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FLX Falanx Group Limited

0.525
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
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 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

Falanx Group Limited Salary sacrifice, grant of options & PDMR dealing (2664K)

21/04/2020 7:00am

UK Regulatory


Falanx (LSE:FLX)
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TIDMFLX

RNS Number : 2664K

Falanx Group Limited

21 April 2020

21 April 2020

FALANX GROUP LIMITED

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

Salary sacrifice, grant of options and PDMR dealing

Falanx Group Limited, the AIM listed (FLX.L) provider of cyber security and strategic intelligence services, today provides further details of the salary sacrifice, grant of options and PDMR dealing announced in the Company's trading update on 31 March 2020.

Salary sacrifice and grant of options

As announced on 31 March 2020, the Company has implemented certain measures designed to strengthen the Company's balance sheet and expected cash performance over the next few months. One of these measures included voluntary salary sacrifices by the directors, certain senior managers and staff and the Company announced at that time an intention to compensate those participating through the grant of new share options.

The Group today announces that its Executive Directors and certain of its senior managers and employees have agreed to reduce their cash remuneration between 1 April 2020 and 30 September 2020 and in return for this they will be offered options over new shares, as further detailed below, totalling, in aggregate, 31,410,000 million (the "New Options"). In addition, the Non-Executive Directors will receive 1,599,600 warrants, in aggregate, in return for their salary sacrifice in respect of the same period on identical terms to the New Options (the "Warrants").

In order to seek to minimise the dilution to shareholders as much as possible, this new option pool has been created partly by the waiver of certain share options granted in March and December 2018 to Directors/PDMRs and senior managers. The total number of options waived is 25.7 million (the "Surrender") and the number needed for this new scheme is 33 million which equates to circa GBP0.2m of sacrificed remuneration and associated costs over the six-month period between 1 April 2020 and 30 September 2020. Included within this the Executive Directors will receive 9,120,000 New Options and the Non-Executive Directors will receive 1,599,600 Warrants, as further set out in the tables below.

New Options

The New Options will be granted, wherever possible, under EMI rules, and will vest from 1 October 2020 with an exercise period of 10 years ending on 20 April 2030. As announced on 31 March 2020, the exercise price of each option is 1 penny per share, an increase of 75% above the closing price of 0.57 pence per share on 30 March 2020, being the trading day immediately before that announcement. The New Options have customary good leaver and bad leaver provisions and acceleration of vesting criteria in certain specified circumstances. The Warrants are being granted with an identical exercise price and for an identical period of time.

A further 1,250,000 share options are being issued in the ordinary course of the Group's remuneration policy to staff under the Group's existing EMI scheme. These have an exercise price of 1.15 pence each.

Total options in the Group

Following the Surrender and the grant of the New Options and Warrants, the Company will have a total of 80,237,004 share options and Warrants in issue, 9,000,000 of which are expected to lapse by June 2020. This equates to 20.0 % of the current issued share capital prior to any lapse and 17.8% after this expected lapse.

Director/PDMR dealings

The table below sets out details on the waivers and grant of New Options in respect of PDMRs:

 
 Director/PDMR    Number of           Number of           Number of      Total number 
                   existing options    existing options    New Options    of options 
                   waived as           left                granted        held (including 
                   part of the                                            New Options 
                   Surrender                                              granted) 
 Mike Read            6,500,000           5,000,000        6,600,000        11,600,000 
                 ------------------  ------------------  -------------  ----------------- 
 Ian Selby            6,500,000           5,000,000        2,520,000        7,520,000 
                 ------------------  ------------------  -------------  ----------------- 
 Emma Shaw            1,500,000              Nil              Nil              Nil 
                 ------------------  ------------------  -------------  ----------------- 
 

The table below sets out details on the issue of the Warrants in respect of PDMRs:

 
 Non-Executive       Total number          Number of       Total number 
  Director/PDMR       of Warrants       Warrants granted    of Warrants 
                    held previously                            held 
 Alex Hambro              Nil              1,200,000        1,200,000 
                  ------------------  ------------------  ------------- 
 Emma Shaw                Nil               399,600          399,600 
                  ------------------  ------------------  ------------- 
 

Mike Read, CEO, commented:

"I am delighted with the vote of confidence that a very significant proportion of our team have given Falanx. It is particularly pleasing that their support for this programme aligns them with shareholders objectives. This, together with the other cost saving measures which we are putting in place, will result in a significant reduction in our ongoing cash spend providing us with the flexibility needed in these challenging times."

