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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Falanx Group Limited | LSE:FLX | London | Ordinary Share | VGG3338A1075 | ORD NPV (DI) |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 0.00 | 0.00% | 0.525 | 0.50 | 0.55 | 0.00 | 01:00:00 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| 0 | 0 | N/A | 0 |
From Apr 2021 to Apr 2024
TIDMFLX
RNS Number : 0421X
Falanx Group Limited
29 April 2021
29 April 2021
FALANX GROUP LIMITED
("Falanx", the "Group" or the "Company")
Cancellation of unapproved Share Options and reissue under EMI Scheme
Falanx Group Limited (AIM: FLX), the AIM listed provider of cyber security and strategic intelligence services, announces that it has made changes to certain outstanding share options to reduce potential tax charges on both option holders and the Company.
This will be achieved by the cancellation of certain existing share options which are unapproved from a UK tax perspective and the issue of an identical number under the Company's EMI scheme with identical terms (including, but not limited to, exercise price, vesting criteria and expiry date). This prospective change was referenced in the annual report for the year ended 31 March 2020.
The total number of options to be cancelled and then reissued is 29,119,200, representing 5.5% of issued capital as set out in the table below. No options, other than those set out in the table below, are affected by this change.
Hot Features
Premium
Holder Number & Issue Date Old Exercise New Exercise Expiry Expiry
(Scheme) Price Price Date (Original) Date (Revised)
Mike Read 5,000,000 25 September 31 March 31 March
(CEO) (A) 2019 1.92p 1.92p 2030 2030
---------- -------------- ------------- ------------- ----------------- ----------------
Mike Read 6,600,000 31 March 31 March
(CEO) (B) 21 April 2020 1.00p 1.00p 2030 2030
---------- -------------- ------------- ------------- ----------------- ----------------
Ian Selby 5,000,000 25 September 31 March 31 March
(CFO) (A) 2019 1.92p 1.92p 2030 2030
---------- -------------- ------------- ------------- ----------------- ----------------
Ian Selby 2,520,000 31 March 31 March
(CFO) (B) 21 April 2020 1.00p 1.00p 2030 2030
---------- -------------- ------------- ------------- ----------------- ----------------
Rick Flood 5,000,000 25 September 31 March 31 March
(PDMR) (A) 2019 1.92p 1.92p 2030 2030
---------- -------------- ------------- ------------- ----------------- ----------------
Rick Flood 4,999,200 31 March 31 March
(PDMR) (B) 21 April 2020 1.00p 1.00p 2030 2030
---------- -------------- ------------- ------------- ----------------- ----------------
Following the cancellation and reissue the Company will continue to have 71.8m employee options outstanding representing 13.6% of issued capital. Of these 33.0m (6.3% of issued capital) were issued on 21 April 2020 by the direct and permanent sacrifice of salaries by Executives and other employees in response to the COVID-19 disruptions as announced at that time
Scheme details and vesting criteria
There have been no changes to the vesting criteria in either scheme which remain as set out below
Scheme A (Options granted 25 September 2019)
The Options have an exercise price of 1.925 pence per Ordinary Share (the "Exercise Price"), being the closing mid-market price on 24 September 2019, and will vest:
-- 33% of vest immediately (originally vested 25 September 2019).
-- 33% of the total Options), provided that the share price of the Company exceeds 2.89 pence (50% share price growth over the Exercise Price) for a period of one calendar month; and
-- 34% of the total Options), provided that the share price of the Company exceeds 3.85 pence (100% growth over the Exercise Price) for a period of one calendar month.
These options have accelerated vesting in certain customary scenarios.
Scheme B Salary (Salary Sacrifice Options granted 21 April 2020)
These were issued as part of a Group wide scheme which was open to all employees whereby cash remuneration was permanently waived in return for option grants to support the Group through the worst phase of the COVID-19 pandemic in 2020. These options vest immediately (original vesting date 1 October 2020). For reference a separate waiver of 25.7 million share options was also made by members of staff on that day, including waivers by staff who did not participate in the salary sacrifice scheme.
