SRT Marine Systems PLC Grant of Share Options (5808G)

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RNS Number : 5808G

SRT Marine Systems PLC

08 August 2016

SRT MARINE SYSTEMS PLC

("SRT" or the "Company")

Grant of Share Options

SRT announces that share options have today been granted to the Company's three executive directors (the "Options").

The Options, which have been issued partially under the Company's Enterprise Management Incentive ("EMI") scheme and partially under the Non-EMI scheme, are exercisable at the nominal value of 0.1p and vest in three equal tranches dependent on the Company's share price.

The first tranche vests when the average closing share price for 20 continuous business days has exceeded 50p. This has occurred and so the first tranche has vested. The second and third tranches vest on the same basis, but with thresholds of 75p and GBP1.25, respectively.

 
                 Options granted   Total options 
                                            held 
 
 Simon Tucker          1,500,000       3,700,000 
 Neil Peniket            750,000       2,050,000 
 Richard Hurd            450,000       1,025,000 
 
 
 Contacts 
 SRT                                     [phone] 
  Simon Tucker, CEO             [e-mail] 
  Louise Coates, Marketing     [e-mail] 
  Manager 
 WH Ireland Limited 
  Tim Feather 
  Liam Gribben                          [phone] 
 

Notes to Editors

SRT develops, manufactures and supplies maritime tracking technology and turn-key system solutions to marine stakeholders across the globe. The Company's products and solutions are used by individual vessel owners, port authorities, maritime infrastructure owners, coast guards and national security agencies to enhance their maritime domain awareness. Applications include the tracking of commercial and leisure vessels; sustainable fishery; anti-collision; search and rescue; waterway management, port and coast security; pollution management; and environmental management.

In the early 2006, SRT was the first company to develop a low cost technology platform supporting the International Maritime Organisation (IMO) adopted data communications technology, AIS (Automatic Identification System). This technology transmits vessel type, current co-ordinates, course and speed, and the vessel's unique identifier, in real time - air traffic control for boats. As a result of a global IMO sponsored mandate for the use of AIS, today AIS is being adopted and implemented worldwide in marine market as the next generation of radar. SRT's systems are entirely developed in the UK with 95% of revenues derived from exports.

With circa 26 million vessels operational globally and a growing demand from national authorities enforcing vessels operating in their waters to fit AIS as standard, SRT, the leading global provider of AIS technology, is at the forefront of a rapidly developing and evolving multi-billion dollar maritime market.

www.softwarerad.com

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August 08, 2016 10:38 ET (14:38 GMT)