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                  + 44 (0) 207 710 7600 
 Turner Pope Investments (TPI) Limited, 
  Joint Broker 
  Andy Thacker/Zoe Alexander               +44 (0) 20 3657 0050 
 
   IFC Advisory Ltd, Financial PR & 
   IR 
   Graham Herring / Zach Cohen               +44 (0) 203 934 6630 
 

About Falanx

Falanx Group Limited, is a global intelligence and cyber defence provider working with blue chip and government clients. For more information: http://www.falanx.com/

Notification and public disclosure of transactions by persons discharging managerial responsibilities ("PDMRs") and persons closely associated ("PCA") with them.

 
  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              Options over Ordinary Shares of nil par 
       of the financial         value 
       instrument, 
       type of instrument 
     -----------------------  ----------------------------------------------- 
 b)   Identification           VGG3338A1075 
       code 
     -----------------------  ----------------------------------------------- 
 c)   Nature of the            Surrender of options over Ordinary Shares 
       transaction 
     -----------------------  ----------------------------------------------- 
 d)   Price(s) and             Volume(s): 
       volume(s)                6,500,000 Ordinary Shares 
                                Exercise price of options being surrendered: 
                                5,000,000 with a price of 5 pence per 
                                option over each Ordinary Share and 1,500,000 
                                with a price of 3.5 pence per ordinary 
                                share. 
     -----------------------  ----------------------------------------------- 
 d)   Aggregated information   N/A 
       - Aggregated 
       volume 
       - Price 
     -----------------------  ----------------------------------------------- 
 e)   Date of the              20 April 2020 
       transactions 
     -----------------------  ----------------------------------------------- 
 f)   Place of the             Outside 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              Options over Ordinary Shares of nil par 
       of the financial         value 
       instrument, 
       type of instrument 
     -----------------------  ----------------------------------------------- 
 b)   Identification           VGG3338A1075 
       code 
     -----------------------  ----------------------------------------------- 
 c)   Nature of the            Surrender of options over Ordinary Shares 
       transaction 
     -----------------------  ----------------------------------------------- 
 d)   Price(s) and             Volume(s): 
       volume(s)                6,500,000 Ordinary Shares 
                                Exercise price of options being surrendered: 
                                5,000,000 with a price of 5 pence per 
                                option over each Ordinary Share and 1,500,000 
                                with a price of 3.5 pence per ordinary 
                                share 
     -----------------------  ----------------------------------------------- 
 d)   Aggregated information   N/A 
       - Aggregated 
       volume 
       - Price 
     -----------------------  ----------------------------------------------- 
 e)   Date of the              20 April 2020 
       transactions 
     -----------------------  ----------------------------------------------- 
 f)   Place of the             Outside a trading venue 
       transaction 
     -----------------------  ----------------------------------------------- 
 
