Cronin Group PLC New Share Option Scheme and Grant to PDMR (2141Y)

TIDMCRON

RNS Number : 2141Y

Cronin Group PLC

04 December 2017

4 December 2017

Cronin Group Plc

("Cronin" or the "Company")

Adoption of New Share Option Scheme

and

Grant of Options to a PDMR

Cronin Group Plc, the AIM listed company focusing on digitizing chemistry, announces the adoption of the Cronin Group Plc Share Option Plan 2017 (the "Plan") and the grant of options to all employees of its subsidiary, Cronin 3D Limited, including a person discharging managerial responsibilities ("PDMR").

The Plan is being introduced to recruit, retain and incentivise Directors and employees of the Company and its subsidiaries (the "Group"). The number of options that may be awarded under the Plan is limited to a maximum number of new ordinary shares of 0.01p each in the Company ("Ordinary Shares") representing 11 per cent. of the Company's issued share capital, and may be issued as tax-effective enterprise management incentives where appropriate.

The Board has approved the terms of the Plan and, authorised an initial award of options to employees on 1 December 2017 (the "Date of Grant") over 1,936,667 Ordinary Shares at an exercise price of 2.13p (being the closing price on 30 November 2017, the business day preceding the Date of Grant). The award represents approximately 0.35 per cent. of the Company's issued share capital.

Of the 1,936,667 options granted under the Plan, 677,871 vest on the date of grant. The balance vest in monthly instalments until either three years from the Date of Grant, or in the case of certain longer serving employees, from the earlier date of three years from the end of each of the employees' respective historic probation periods. The options are all exercisable for 10 years from the Date of Grant and the Plan will expire on 30 November 2027.

Within the award of options referred to above, Steve Coles, the Company's Chief Technology Officer, who is identified as a PDMR, has been granted options over a total of 1,666,667 Ordinary Shares, of which 648,148 vest on the Date of Grant and vesting of the balance is in monthly instalments thereafter until 1 October 2019.

For further information:

 
 Cronin Group Plc                 www.croningroupplc.com 
 Mark Warne, Executive Chairman         T: 0141 465 6871 
 
 Stockdale Securities Limited           T: 020 7601 6100 
 Tom Griffiths/Edward Thomas 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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December 04, 2017 02:00 ET (07:00 GMT)