Elecosoft PLC Issue of Options and Directorate Change (3443N)

TIDMELCO

RNS Number : 3443N

Elecosoft PLC

19 May 2020

Elecosoft plc

("Elecosoft", the "Company" or the "Group")

Issue of Options and Directorate Change

Elecosoft plc (AIM: ELCO), the AIM-listed construction software specialist, announces that on 18(th) May 2020 the Company issued a total of 800,000 options to subscribe for new ordinary shares in the Company under the Elecosoft 2015 Share Option Plan, as adopted by the shareholders at the AGM on 26 (th) May 2016, to the directors of the Company (the "Options"). Half of the Options shall vest if, and only if, if, the share price is equal to or exceeds 117 pence per share for 20 consecutive dealing days between the date of issue and the 31 May 2023. If the performance target is not met, the first half of the Options shall lapse.

The remaining half of Options shall vest if, and only if

a) The basic EPS reported in the audited Accounts for the year ended 31 December 2022 is at least 7.15 pence; or

b) if target (a) is not met but the basic EPS reported in the audited Accounts for the year ended 31 December 2023 is at least 8.23 pence; or

c) if neither target (a) or (b) is met but the basic EPS reported in the audited Accounts for the year ended 31 December 2023 is at least 7.88 pence 2/3rds of the award will vest; or

d) if none of targets (a), (b) or (c). is met but the basic EPS reported in the audited Accounts for the year ended 31 December 2023 is at least 7.70 pence fifty percent of the award will vest; or

e) if none of targets (a), (b), (c) or (d) is met but basic EPS reported in the audited Accounts for the year ended 31 December 2023 is at least 7.53 pence 1/3rd of the option will vest, failing which the remaining half of Options will lapse.

The Options are exercisable at 74.30 pence per share and will expire on 31 May 2030. Details of director awards are included in the disclosure notices at the end of this announcement.

 
  Director/PDMR      Options Issued   Total Options Held 
                                       Post Issue 
 John Ketteley       250,000          350,000 
 Jonathan Hunter     250,000          350,000 
 Benjamin Moralee    150,000          150,000 
 Anders Karlsson     150,000          300,000 
 

The total number of options is issue post award is 2,215,000 , representing 2.69% of the Company's issued share capital.

Directorate Change

Today the Company announces that Mukul Mistry has resigned as a director of the Company to pursue other interests and the board wishes him well.

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

 
  For further information please contact: 
 
 Elecosoft plc                                    Tel: [phone] 
                                                    8000 
  JHB Ketteley, Executive Chairman 
  Jonathan Hunter, Chief Operating Officer 
   Ben Moralee, Finance Director 
 
   finnCap Ltd                                      Tel: [phone] 
                                                    0500 
  Geoff Nash / Kate Bannatyne (Corporate Finance) 
  Camille Gochez (Corporate Broking) 
 
   Newgate Communications                           Tel: [phone] 
                                                    6880 
  Elisabeth Cowell / Isabelle Smurfit 
 
 

The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

About Elecosoft plc

Elecosoft is listed on the Alternative Investment Market in London (AIM: ELCO). It is a specialist international provider of software and related services to the architectural, engineering, construction and digital marketing industries from centres of excellence in the UK, Sweden, Germany and the US. Elecosoft's market leading software solutions are developed by teams in the United Kingdom, Sweden and Germany; and its software programs cover project management, construction site management, estimating, timber engineering, 3D design and visualisation, and cloud based digital marketing solutions.

For more information, please visit www.elecosoft.com

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them

 
 1.   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                             John Ketteley - Executive Chairman 
                                        Benjamin Moralee - Finance Director 
                                        Jonathan Hunter - Chief Operating 
                                        Officer 
                                        Anders Karlsson - Managing Director 
     -------------------------------  ------------------------------------- 
 2.   Reason for the Notification 
     ---------------------------------------------------------------------- 
 a)   Position/status                  See 1a) above 
     -------------------------------  ------------------------------------- 
 b)   Initial notification/Amendment   Initial notification 
     -------------------------------  ------------------------------------- 
 3.   Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ---------------------------------------------------------------------- 
 a)   Name                             Elecosoft plc 
     -------------------------------  ------------------------------------- 
 b)   LEI                              21380016GT9Z6ZQX4T37 
     -------------------------------  ------------------------------------- 
 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 of the               Options to subscribe for new 
       Financial instrument,            ordinary shares of 1p each 
       type of instrument 
      Identification code              ELCO GB0003081246 
     -------------------------------  ------------------------------------- 
 b)   Nature of the transaction        Grant of options 
     -------------------------------  ------------------------------------- 
 c)   Price(s) and volume(s)           Director      Price(s)   Volume(s) 
                                        J Ketteley    74.30p     250,000 
                                        J Hunter      74.30p     250,000 
                                        B Moralee     74.30p     150,000 
                                        A Karlsson    74.30p     150,000 
     -------------------------------  ------------------------------------- 
 d)   Aggregated information: 
       Aggregated volume                 See 4c) above 
       Price 
     -------------------------------  ------------------------------------- 
 e)   Date of the transaction          Share Options as described in 
                                        4c) 18 May 2020 
     -------------------------------  ------------------------------------- 
 f)   Place of the transaction         Outside of a trading venue 
     -------------------------------  ------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

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May 19, 2020 05:33 ET (09:33 GMT)