Grafenia plc Employee Share Scheme (7353X)

TIDMGRA

RNS Number : 7353X

Grafenia plc

24 February 2017

Grafenia plc

("Grafenia" or the "Company")

Employee Share Scheme

Grafenia plc (AIM: GRA), is pleased to announce that it has launched a Save as You Earn share scheme for all employees (the "SAYE Scheme"). Under the SAYE Scheme, employees have been offered the opportunity to participate in the future growth of the Company through the granting of share options.

The scheme requires employees to commit to making a fixed regular payment of between GBP5 and GBP500 for 36 months. These instalments are paid into a savings account, operated by Royal Bank of Scotland plc, held independently from the Company.

Eligible employees were invited to subscribe for options over ordinary shares of 1 penny each in the Company ("Ordinary Shares") with an exercise price of 7.75 pence per share, representing the closing mid-market price of the Ordinary Shares on the day prior to the invitation to participate which was made on 3 February 2017. The options have a savings contract start date of 1 March 2017 and are exercisable when all 36 payments have been made, between 1 March 2020 and 31 August 2020.

A total of 49 employees elected to participate in the SAYE Scheme and, pursuant to this, a grant of 4,359,460 options over Ordinary Shares was made on 23 February 2017, equating to 9.6 per cent of the current total voting rights in the Company.

Peter Gunning, CEO, commented:

"Our people are critical to the future success of our business. Attracting and retaining talent is vital in today's competitive environment. We're delighted that so many of the team have chosen to participate in the SAYE scheme. It demonstrates a desire to align their interests with those of all shareholders and to think of themselves as deeper stakeholders in the growth of our business."

For further information:

 
 Grafenia plc 
  Peter Gunning (CEO)         07973 191 632 
  Alan Roberts (Finance 
   Director)                   0161 848 5713 
 N+1 Singer (Nominated 
  Adviser) 
  Richard Lindley / James 
  White                        0207 496 3000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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February 24, 2017 02:00 ET (07:00 GMT)