Business
Award of options
Award of options.
About this update from Metir Plc
[{"type":"text","content":"\n \nRNS Number : 0018C Microsaic Systems plc 12 June 2019 \n\n12 June 2019\nMicrosaic Systems plc\n \n(\"Microsaic\", \"Microsaic Systems\" or the \"Company\")\n \nAward of options\n \nMicrosaic 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. \n \nOptions have been granted to directors as detailed below:\n \n\n\n\nDirector\n\n\nPosition\n\n\nNumber of New Options Awarded\n\n\nExercise Price of New Options\n\n\nTotal Options Held\n\n\n\n\nGlenn Tracey\n\n\nChief Executive Officer\n\n\n2,500,000\n\n\n1.55 pence\n\n\n4,800,000 \n\n\n\n\nBevan Metcalf\n\n\nFinance Director\n\n\n2,500,000\n\n\n1.55 pence\n\n\n4,620,000 \n\n\n\n \nThe 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:\n \n1. The Company to achieve break-even in a financial year (50% of New Options vest)\n2. Launch by the Company of a bio-pharma OEM product (50% of New Options vest)\n \nFollowing 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.\n \nThe notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide additional detail.\n \n\n\n\nEnquiries: \n \n\n\n\n\n\n\n\nMicrosaic Systems plc\nGlenn Tracey, CEO\nBevan Metcalf, FD\n\n\n+44 (0)1483 751 577\n\n\n\n\n \nN+1 Singer (Nominated Adviser & Broker)\nShaun Dobson (Corporate Finance)\nTom Salvesen (Corporate Broking)\n \n\n\n \n+44 (0)20 7496 3000\n\n\n\n\nIFC Advisory Ltd (Financial PR)\nGraham Herring\nHeather Armstrong\n...