Tricorn Group PLC Award of Share Options (2886V)

TIDMTCN

RNS Number : 2886V

Tricorn Group PLC

06 August 2020

6 August 2020

Tricorn Group plc

("Tricorn", the "Company" or the "Group")

Award of Share Options

Tricorn Group plc (AIM: TCN.L), the AIM listed tube manipulation specialist, announces the award of options over ordinary shares of 10p each in the Company ("Ordinary Shares") to certain Directors and a PDMR pursuant to the terms of the Company's Unapproved Share Option Scheme (the "Scheme"). All of the options which have been awarded are at an exercise price of 10p per Ordinary Share, vest immediately and are exercisable for 5 years. Details of the awards are set out below:-

- Options over 1,000,000 Ordinary Shares have been awarded to Michael Stock who, as announced previously, has been appointed as Group Finance Director and took up his position on 3 August 2020. Michael Stock takes over from Philip Lee who has now left the Company and hence his outstanding options over 921,000 Ordinary Shares have lapsed.

- Options over 3,767,331 Ordinary Shares have been awarded to Mike Welburn, Chief Executive. In line with the terms of the Scheme, the award of 1,142,331 of these options reflects the Company's enlarged share capital following the issue of new Ordinary Shares pursuant to the placing and open offer earlier this year. The balance of the share options awarded are in lieu of existing options previously awarded to Mike Welburn comprising options over 1,263,156 Ordinary Shares which lapsed on 4 August 2020 and over a further 1,361,844 Ordinary Shares which are due to lapse on 15 September 2020 and Mike Welburn has undertaken not to exercise them.

- Options over 435,000 Ordinary Shares have been awarded to David Leakey, Group Sales Director. In line with the terms of the Scheme, the award of these share options reflects the enlarged share capital of the Company following the issue of new Ordinary Shares pursuant to the placing and open offer earlier this year.

- Options over 100,000 Ordinary Shares have been awarded to Claire Rewbury, Operations Director-UK and China, In line with the terms of the Scheme, the award of these share options reflects the enlarged share capital of the Company following the issue of new Ordinary Shares pursuant to the placing and open offer earlier this year. Claire Rewbury is considered to be a PDMR of the Group.

In addition to the above awards, and details of the options which have lapsed or will shortly lapse, the Company announces that following the recent departure of John Edgemon, the Company's US General Manager, the 500,000 share options held by him have now lapsed.

The award of the share options set out above to Mike Welburn, Michael Stock and David Leakey (together the "Executive Directors") is deemed to be a related party transaction pursuant to the AIM Rules for Companies. The independent Directors of the Company, being Andrew Moss, the Chairman, and Roger Allsop, Non-Executive Director, consider having consulted with the Company's nominated adviser, Shore Capital and Corporate, that the award of the share options to the Executive Directors is fair and reasonable so far as the shareholders of the Company are concerned.

For further information please contact:

 
 Tricorn Group plc 
 Mike Welburn, Chief Executive     Tel [phone] 
 Michael Stock, Group Finance          www.tricorn.uk.com 
  Director 
 
 Shore Capital 
 Tom Griffiths                   Tel + 44 (0)20 7408 4080 
  David Coaten 
  Henry Willcocks 
 

Notes to Editors:

Tricorn is a value-added manufacturer and specialist manipulator of pipe and tubing assemblies to niche markets worldwide.

Headquartered in Malvern, UK, Tricorn employs around 300 employees and has five manufacturing facilities in China, USA and UK.

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

DSHVELFBBVLFBBE

(END) Dow Jones Newswires

August 06, 2020 02:00 ET (06:00 GMT)