Tekcapital plc Grant of Stock Options (3649X)

TIDMTEK

RNS Number : 3649X

Tekcapital plc

27 August 2020

27 Aug 2020

Tekcapital Plc

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

Grant of Stock Options

Tekcapital Plc (AIM: TEK), the UK intellectual property investment group focused on creating marketplace value from investing in university technology, announces the grant of employee stock options.

For continued dedication, strong performances and commitment to the Company and as a means of incentivisation, Tekcapital has awarded a total of 4,350,000 options over ordinary shares of 0.4 pence each in the Company ("Ordinary Shares") to the management team. All grants are non-qualifying options (the "Options").

These Options will have an exercise price of 12p which is at a 26% or 2.5p premium on the 9.5p closing mid-market price on 26 August 2020, will vest over three years and (i) for Dr Gross they have additional accelerated vesting if the Tekcapital share price meets or exceeds 50p for five trading days and (ii) for the other grantees they are subject to performance criteria (the criteria requiring a growth in NAV of the Company at a minimum of 8% per annum) as agreed by the Remuneration committee. If not exercised the Options will lapse 5 years after the date of grant.

A total of 4,250,000 of the awarded options to the management team are as set out below:

 
 Executive               No. of options          Existing  Option Type       Total no. of           Total Options 
                                granted    no. of options                    options over         as a percentage 
                                                                          Ordinary Shares        of the Company's 
                                                                                             issued share capital 
 
 Dr Clifford Gross            3,000,000                 0      Non-EMI          3,000,000                   3.42% 
 Mr. Max Inglis               1,000,000           250,000      Non-EMI          1,250,000                   1.42% 
 Mr. Konrad Dabrowski           250,000         1,175,000      Non-EMI          1,425,000                   1.62% 
                        ---------------  ----------------  -----------  -----------------  ----------------------

Following the issue of the new Options, the total number of Ordinary Shares under option which could be issued if the performance criteria is met is 8,425,000 Ordinary Shares representing 9.60% of the Company's issued share capital.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them are set out below pursuant to the EU Market Abuse regulation.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Dr Clifford Gross (CEO) 
                                   Max Inglis (General Counsel) 
                                   Konrad Dabrowski (CFO) 
     --------------------------  -------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------------ 
 a)   Position/status             See 1 a) above 
     --------------------------  -------------------------------------------------- 
 b)   Initial notification        Initial notification 
       / 
       Amendment 
     --------------------------  -------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------------ 
 a)   Name                        TEKCAPITAL PLC 
     --------------------------  -------------------------------------------------- 
 b)   LEI                         213800GOJTOV19FIFZ85 
     --------------------------  -------------------------------------------------- 
 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          Ordinary Shares of 0.4p each 
       financial instrument, 
       type of 
       instrument 
                                   ISIN: GB00BKXGY798 
       Identification code 
     --------------------------  -------------------------------------------------- 
 b)   Nature of the transaction   Grant of options over ordinary shares 
     --------------------------  -------------------------------------------------- 
 c)   Price(s) and volume(s)       Director/PDMR              Price(s)   Volume(s) 
                                    Dr Clifford Gross     12p per share   3,000,000 
                                                        ---------------  ---------- 
                                    Max Inglis            12p per share   1,000,000 
                                                        ---------------  ---------- 
                                    Konrad Dabrowski      12p per share     250,000 
                                                        ---------------  ---------- 
     --------------------------  -------------------------------------------------- 
 d)   Aggregated information        Price(s)         Volume(s) 
       - Aggregated volume           12p per share    4,250,000 
       - Price                                       ---------- 
     --------------------------  -------------------------------------------------- 
 e)   Date of the transaction     27 August 2020 
     --------------------------  -------------------------------------------------- 
 f)   Place of the transaction    Outside a trading venue 
     --------------------------  --------------------------------------------------

About Tekcapital plc

Tekcapital creates value from investing in new, university-developed intellectual properties and provides a range of IP investment services to make it easy for organisations to commercialise university-developed technology. Tekcapital is quoted on the AIM market of the London Stock Exchange (AIM: symbol TEK) and is headquartered in Oxford, in the UK. For more information, please visit www.tekcapital.com

LEI: 213800GOJTOV19FIFZ85

For further information, please contact:

 
Tekcapital Plc                                     Via Flagstaff 
Clifford M. Gross, Ph.D. 
 
SP Angel Corporate Finance LLP (Nominated 
 Adviser and Joint Broker)                         +44 (0) 20 3470 0470 
Richard Morrison/Charlie Bouverat (Corporate 
 Finance) 
Abigail Wayne (Corporate Broking) 
 
Flagstaff Strategic and Investor Communications    +44 (0) 20 7129 1474 
Tim Thompson/Andrea Seymour/Fergus Mellon

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END

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August 27, 2020 08:44 ET (12:44 GMT)

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