS Number : 5688Z Mercia Technologies PLC 18 December 2017 \n\n\n\n\n\nFor immediate release\n\n\n18 December 2017\n\n\n\n\n \nMercia Technologies PLC\n(\"Mercia\" or the \"Company\")\n \nAmendment to Share Options\n \nAt the time of the Company's IPO on 18 December 2014 (\"Admission\") options (the \"Options\") over 1,000,000 new Ordinary shares with a nominal value of 0.001p pence each in the capital of the Company (\"Ordinary Shares\") were awarded to each of Dr. Mark Payton, Chief Executive Officer and Martin Glanfield, Chief Financial Officer, both directors of Mercia (together the \"Executive Directors\"). The Options were awarded pursuant to the 2014 Mercia Company Share Option Plan (\"Mercia CSOP\"). \n \nThe Options were subject to a performance condition which would have been satisfied if the total shareholder return (being the increase in the price of an Ordinary Share from a 50.0 pence base value plus any dividend yield) from Admission to the third anniversary of Admission was not less than 9.55 pence (being 6% compound per annum). The exercise price (being the price per share payable on the exercise of such options) would therefore have been 59.55 pence had the performance condition been satisfied.\n \nThe performance condition has not been satisfied on the third anniversary of Admission. However, having considered the matter at length and pursuant to the rules of the Mercia CSOP, the Company's Remuneration Committee has elected to vary the vesting period in which the performance condition of the Options has to be satisfied. Accordingly, the Options will now vest on the fifth anniversary of Admission if the total shareholder return from Admission to the fifth anniversary of Admission is not less than 9.55 pence. If the performance condition is satisfied on the fifth anniversary of Admission the exercise price will be 59.55 pence. The Remuneration Committee considers that this is the most appropriate way of continuing to align the interests of the Executive Directors with the shareholders of the Company, whilst continuing to provide a strong incentive, thereby facilitating the retention of high calibre individuals. \n \n \nFor further information, please contact:\n\n\n\n\nMercia Technologies PLC\nMark Payton, Chief Executive Officer\nMartin Glanfield, Chief Financi...