Elecosoft PLC Issue of Options and Directorate Change (3443N)
May 19 2020 - 5:33AM
UK Regulatory
TIDMELCO
RNS Number : 3443N
Elecosoft PLC
19 May 2020
Elecosoft plc
("Elecosoft", the "Company" or the "Group")
Issue of Options and Directorate Change
Elecosoft plc (AIM: ELCO), the AIM-listed construction software
specialist, announces that on 18(th) May 2020 the Company issued a
total of 800,000 options to subscribe for new ordinary shares in
the Company under the Elecosoft 2015 Share Option Plan, as adopted
by the shareholders at the AGM on 26 (th) May 2016, to the
directors of the Company (the "Options"). Half of the Options shall
vest if, and only if, if, the share price is equal to or exceeds
117 pence per share for 20 consecutive dealing days between the
date of issue and the 31 May 2023. If the performance target is not
met, the first half of the Options shall lapse.
The remaining half of Options shall vest if, and only if
a) The basic EPS reported in the audited Accounts for the year
ended 31 December 2022 is at least 7.15 pence; or
b) if target (a) is not met but the basic EPS reported in the
audited Accounts for the year ended 31 December 2023 is at least
8.23 pence; or
c) if neither target (a) or (b) is met but the basic EPS
reported in the audited Accounts for the year ended 31 December
2023 is at least 7.88 pence 2/3rds of the award will vest; or
d) if none of targets (a), (b) or (c). is met but the basic EPS
reported in the audited Accounts for the year ended 31 December
2023 is at least 7.70 pence fifty percent of the award will vest;
or
e) if none of targets (a), (b), (c) or (d) is met but basic EPS
reported in the audited Accounts for the year ended 31 December
2023 is at least 7.53 pence 1/3rd of the option will vest, failing
which the remaining half of Options will lapse.
The Options are exercisable at 74.30 pence per share and will
expire on 31 May 2030. Details of director awards are included in
the disclosure notices at the end of this announcement.
Director/PDMR Options Issued Total Options Held
Post Issue
John Ketteley 250,000 350,000
Jonathan Hunter 250,000 350,000
Benjamin Moralee 150,000 150,000
Anders Karlsson 150,000 300,000
The total number of options is issue post award is 2,215,000 ,
representing 2.69% of the Company's issued share capital.
Directorate Change
Today the Company announces that Mukul Mistry has resigned as a
director of the Company to pursue other interests and the board
wishes him well.
The information communicated in this announcement is inside
information for the purposes of Article 7 of EU Regulation
596/2014.
For further information please contact:
Elecosoft plc Tel: +44 (0)20 7422
8000
JHB Ketteley, Executive Chairman
Jonathan Hunter, Chief Operating Officer
Ben Moralee, Finance Director
finnCap Ltd Tel: +44 (0)20 7220
0500
Geoff Nash / Kate Bannatyne (Corporate Finance)
Camille Gochez (Corporate Broking)
Newgate Communications Tel: +44 (0)20 3757
6880
Elisabeth Cowell / Isabelle Smurfit
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
About Elecosoft plc
Elecosoft is listed on the Alternative Investment Market in
London (AIM: ELCO). It is a specialist international provider of
software and related services to the architectural, engineering,
construction and digital marketing industries from centres of
excellence in the UK, Sweden, Germany and the US. Elecosoft's
market leading software solutions are developed by teams in the
United Kingdom, Sweden and Germany; and its software programs cover
project management, construction site management, estimating,
timber engineering, 3D design and visualisation, and cloud based
digital marketing solutions.
For more information, please visit www.elecosoft.com
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial responsibilities
/ person closely associated
a) Name John Ketteley - Executive Chairman
Benjamin Moralee - Finance Director
Jonathan Hunter - Chief Operating
Officer
Anders Karlsson - Managing Director
------------------------------- -------------------------------------
2. Reason for the Notification
----------------------------------------------------------------------
a) Position/status See 1a) above
------------------------------- -------------------------------------
b) Initial notification/Amendment Initial notification
------------------------------- -------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Elecosoft plc
------------------------------- -------------------------------------
b) LEI 21380016GT9Z6ZQX4T37
------------------------------- -------------------------------------
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 Options to subscribe for new
Financial instrument, ordinary shares of 1p each
type of instrument
Identification code ELCO GB0003081246
------------------------------- -------------------------------------
b) Nature of the transaction Grant of options
------------------------------- -------------------------------------
c) Price(s) and volume(s) Director Price(s) Volume(s)
J Ketteley 74.30p 250,000
J Hunter 74.30p 250,000
B Moralee 74.30p 150,000
A Karlsson 74.30p 150,000
------------------------------- -------------------------------------
d) Aggregated information:
Aggregated volume See 4c) above
Price
------------------------------- -------------------------------------
e) Date of the transaction Share Options as described in
4c) 18 May 2020
------------------------------- -------------------------------------
f) Place of the transaction Outside of a trading venue
------------------------------- -------------------------------------
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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