Filtronic PLC Adoption of Share Option Plan and Grant of Options (1482A)

TIDMFTC

RNS Number : 1482A

Filtronic PLC

25 September 2020

25 September 2020

Filtronic plc

(the "Company" or "Filtronic")

Adoption of share option plan and Grant of Options

Filtronic plc (AIM: FTC), the designer and manufacturer of products for the critical communications, wireless telecoms and defence & aerospace markets , announces the adoption of the Filtronic plc Employee Share Option Plan 2020 ("the Plan") and the grant of share options to Richard Gibbs, CEO of the Company.

The Plan (an updated version of Filtronic plc Employee Share Option Plan 2010 which expires in November 2020) will be used to recruit, retain and incentivise Directors and certain other employees of the Company and its subsidiaries and help align their interests with those of shareholders. The number of options that may be awarded under the Plan is limited to a maximum number representing 6 per cent of the Company's issued ordinary share capital. Additionally, options may be issued as tax efficient Enterprise Management Incentives ("EMI") where appropriate.

Grant of options to Filtronic CEO

Following the recommendation of the Remuneration Committee, Filtronic has granted options over 750,000 ordinary shares of 0.1 pence each in the Company (the "CEO Options") to Richard Gibbs, who was appointed as Chief Executive Officer of Filtronic plc on 1 September 2020.

The exercise price for the CEO Options is 8.0 pence per share, being the Company's closing mid-market share price on 23 September 2020. The CEO Options lapse on the tenth anniversary of the date of grant and no option can vest before the third anniversary of the date of grant.

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

 
 1.    Details of PDMR / Person Closely Associated with them ('PCA') 
====  =========================================================================== 
 a)    Name                                 Richard Gibbs 
====  ===================================  ====================================== 
 2.    Reason for Notification 
====  =========================================================================== 
 a)    Position / status                    Chief Executive Officer 
====  ===================================  ====================================== 
 b)    Initial notification / amendment     Initial Notification 
====  ===================================  ====================================== 
 3.    Details of the Issuer 
====  =========================================================================== 
 a)    Name                                 Filtronic plc 
====  ===================================  ====================================== 
 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 financial         Options over new ordinary shares 
        instrument                           of 0.1p ("Ordinary Shares") 
====  ===================================  ====================================== 
       LEI Code                             213800PDQ9V2ZNCDO264 
====  ===================================  ====================================== 
 b)    Nature of the transaction            Grant of options over new ordinary 
                                             shares 
====  ===================================  ====================================== 
 c)    Price(s) and volume(s)               Exercise Price(s)         Volume(s) 
====  ===================================  ========================  ============ 
   8.0 pence                                                          750,000 
  =================================================================  ============ 
 d)    Aggregated information               N/A 
        -Aggregated volume 
        -Price 
====  ===================================  ====================================== 
 e)    Date of the transaction              24 September 2020 
====  ===================================  ====================================== 
 f)    Place of the transaction             Outside a trading venue 
====  ===================================  ====================================== 
 

Enquiries:

 
 Filtronic plc                                Tel. [phone] or 
  Reg Gott (Chairman)                          [e-mail] 
  Michael Tyerman (Chief Financial Officer) 
  Maura Moynihan (Company Secretary) 
 finnCap Limited                              Tel. [phone] 
                                             ---------------------------------- 
 Jonny Franklin-Adams / K ate Washington 
  (Corporate Finance) 
  Alice Lane / Sunila de Silva (ECM) 
                                             ---------------------------------- 
 Walbrook PR Limited                          Tel. [phone] or 
  Paul Vann/Nick Rome                          [e-mail] 
                                               Mob. [phone] 
                                             ---------------------------------- 
 

Notes:

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 .

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September 25, 2020 05:20 ET (09:20 GMT)