Business
Issue of Shares to Staff
Issue of Shares to Staff.
About this update from Seeing Machines Limited
[{"type":"text","content":"\n \nRNS Number : 7145S Seeing Machines Limited 29 September 2014 \n \n\nSeeing Machines Limited\nIssue of Shares to Staff\n \n29 September 2014\nSeeing Machines Limited (AIM: SEE), the AIM-listed technology company pioneering computer-vision based operator monitoring and intervention technology services, announces an issue of equity to staff under the Company's long term incentive plan, as part of the staff 2014 remuneration review. \nThe Company has issued new fully paid ordinary shares of no par value (\"New Ordinary Shares\") under the terms of the Executive Share Plan approved by shareholders in 2010, and consistent with the Long Term Incentive Plan (\"LTIP\") for senior executives as announced on 5 September 2013. \nThe Company has issued New Ordinary Shares in two offers. \nThe first offer is to six senior executives (including the CEO and CFO) as part of the LTIP. These shares have been offered on the basis of Company and personal performance for the financial year ending 30 June 2014. A total of 4,387,353 New Ordinary Shares have been allocated in varying numbers to the trustee of the LTIP Loan Plan to be held on trust for the executives. \nConsistent with the share offers made in September 2013, these shares will only vest for the benefit of executives, if, after three years from the end of the relevant financial year (i.e. 30 June 2017): (a) the Company's share price meets performance criteria set by the remuneration committee; and (b) the executive is still employed by the Company (subject to a small number of exceptions).\nShould these requirements be met, Seeing Machines will provide a non-recourse, interest-free loan to enable the executives to purchase their allocated shares at a price set at the beginning of the 3 year period. Under the LTIP, the issue price is set at the end of the financial year in respect of which the shares have been issued. In this case the issue price is 6.12 pence, being the average closing mid share price on AIM over the 30 trading days up to 1 July 2014. Under the AIM Rules the Company is not allowed to issue shares to directors and applicable employees during a close period, which includes the period of two months leading up to the release of the Company's annual accounts. \nThe second offer is a one-off general offer of ...