24th Nov 2016 11:00
Bagir Group Ltd.
("Bagir" or the "Company")
Grant of options
Bagir (AIM: BAGR), a designer, creator and provider of innovative tailoring, announces that following the approval of shareholders at the EGM held on 21 October 2016, it has completed the grant of options to certain of the Company's key employees, including its CEO, Eran Itzhak, and the Company's CFO and Deputy CEO, Udi Cohen, (the "Grant").
Full details of the Grant were announced on 15 September 2016 and the number of options granted to the Company's CEO and CFO were as follows:
Director | Position | Existing share options | New options granted | Number of options following grant | Percentage of granted options of fully diluted share capital |
Eran Itzhak | CEO | 1,383,350 | 6,705,362 | 8,088,712 | 2.80% |
Udi Cohen | CFO | 1,405,425 | 5,238,874 | 6,644,299 | 2.30% |
(the "Incentivisation Options").
The key features of the Incentivisation Options are as follows:
• vesting of options is to be based on certain stretch targets as follows:
o 25 per cent. on grant;
o 25 per cent. once the Company's share price is 8 pence or above measured on a 30 day VWAP basis;
o 25 per cent. once the Company's share price is 10 pence or above measured on a 30 day VWAP basis;
o 25 per cent. once the Company's share price is 12 pence or above measured on a 30 day VWAP basis.
· options will be exercisable at the Issue Price. There will be the usual acceleration provisions, including, in the event of a takeover. The total scheme length will be 5 years; and
· the total number of shares under the Company's Existing Option Plan will represent approximately 12 per cent of the enlarged and fully diluted share capital.
In addition, the Company has also completed the grant of 17,803,050 Incentivisation Options to several key employees (who are non-PDMRs) on similar terms as described above. The Company has therefore granted, in aggregate, 29,747,286 new options over ordinary shares.
Terms used but not defined in this Announcement have the meanings given to such terms in the Circular published 15 September 2015.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
For further information, please contact:
Bagir Group Ltd. Eran Itzhak, Chief Executive Officer Udi Cohen, Chief Financial Officer
| +44 (0) 1483 751577 |
| ||||||||
N+1 Singer Alex Price Sandy Ritchie
| +44 (0)20 7496 3000 |
| ||||||||
Novella Tim Robertson Toby Andrews
| +44 (0) 20 3151 7008 |
| ||||||||
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
| Eran Itzhak (Chief Executive Officer) |
| |||||||
2
| Reason for the notification
|
| ||||||||
a)
| Position/status
| PDMR (Director) |
| |||||||
b)
| Initial notification /Amendment
| Initial notification |
| |||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
|
| ||||||||
a)
| Name
| Bagir Group limited |
| |||||||
b)
| LEI
| N/A |
| |||||||
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, type of instrument
Identification code
| Options over ordinary shares of 0.04 New Israeli Shekels each
IL0011317216 |
| |||||||
b)
| Nature of the transaction
| Grant of options
|
| |||||||
c)
| Price(s) and volume(s)
|
|
| |||||||
d)
| Aggregated information
- Aggregated volume
- Exercise Price
|
6,705,362 options over ordinary shares
3.5 pence |
| |||||||
e)
| Date of the transaction
| 21 October 2016 |
| |||||||
f)
| Place of the transaction
| London Stock Exchange (XLON) |
| |||||||
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
| Udi Choen (Chief Financial Officer) | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| PDMR (Director) | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Bagir Group limited | ||||
b)
| LEI
| N/A | ||||
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, type of instrument
Identification code
| Options over ordinary shares of 0.04 New Israeli Shekels each
IL0011317216 | ||||
b)
| Nature of the transaction
| Grant of options
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Exercise Price
|
5,238,874 options over ordinary shares
3.5 pence | ||||
e)
| Date of the transaction
| 21 October 2016 | ||||
f)
| Place of the transaction
| London Stock Exchange (XLON) | ||||
Related Shares:
BAGR.L