Business
Grant of Options and Warrants
Grant of Options and Warrants.
About this update from React Group Plc
[{"type":"text","content":"\n \nRNS Number : 4400Z React Group PLC 17 May 2019 \n\nREACT GROUP PLC\n \nGrant of Options and Warrants\n \nReact Group Plc announces that on 17 May 2019 it granted options (\"Options\") over a total of 42,371,519 ordinary shares of 0.25 pence in the Company's (\"Ordinary Shares\") to employees, as set out in the table below. Gillian Leates has surrendered her existing warrants over 2,380,000 Ordinary Shares. The Company has also granted warrants (\"Warrants\") over a total of 19,939,537 Ordinary Shares to Wydelta Limited, a consulting and advisory firm led by Mark Braund. In aggregate, these share options and warrants represent 14.6 % of the current issued share capital.\n \nThe Options have an exercise price of 0.3 pence per Ordinary Share, vest two years from the date of grant and once vested are exercisable at any time up to ten years after the date of grant, subject to performance conditions. The Warrants are subject to the same performance criteria although are exercisable at any time up to five years after the date of grant. After five years the option performance will cease to apply.\n \nThe Options and Warrants have an exercise price of 0.3 pence per share and are subject to performance conditions whereby the average mid-market closing share price of the Company's Ordinary Shares in any consecutive 5 day period in the period 17 May 2024 is at or above the defined levels, as follows:\n \n\n\n\nshare price at or above\n\n\n% of total vesting\n\n\ncumulative % of total vesting\n\n\n\n\n0.40p\n\n\n10%\n\n\n10%\n\n\n\n\n0.80p\n\n\n10%\n\n\n20%\n\n\n\n\n1.20p\n\n\n10%\n\n\n30%\n\n\n\n\n1.60p\n\n\n10%\n\n\n40%\n\n\n\n\n2.00p\n\n\n10%\n\n\n50%\n\n\n\n\n2.40p\n\n\n25%\n\n\n75%\n\n\n\n\n2.80p\n\n\n25%\n\n\n100%\n\n\n\n \nThe Options and Warrants have been granted to as follows:\n \n\n\n\nName\n\n\nRole\n\n\nType\n\n\nOptions or Warrants granted\n\n\nTotal Options / Warrants over Ordinary Shares now held\n\n\n\n\nGillian Leates\n \n\n\nExecutive Chairman\n\n\nEnterprise Management Incentive (\"EMI\")\n\n\n19,939,537\n\n\n19,939,537\n\n\n\n\nShaun Doak\n \n\n\nManaging Director\n\n\nEMI\n\n\n18,693,318\n\n\n18,693,318\n\n\n\n\nAndrea Pankhurst\n \n\n\nFinance Controller\n\n\nEMI\n\n\n2,077,038\n\n\n2,077,038\n\n\n\n\nMichael Joyce\n\n\nNon-Executive D...