Enquiries:
Falanx Group Limited Via IFC
Alex Hambro Chairman
Mike Read CEO
Ian Selby CFO
Stifel Nicolaus Europe Limited, Nomad
and Joint Broker
Alex Price / Fred Walsh / Luisa Orsini + 44 (0) 207 710
Baroni 7600
IFC Advisory Ltd, Financial PR & IR +44 (0) 203 934
Graham Herring / Zach Cohen 663
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Michael David Read
--------------------------- --------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status CEO
--------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Falanx Group Limited
--------------------------- --------------------------------------
b) LEI 213800YO4F9CUQLALV19
--------------------------- --------------------------------------
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 Ordinary Shares of nil par value
of the financial
instrument,
type of instrument
--------------------------- --------------------------------------
b) Identification VGG3338A1075
code
--------------------------- --------------------------------------
c) Nature of the Cancellation of share options
transaction
--------------------------- --------------------------------------
d) Price(s) and Volume(s):
volume(s) 5,000,000 Ordinary Shares
Price:
1.92 pence per Ordinary Share
Volume(s):
6,600,000 (B) Ordinary Shares
Price:
1.00 pence per Ordinary Share
--------------------------- --------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
--------------------------- --------------------------------------
e) Date of the 29 April 2021
transactions
--------------------------- --------------------------------------
f) Place of the Outside of a trading venue
transaction
--------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Michael David Read
--------------------------- --------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status CEO
--------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Falanx Group Limited
--------------------------- --------------------------------------
b) LEI 213800YO4F9CUQLALV19
--------------------------- --------------------------------------
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 Ordinary Shares of nil par value
of the financial
instrument,
type of instrument
--------------------------- --------------------------------------
b) Identification VGG3338A1075
code
--------------------------- --------------------------------------
c) Nature of the Issue of share options
transaction
--------------------------- --------------------------------------
d) Price(s) and Volume(s):
volume(s) 5,000,000 Ordinary Shares
Price:
1.92 pence per Ordinary Share
Volume(s):
6,600,000 (B) Ordinary Shares
Price:
1.00 pence per Ordinary Share
--------------------------- --------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
--------------------------- --------------------------------------
e) Date of the 29 April 2021
transactions
--------------------------- --------------------------------------
f) Place of the Outside of a trading venue
transaction
--------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Ian Selby
--------------------------- --------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status CFO
--------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Falanx Group Limited
--------------------------- --------------------------------------
b) LEI 213800YO4F9CUQLALV19
--------------------------- --------------------------------------
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 Ordinary Shares of nil par value
of the financial
instrument,
type of instrument
--------------------------- --------------------------------------
b) Identification VGG3338A1075
code
--------------------------- --------------------------------------
c) Nature of the Cancellation of share options
transaction
--------------------------- --------------------------------------
d) Price(s) and Volume(s):
volume(s) 5,000,000 Ordinary Shares
Price:
1.92 pence per Ordinary Share
Volume(s):
2,520,000 Ordinary Shares
Price:
1.00 pence per Ordinary Share
--------------------------- --------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
--------------------------- --------------------------------------
e) Date of the 29 April 2021
transactions
--------------------------- --------------------------------------
f) Place of the Outside of a trading venue
transaction
--------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Ian Selby
--------------------------- --------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status CFO
--------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Falanx Group Limited
--------------------------- --------------------------------------
b) LEI 213800YO4F9CUQLALV19
--------------------------- --------------------------------------
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 Ordinary Shares of nil par value
of the financial
instrument,
type of instrument
--------------------------- --------------------------------------
b) Identification VGG3338A1075
code
--------------------------- --------------------------------------
c) Nature of the Issue of share options
transaction
--------------------------- --------------------------------------
d) Price(s) and Volume(s):
volume(s) 5,000,000 Ordinary Shares
Price:
1.92 pence per Ordinary Share
Volume(s):
2,520,000 Ordinary Shares
Price:
1.00 pence per Ordinary Share
--------------------------- --------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
--------------------------- --------------------------------------
e) Date of the 29 April 2021
transactions
--------------------------- --------------------------------------
f) Place of the Outside of a trading venue
transaction
--------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Rick Flood
--------------------------- --------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Managing Director (PDMR)
--------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Falanx Group Limited
--------------------------- --------------------------------------
b) LEI 213800YO4F9CUQLALV19
--------------------------- --------------------------------------
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 Ordinary Shares of nil par value
of the financial
instrument,
type of instrument
--------------------------- --------------------------------------
b) Identification VGG3338A1075
code
--------------------------- --------------------------------------
c) Nature of the Cancellation of share options
transaction
--------------------------- --------------------------------------
d) Price(s) and Volume(s):
volume(s) 5,000,000 Ordinary Shares
Price:
1.92 pence per Ordinary Share
Volume(s):
4,999,200 Ordinary Shares
Price:
1.00 pence per Ordinary Share
--------------------------- --------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
--------------------------- --------------------------------------
e) Date of the 29 April 2021
transactions
--------------------------- --------------------------------------
f) Place of the Outside of a trading venue
transaction
--------------------------- --------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Rick Flood
--------------------------- --------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Managing Director (PDMR)
--------------------------- --------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Falanx Group Limited
--------------------------- --------------------------------------
b) LEI 213800YO4F9CUQLALV19
--------------------------- --------------------------------------
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 Ordinary Shares of nil par value
of the financial
instrument,
type of instrument
--------------------------- --------------------------------------
b) Identification VGG3338A1075
code
--------------------------- --------------------------------------
c) Nature of the Issue of share options
transaction
--------------------------- --------------------------------------
d) Price(s) and Volume(s):
volume(s) 5,000,000 Ordinary Shares
Price:
1.92 pence per Ordinary Share
Volume(s):
4,999,200 Ordinary Shares
Price:
1.00 pence per Ordinary Share
--------------------------- --------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
--------------------------- --------------------------------------
e) Date of the 29 April 2021
transactions
--------------------------- --------------------------------------
f) Place of the Outside of a trading venue
transaction
--------------------------- --------------------------------------
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END
MSCILMATMTJTMFB
(END) Dow Jones Newswires
April 29, 2021 02:00 ET (06:00 GMT)
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