Surface Transforms PLC Grant of Options (2697R)

TIDMSCE

RNS Number : 2697R

Surface Transforms PLC

20 September 2017

The information communicated within this announcement is deemed to constitute inside information as stipulated under the Market Abuse Regulations (EU) No. 596/2014. Upon the publication of this announcement, this inside information is now considered to be in the public domain.

Surface Transforms plc

("Surface Transforms" or the "Company")

Grant of Options

Surface Transforms plc (AIM: SCE) announces that it has granted options over 990,000 new ordinary shares of 1 pence each in the Company ("Ordinary Shares") under its existing share option scheme (the "Options"). The Options have been granted as follows:

 
     Name                 Position               No. of Options 
                                                  granted 
 
                          Chief Executive 
     Kevin Johnson         Officer               990,000 
 

The Options are exercisable at a price of 15.875 pence per share being the closing share price on 19 September 2017 and vest against achievement of the performance criteria described below no earlier than 19 September 2020. The Options expire on the tenth anniversary of the date of grant.

The vesting of the Options is conditional on the continued employment of the option holder as well as the satisfaction of certain financial and non-financial performance conditions. The Options will vest in one-third tranches upon the Company being awarded a contract on a track car from a mainstream volume OEM, being awarded a contract for a volume road car from a mainstream volume OEM and/or generating revenue in a financial year of not less than GBP5 million.

Details of the director's resultant holdings of Ordinary Shares and options over Ordinary Shares are as follows:

 
     Name                 Total No. of       No. of Existing Ordinary 
                           Options            Shares 
 
     Kevin Johnson        3,055,707          124,000 
 

For enquiries, please contact:

 
     Surface Transforms plc 
 
       Kevin Johnson, CEO                         [phone] 
     David Bundred, Chairman                    [phone] 
     Cantor Fitzgerald Europe (Nomad 
      & Joint-Broker)                           [phone] 
     David Foreman, Callum Butterfield 
      (Corporate Finance) 
      Alex Pollen (Sales) 
 
     FinnCap Ltd (Joint-Broker)                 [phone] 
     Stephen Norcross / Nikita Jain 
      (Corporate Broking) 
      Ed Frisby / Giles Rolls (Corporate 
      Finance) 
 

For further Company details, visit www.surfacetransforms.com.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulations, provides further detail in respect of the transaction as described above.

 
     Notification of a Transaction pursuant to Article 
      19(1) of Regulation (EU) No. 596/2014 
------------------------------------------------------------------------------- 
     1        Details of the person discharging managerial 
               responsibilities/person closely associated 
-------  ---------------------------------------------------------------------- 
     a.       Name                        Kevin Johnson 
                                     ------------------------------------------ 
     2        Reason for 
               notification 
-------  --------------------------  ------------------------------------------ 
     a.       Position/Status             PDMR 
                                           Chief Executive Officer 
-------  --------------------------  ------------------------------------------ 
     b.       Initial notification/       Initial Notification 
               Amendment 
-------  --------------------------  ------------------------------------------ 
     3        Details of the issuer, emission allowance 
               market participant, auction platform, auctioneer 
               or auction monitor 
         ---------------------------------------------------------------------- 
     a.       Name                        Surface Transforms plc 
-------  --------------------------  ------------------------------------------ 
     b.       LEI                         N/A 
-------  --------------------------  ------------------------------------------ 
     4        Details of the transaction(s): section to 
               be repeated for (i) each type of instrument; 
               (ii) each type of transaction; (iii) each 
               date; and (iv) each place where transactions 
               have been conducted 
-------  ---------------------------------------------------------------------- 
     a.       Description                 Options over ordinary shares of 
               of the financial            1p each 
               instrument, 
               type of instrument 
                                           ISIN: GB0002892528 
               Identification 
               Code 
-------  --------------------------  ------------------------------------------ 
     b.       Nature of                   Grant of options over 990,000 
               the transaction             ordinary shares of 1 pence 
-------  --------------------------  ------------------------------------------ 
     c.       Price(s) and                     Price(s)              Volume(s) 
               volume(s)                   --------------------  -------------- 
                                                Not applicable        990,000 
                                           --------------------  -------------- 
-------  --------------------------  ------------------------------------------ 
     d.       Aggregated                  Not applicable 
               information 
-------  --------------------------  ------------------------------------------ 
     e.       Date of the                 20 September 2017 
               transaction 
-------  --------------------------  ------------------------------------------ 
     f.       Place of the                London Stock Exchange 
               transaction 
-------  --------------------------  ------------------------------------------ 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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September 20, 2017 04:34 ET (08:34 GMT)