 
  1   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Names                    Emma Shaw 
     -----------------------  ---------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------- 
 a)   Position/status          Non-Executive Director 
     -----------------------  ---------------------------------------------- 
 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              Options over Ordinary Shares of nil par 
       of the financial         value 
       instrument, 
       type of instrument 
     -----------------------  ---------------------------------------------- 
 b)   Identification           VGG3338A1075 
       code 
     -----------------------  ---------------------------------------------- 
 c)   Nature of the            Surrender of options over Ordinary Shares 
       transaction 
     -----------------------  ---------------------------------------------- 
 d)   Price(s) and             Volume(s): 
       volume(s)                1,500,000 Ordinary Shares 
                                Exercise price of options being surrendered: 
                                750,000 with an exercise price of 5.88 
                                pence per option over each Ordinary Share, 
                                500,000 with an exercise price of 5 pence 
                                per option and 250,000 with an exercise 
                                price of 3.5 pence per option. 
     -----------------------  ---------------------------------------------- 
 d)   Aggregated information   N/A 
       - Aggregated 
       volume 
       - Price 
     -----------------------  ---------------------------------------------- 
 e)   Date of the              20 April 2020 
       transactions 
     -----------------------  ---------------------------------------------- 
 f)   Place of the             Outside 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              Options over Ordinary Shares of nil par 
       of the financial         value 
       instrument, 
       type of instrument 
     -----------------------  ------------------------------------------ 
 b)   Identification           VGG3338A1075 
       code 
     -----------------------  ------------------------------------------ 
 c)   Nature of the            Grant of options over Ordinary Shares 
       transaction 
     -----------------------  ------------------------------------------ 
 d)   Price(s) and             Volume(s): 
       volume(s)                6,600,000 Ordinary Shares 
                                Exercise price of options being granted: 
                                1 penny per option over each Ordinary 
                                Share 
     -----------------------  ------------------------------------------ 
 d)   Aggregated information   N/A 
       - Aggregated 
       volume 
       - Price 
     -----------------------  ------------------------------------------ 
 e)   Date of the              20 April 2020 
       transactions 
     -----------------------  ------------------------------------------ 
 f)   Place of the             Outside 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              Options over Ordinary Shares of nil par 
       of the financial         value 
       instrument, 
       type of instrument 
     -----------------------  --------------------------------------------- 
 b)   Identification           VGG3338A1075 
       code 
     -----------------------  --------------------------------------------- 
 c)   Nature of the            Grant of options over Ordinary Shares 
       transaction 
     -----------------------  --------------------------------------------- 
 d)   Price(s) and             Volume(s): 
       volume(s)                2,520,000 Ordinary Shares 
                                Exercise price of options being granted: 
                                1 penny per option over each Ordinary Share 
     -----------------------  --------------------------------------------- 
 d)   Aggregated information   N/A 
       - Aggregated 
       volume 
       - Price 
     -----------------------  --------------------------------------------- 
 e)   Date of the              20 April 2020 
       transactions 
     -----------------------  --------------------------------------------- 
 f)   Place of the             Outside a trading venue 
       transaction 
     -----------------------  --------------------------------------------- 
 
 
  1   Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Names                    Alex Hambro 
     -----------------------  --------------------------------------------- 
 2    Reason for the notification 
     ---------------------------------------------------------------------- 
 a)   Position/status          Chair 
     -----------------------  --------------------------------------------- 
 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              Warrants over Ordinary Shares of nil par 
       of the financial         value 
       instrument, 
       type of instrument 
     -----------------------  --------------------------------------------- 
 b)   Identification           VGG3338A1075 
       code 
     -----------------------  --------------------------------------------- 
 c)   Nature of the            Grant of warrants over Ordinary Shares 
       transaction 
     -----------------------  --------------------------------------------- 
 d)   Price(s) and             Volume(s): 
       volume(s)                1,200,000 Ordinary Shares 
                                Exercise price of warrants being granted: 
                                1 penny per option over each Ordinary Share 
     -----------------------  --------------------------------------------- 
 d)   Aggregated information   N/A 
       - Aggregated 
       volume 
       - Price 
     -----------------------  --------------------------------------------- 
 e)   Date of the              20 April 2020 
       transactions 
     -----------------------  --------------------------------------------- 
 f)   Place of the             Outside a trading venue 
       transaction 
     -----------------------  --------------------------------------------- 
  1   Details of the person discharging managerial responsibilities 
       / person closely associated 
     ---------------------------------------------------------------------- 
 a)   Names                    Emma Shaw 
     -----------------------  --------------------------------------------- 
 2    Reason for the notification 
     ---------------------------------------------------------------------- 
 a)   Position/status          Non-Executive Director 
     -----------------------  --------------------------------------------- 
 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              Warrants over Ordinary Shares of nil par 
       of the financial         value 
       instrument, 
       type of instrument 
     -----------------------  --------------------------------------------- 
 b)   Identification           VGG3338A1075 
       code 
     -----------------------  --------------------------------------------- 
 c)   Nature of the            Grant of warrants over Ordinary Shares 
       transaction 
     -----------------------  --------------------------------------------- 
 d)   Price(s) and             Volume(s): 
       volume(s)                399,600 Ordinary Shares 
                                Exercise price of warrants being granted: 
                                1 penny per option over each Ordinary Share 
     -----------------------  --------------------------------------------- 
 d)   Aggregated information   N/A 
       - Aggregated 
       volume 
       - Price 
     -----------------------  --------------------------------------------- 
 e)   Date of the              20 April 2020 
       transactions 
     -----------------------  --------------------------------------------- 
 f)   Place of the             Outside a trading venue 
       transaction 
     -----------------------  --------------------------------------------- 
 

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 rns@lseg.com or visit www.rns.com.

END

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April 21, 2020 02:00 ET (06:00 GMT)

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