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LWRF Lightwaverf Plc

0.625
0.00 (0.00%)
28 Mar 2024 - Closed
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Lightwaverf Plc LSE:LWRF London Ordinary Share GB00BKJ9BV58 ORD 5P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.625 0.25 1.00 0.00 00:00:00
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
0 0 N/A 0

LightwaveRF PLC Grant of Options (4757X)

30/04/2019 7:01am

UK Regulatory


Lightwaverf (LSE:LWRF)
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TIDMLWRF

RNS Number : 4757X

LightwaveRF PLC

30 April 2019

30 April 2019

LightwaveRF plc

(AIM: LWRF)

Grant of Options

LightwaveRF plc ("LightwaveRF" or the "Company"), the leading smart home solutions provider, announces that it has granted to Jason Elliott, Kevin Edwards and John Shermer, the Executive Directors, and to certain senior employees of the Company, in aggregate, respectively 700,000, 490,000, 490,000 and 420,000 share options at an exercise price of 8.5 pence per share in accordance with the Company's EMI Share Option Scheme.

Provided that they vest, the share options are exercisable three years after grant. The options will vest in two equal tranches, in December 2019 and December 2020, after the publication of the Company's audited financial statements for the financial years ending 30 September for each of those years. The proportion of the option award vesting in each year will increase from 20% to 50% provided certain revenue targets are achieved by the Company with the maximum award being made at revenue of GBP8.0m and GBP16.0m respectively for the financial years ending 30 September 2019 and 2020 (the "Performance Criteria"). Subject to the discretion of the Company's Remuneration Committee, any options not vesting in any one financial year would be capable of vesting in a later year provided performance criteria are met for such later year.

Following this award, Mr. Elliott holds, in aggregate, options over 1,200,000 ordinary shares of the Company as follows:

 
 No. of options   Exercise price   Trigger price for   Exercise period 
                   (pence)          exercise 
        500,000   16.0             n/a                 06/04/2021* - 05/04/2028 
                 ---------------  ------------------  ------------------------- 
        700,000   8.5              n/a                 30/04/2022* - 29/04/2029 
                 ---------------  ------------------  ------------------------- 
 

* Provided the options vest in accordance with the Performance Criteria

Following this award, Mr. Edwards holds, in aggregate, options over 1,340,000 ordinary shares of the Company as follows:

 
 No. of options   Exercise price   Trigger price for   Exercise period 
                   (pence)          exercise 
        100,000   29.0             80p                 31/03/2018 -30/03/2025 
                 ---------------  ------------------  ------------------------- 
        400,000   13.0             40p                 14/02/2020 - 13/02/2027 
                 ---------------  ------------------  ------------------------- 
        350,000   16.0             n/a                 06/04/2021* - 05/04/2028 
                 ---------------  ------------------  ------------------------- 
        490,000   8.5              n/a                 30/04/2022* - 29/04/2029 
                 ---------------  ------------------  ------------------------- 
 

* Provided the options vest in accordance with the Performance Criteria

Following this award, Mr. Shermer holds, in aggregate, options over 1,440,000 ordinary shares of the Company as follows:

 
 No. of options   Exercise price   Trigger price for   Date from which 
                   (pence)          exercise            exercisable 
        200,000   28.0             80p                 30/09/2018 -30/03/2025 
                 ---------------  ------------------  ------------------------- 
        400,000   13.0             40p                 14/02/2020 -13/02/2027 
                 ---------------  ------------------  ------------------------- 
        350,000   16.0             n/a                 06/04/2021* - 05/04/2028 
                 ---------------  ------------------  ------------------------- 
        490,000   8.5              n/a                 30/04/2022* - 29/04/2029 
                 ---------------  ------------------  ------------------------- 
 

* Provided the options vest in accordance with the Performance Criteria

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information:

 
 LightwaveRF plc                   www.lightwaveRF.com 
  Jason Elliott, CEO                +44 (0) 121 250 3625 
  Kevin Edwards, CFO 
 Stockdale Securities Limited      www.stockdalesecurities.com 
  Tom Griffiths/David Coaten        +44 (0) 20 7601 6100 
 Yellow Jersey PR                  www.yellowjerseypr.com 
  Charles Goodwin/Annabel Atkins    +44 (0) 7747 788 221 
 

About LightwaveRF

LightwaveRF plc ("Lightwave") is the UK's only fully integrated home automation company.

New customers typically buy a starter pack of Link Plus hub and smart dimmer which has Apple HomeKit compatibility, 2-way communication and built-in energy monitoring. Later adding other easy to install devices from the Lightwave range enables further in-home control, monitoring and automation of lighting, heating and power.

Devices may be operated manually, by smartphone or tablet-based apps and also through Google Assistant and Amazon Alexa voice control.

Leading tech industry publication 9to5 Mac describes Lightwave as "the best UK HomeKit solution for smart lighting".

For further information and "Newsletter sign up", please visit:

www.lightwaverf.com/corporate/

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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(END) Dow Jones Newswires

April 30, 2019 02:01 ET (06:01 GMT)

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