Microsaic Systems plc Award of options (0018C)

TIDMMSYS

RNS Number : 0018C

Microsaic Systems plc

12 June 2019

12 June 2019

Microsaic Systems plc

("Microsaic", "Microsaic Systems" or the "Company")

Award of options

Microsaic Systems plc (AIM: MSYS), the developer of point-of-need mass spectrometry ("MS") instruments, announces that on 12 June 2019, the Company has approved the award of options ("New Options") to executive directors over 5,000,000 ordinary shares of 0.25 pence each in the Company ("Ordinary Shares"), representing approximately 1.10% of the issued share capital of the Company.

Options have been granted to directors as detailed below:

 
                                       Number of       Exercise 
                                       New Options     Price of     Total Options 
 Director         Position               Awarded      New Options        Held 
                  Chief Executive 
 Glenn Tracey      Officer               2,500,000     1.55 pence       4,800,000 
                 ------------------  -------------  -------------  -------------- 
 Bevan Metcalf    Finance Director       2,500,000     1.55 pence       4,620,000 
                 ------------------  -------------  -------------  -------------- 
 

The New Options awarded to the executive directors were awarded under Microsaic's Enterprise Management Incentive (EMI) Scheme. The New Options have an exercise price of 1.55 pence per Ordinary Share, being the middle market closing price on 11 June 2019. These options are subject to performance criteria as well as not being ordinarily exercisable prior to the third anniversary of the date of award. The performance criteria are:

   1.    The Company to achieve break-even in a financial year (50% of New Options vest) 
   2.    Launch by the Company of a bio-pharma OEM product (50% of New Options vest) 

Following the award of the New Options, the total number of options outstanding under share incentive scheme arrangements is 18,744,000 representing 4.11% of the Company's issued share capital.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide additional detail.

 
 Enquiries: 
 Microsaic Systems plc 
  Glenn Tracey, CEO 
  Bevan Metcalf, FD                      [phone] 
 
   N+1 Singer (Nominated Adviser & 
   Broker) 
   Shaun Dobson (Corporate Finance) 
   Tom Salvesen (Corporate Broking)      [phone] 
 IFC Advisory Ltd (Financial PR) 
  Graham Herring 
  Heather Armstrong 
  Florence Chandler                      [phone] 
 

About Microsaic Systems

Microsaic Systems plc (AIM: MSYS) is a high technology company developing chip-based, bench-top and point-of-analysis mass spectrometry ("MS") instruments that are designed to improve the efficiency of pharmaceutical R&D and manufacturing. The Company is working with established global life science companies to co-develop new solutions to improve productivity in the development of small molecule and novel biologic (peptides, antibodies) medicines. MS is a powerful method of analysis to enable earlier decision making relating to product identification, purity and bioactivity, and is the analytical technique of choice for biochemists across many industry sectors.

Microsaic's products retain the functionality of larger conventional MS systems, but are deployable for use at the point of need, easier to use by non-specialists, consume less energy and have lower running costs. For more information, please go to www.microsaic.com.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                         Glenn Tracey 
     ---------------------------  -------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------- 
 a)   Position/status              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                         Microsaic Systems plc 
     ---------------------------  -------------------------------------- 
 b)   LEI                          213800P1VXZSD3US5N79 
     ---------------------------  -------------------------------------- 
 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 instrument,         Share options over ordinary shares 
       type of instrument            of 0.25p each 
 
       Identification code           GB00B547ZY09 
     ---------------------------  -------------------------------------- 
 b)   Nature of the transaction    Award of share options over ordinary 
                                    shares 
     ---------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)         Price(s)      Volume(s) 
                                      1.55 pence    2,500,000 
                                                   ---------- 
     ---------------------------  -------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume           Not applicable 
 
       - Price 
     ---------------------------  -------------------------------------- 
 e)   Date of the transaction      12 June 2019 
     ---------------------------  -------------------------------------- 
 f)   Place of the transaction     Off market 
     ---------------------------  -------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                         Bevan Metcalf 
     ---------------------------  -------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------- 
 a)   Position/status              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                         Microsaic Systems plc 
     ---------------------------  -------------------------------------- 
 b)   LEI                          213800P1VXZSD3US5N79 
     ---------------------------  -------------------------------------- 
 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 instrument,         Share options over ordinary shares 
       type of instrument            of 0.25p each 
 
       Identification code           GB00B547ZY09 
     ---------------------------  -------------------------------------- 
 b)   Nature of the transaction    Award of share options over ordinary 
                                    shares 
     ---------------------------  -------------------------------------- 
 c)   Price(s) and volume(s)         Price(s)      Volume(s) 
                                      1.55 pence    2,500,000 
                                                   ---------- 
     ---------------------------  -------------------------------------- 
 d)   Aggregated information 
 
       - Aggregated volume           Not applicable 
 
       - Price 
     ---------------------------  -------------------------------------- 
 e)   Date of the transaction      12 June 2019 
     ---------------------------  -------------------------------------- 
 f)   Place of the transaction     Off market 
     ---------------------------  -------------------------------------- 
 

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 [e-mail] or visit www.rns.com.

END

DSHSFIFEEFUSEDM

(END) Dow Jones Newswires

June 12, 2019 08:38 ET (12:38 GMT)