IQE PLC Iqe Plc : Long Term Incentive Plan (LTIP) Awards

 
TIDMIQE 
 
 
   IQE plc 
 
   ("IQE" or the "Company") 
 
   Long Term Incentive Plan (LTIP) Awards 
 
   01 May 2018 
 
   IQE plc announces that on 01 May 2018 the Board confirmed a 
recommendation of the Remuneration Committee made on 06 March 2018 to 
grant 1,082,970 nil-cost share options ("Awards") over the Company's 
ordinary shares of 1 pence each awarded under the Company's Long Term 
Incentive Plan ("LTIP") to certain directors of the Group detailed in 
the table below: 
 
 
 
 
                                                                   Number of ordinary shares subject to award under the 
Name         Role                                                                          LTIP 
Dr Andrew 
 Nelson      Chief Executive Officer                                                                            462,846 
Mr Phillip 
 Rasmussen   Chief Financial Officer to the date of his death on 
 (deceased)   1(st) April 2018                                                                                  310,062 
Dr Howard 
 Williams    Chief Operations Officer                                                                           310,062 
 
 
   The Awards are granted under the LTIP which was previously approved by 
shareholders and described in the Annual Remuneration Report in IQE's 
Report and Accounts for the years ended 31 December 2016 and 31 December 
2017. The LTIP Awards for Dr Nelson and Dr Williams are subject to 
achievment of the performance criteria as approved by shareholders at 
the 2017 shareholder Annual General Meeting, their share Awards have a 
three year vesting period and no consideration is payable for the grant 
of the Awards. 
 
   The Board approved the accelerated vesting of 10,474,151 options over 
ordinary shares of 1 pence each in the Company awarded to Mr Phillip 
Rasmussen (deceased) through the LTIP granted between 2012 and 2018. 
This accelerated vesting includes the 310,062 Awards referred to above. 
Under the terms of the LTIP plan, the Board has discrection to approve 
the accelerated vesting of LTIP awards under certain circumstances, 
including that of a "good leaver". In this case, the Board decided to 
approve the accelerated vesting of the LTIP awards for Mr Rasmussen, 
following his tragic death in service on 01 April 2018. 
 
   Mr Rasmussen's Executor and Beneficiaries will have 12 months from the 
date of Mr Rasmussen's death to exercise the options, otherwise they 
will lapse. The interest in these options will no longer be reported 
since they are no longer deemed to be a PDMR or PCA. 
 
   The notification of the awards and accelerated vesting is intended to 
satisfy the Company's obligations under the Disclosure Guidance and 
Transparency Rules. 
 
   Contacts: 
 
 
 
 
IQE plc 
 Chris Meadows                [phone] 
Canaccord Genuity 
 Simon Bridges 
 Henry Fitzgerald-O'Connor 
 Richard Andrews             + 44 (0) 20 7523 8000 
Peel Hunt 
 Edward Knight 
 Nick Prowting                [phone] 
 
 
   The notification set out below is provided in accordance with the 
requirements of the EU Market Abuse Regulation. 
 
   Notification of a Transaction pursuant to Article 19(1) of Regulation 
(EU) No. 596/2014 
 
 
 
 
1.  Details of the Person discharging managerial responsibilities 
     ("PDMR") / person closely associated with them ("PCA") 
a)  Name                     Dr Andrew Nelson 
2.  Reason for the 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                     IQE plc 
b)  Legal Entity Identifier  213800Y33WHD3ESJJP16 
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       Award of LTIP options over ordinary shares of 1 pence 
    financial instrument      each in the Company ("Awards") 
                              GB0009619924 
b)  Nature of the            Granting of LTIP Awards 
    transaction 
c)  Price(s) and volume(s)   Price(s) Volume(s) 
                              Nil pence 462,846 Awards 
d)  Aggregated information 
    --    Aggregated volume    N/A single transaction 
    --    Aggregated price 
    --    Aggregated total 
e)  Date of the transaction  1 May 2018 
f)  Place of the             Off market transaction 
    transaction 
 
 
 
 
1.  Details of the Person discharging managerial responsibilities 
     ("PDMR") / person closely associated with them ("PCA") 
a)  Name                     Estate of Mr Phillip Rasmussen (Deased) 
2.  Reason for the notification 
a)  Position / status        PDMR (Former Finance Director) 
b)  Initial notification /   Initial notification 
    amendment 
3.  Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                     IQE plc 
b)  Legal Entity Identifier  213800Y33WHD3ESJJP16 
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       Award of LTIP options over ordinary shares of 1 pence 
    financial instrument      each in the Company ("Awards") 
                              GB0009619924 
b)  Nature of the            Granting of LTIP Awards, and; 
    transaction               Acceleration of vesting of LTIP Awards 
c)  Price(s) and volume(s)   Price(s) Volume(s) 
                              Nil pence 310,062 Awards 
                              Nil pence 10,474,151 Awards 
d)  Aggregated information 
    --    Aggregated volume    10,474,151 Awards 
    --    Aggregated price     Nil pence 
    --    Aggregated total     Total consideration Nil 
e)  Date of the transaction  1 May 2018 
f)  Place of the             Off market transaction 
    transaction 
 
 
 
 
1.  Details of the Person discharging managerial responsibilities 
     ("PDMR") / person closely associated with them ("PCA") 
a)  Name                     Dr Howard Williams 
2.  Reason for the notification 
a)  Position / status        PDMR (Chief Operations Officer) 
b)  Initial notification /   Initial notification 
    amendment 
3.  Details of the issuer, emission allowance market participant, 
     auction platform, auctioneer or auction monitor 
a)  Name                     IQE plc 
b)  Legal Entity Identifier  213800Y33WHD3ESJJP16 
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       Award of LTIP options over ordinary shares of 1 pence 
    financial instrument      each in the Company ("Awards") 
                              GB0009619924 
b)  Nature of the            Granting of LTIP Awards 
    transaction 
c)  Price(s) and volume(s)   Price(s) Volume(s) 
                              Nil pence 310,062 Awards 
d)  Aggregated information 
    --    Aggregated volume    N/A single transaction 
    --    Aggregated price 
    --    Aggregated total 
e)  Date of the transaction  1 May 2018 
f)  Place of the             Off market transaction 
    transaction 
 
 
 
   This announcement is distributed by Nasdaq Corporate Solutions on behalf 
of Nasdaq Corporate Solutions clients. 
 
   The issuer of this announcement warrants that they are solely 
responsible for the content, accuracy and originality of the information 
contained therein. 
 
   Source: IQE plc via Globenewswire 
 
 
  http://www.iqep.com 
 

(END) Dow Jones Newswires

May 02, 2018 02:01 ET (06:01 GMT)

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