Mercia Technologies PLC Amendment to Share Options (5688Z)

TIDMMERC

RNS Number : 5688Z

Mercia Technologies PLC

18 December 2017

 
 For immediate release              18 December 2017 
 

Mercia Technologies PLC

("Mercia" or the "Company")

Amendment to Share Options

At the time of the Company's IPO on 18 December 2014 ("Admission") options (the "Options") over 1,000,000 new Ordinary shares with a nominal value of 0.001p pence each in the capital of the Company ("Ordinary Shares") were awarded to each of Dr. Mark Payton, Chief Executive Officer and Martin Glanfield, Chief Financial Officer, both directors of Mercia (together the "Executive Directors"). The Options were awarded pursuant to the 2014 Mercia Company Share Option Plan ("Mercia CSOP").

The Options were subject to a performance condition which would have been satisfied if the total shareholder return (being the increase in the price of an Ordinary Share from a 50.0 pence base value plus any dividend yield) from Admission to the third anniversary of Admission was not less than 9.55 pence (being 6% compound per annum). The exercise price (being the price per share payable on the exercise of such options) would therefore have been 59.55 pence had the performance condition been satisfied.

The performance condition has not been satisfied on the third anniversary of Admission. However, having considered the matter at length and pursuant to the rules of the Mercia CSOP, the Company's Remuneration Committee has elected to vary the vesting period in which the performance condition of the Options has to be satisfied. Accordingly, the Options will now vest on the fifth anniversary of Admission if the total shareholder return from Admission to the fifth anniversary of Admission is not less than 9.55 pence. If the performance condition is satisfied on the fifth anniversary of Admission the exercise price will be 59.55 pence. The Remuneration Committee considers that this is the most appropriate way of continuing to align the interests of the Executive Directors with the shareholders of the Company, whilst continuing to provide a strong incentive, thereby facilitating the retention of high calibre individuals.

For further information, please contact:

 
Mercia Technologies PLC 
 Mark Payton, Chief Executive Officer 
 Martin Glanfield, Chief Financial Officer 
 www.merciatech.co.uk                                        [phone] 
Cenkos Securities plc 
 Stephen Keys, Camilla Hume (NOMAD and Joint Broker)         [phone] 
Canaccord Genuity Limited 
 Simon Bridges, Emma Gabriel (Joint Broker)                  [phone] 
Buchanan 
 Bobby Morse, Victoria Hayns, Chris Lane, Stephanie Watson 
 www.buchanan.uk.com                                         [phone] 
 

About Mercia Technologies PLC

Mercia is a national investment group focused on the funding and scaling of innovative technology businesses with high growth potential from the UK regions. Mercia benefits from 19 university partnerships and offices across the Midlands, the North of England and Scotland providing it with access to high quality, regional deal flow. Mercia Technologies PLC is quoted on AIM with the epic "MERC".

Mercia's 'Complete Capital Solution' initially nurtures businesses via its third-party funds (now with circa GBP350.0million under management following recent mandate wins) and then over time Mercia can provide further funding to its 'Emerging Stars' by deploying direct investment follow-on capital from its own balance sheet. Since its IPO in December 2014, Mercia has invested over GBP46.0million directly across its portfolio of 'Emerging Stars'.

This information is provided by RNS

The company news service from the London Stock Exchange

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December 18, 2017 02:00 ET (07:00 GMT)