2nd Nov 2020 16:30
2 November 2020
TUNGSTEN CORPORATION PLC
("Tungsten" or the "Company")
Director/PDMR Shareholdings
On 30th October 2020, the following awards over ordinary shares of 0.438 pence each in Tungsten Corporation Plc were granted under the Tungsten Corporation Plc Long Term Incentive Plan ("LTIP") to the following person(s) discharging managerial responsibilities (each a "PDMR"):
PDMR | No. of shares under Award |
Andrew Lemonofides | 1,146,413 |
Patrick Clark | 294,792 |
The above LTIP awards were granted as nominal cost options which will ordinarily become exercisable on 30th October 2023 subject to satisfaction of performance conditions in relation to revenue growth, EBITDA growth, cash conversion and increase in share price over three financial years, and also to the grantee's continued service to Tungsten.
On the same date, the following award over ordinary shares of 0.438 pence each in Tungsten Corporation Plc was granted to the following PDMR:
PDMR | No. of shares under Award |
Tony Bromovsky | 376,166 |
The above award was granted as an exceptional award of nominal cost options granted on identical terms to an award under the Tungsten Corporation plc Deferred Share Bonus Plan. The award was made in recognition of Mr Bromovsky's contribution to the Company while serving as Executive Chairman in the period from 14 February 2019 to 12 December 2019, and was referenced in the Company's Annual Report and Accounts for the financial year ended 30th April 2020. The award will vest over a two year period (50% vesting on the first anniversary of the date of grant, and the remaining 50% will vest on the second anniversary of the date of grant). Mr Bromovsky is not required to remain with the Company in order for the award to vest, although the award will be forfeit if Mr Bromovsky's appointment is terminated for cause or if he leaves as a good leaver but then starts working for a direct competitor of the Company.
In addition, on the same date, the following award over ordinary shares of 0.438 pence each in Tungsten Corporation Plc was granted to the following PDMR:
PDMR | No. of shares under Award |
Andrew Lemonofides | 71,248 |
The above award was granted as an exceptional award of nominal cost options granted on identical terms to an award under the Tungsten Corporation plc Deferred Share Bonus Plan. The award will vest in two tranches, 50% on the date of grant and 50% of the first anniversary of the date of grant, subject to the grantee's continued service with Tungsten. The award was made pursuant to the terms of Mr Lemonofides' executive service contract.
The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.
Details of the full notifications received by the Company are set out below.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Andrew Lemonofides | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Tungsten Corporation Plc | ||||
b) | LEI | 213800KY57NETI1IJ428 | ||||
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 | Ordinary Shares of 0.438 pence each in Tungsten Corporation Plc | ||||
Identification code | GB00B7Z0Q502 | |||||
b) | Nature of the transaction | Grant of a nominal cost option award under the Tungsten Corporation Plc Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 30th October 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Patrick Clark | ||||
2 | Reason for Notification | |||||
a) | Position/status | General Counsel and Company Secretary | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Tungsten Corporation Plc | ||||
b) | LEI | 213800KY57NETI1IJ428 | ||||
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 | Ordinary Shares of 0.438 pence each in Tungsten Corporation Plc | ||||
Identification code | GB00B7Z0Q502 | |||||
b) | Nature of the transaction | Grant of a nominal cost option award under the Tungsten Corporation Plc Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 30th October 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Tony Bromovsky | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chairman | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Tungsten Corporation Plc | ||||
b) | LEI | 213800KY57NETI1IJ428 | ||||
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 | Ordinary Shares of 0.438 pence each in Tungsten Corporation Plc | ||||
Identification code | GB00B7Z0Q502 | |||||
b) | Nature of the transaction | Grant of a nominal cost option on identical terms to an award under the Tungsten Corporation plc Deferred Share Bonus Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 30th October 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Andrew Lemonofides | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Tungsten Corporation Plc | ||||
b) | LEI | 213800KY57NETI1IJ428 | ||||
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 | Ordinary Shares of 0.438 pence each in Tungsten Corporation Plc | ||||
Identification code | GB00B7Z0Q502 | |||||
b) | Nature of the transaction | Grant of a nominal cost option on identical terms to an award under the Tungsten Corporation plc Deferred Share Bonus Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 30th October 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Name of authorised official of issuer responsible for making notification:
Patrick Clark
Company Secretary to Tungsten Corporation plc
Enquiries
Tungsten Corporation plc Andrew Lemonofides, Chief Executive Officer
| +44 20 7280 6980
|
Canaccord Genuity Limited (Nominated Adviser and Broker) Simon Bridges Andrew Potts
| +44 20 7523 8000
|
Tavistock Communications Financial PR & IR Heather Armstrong Jos Simson Katie Hopkins | +44 20 7920 3150 |
About Tungsten Corporation plc
Tungsten Corporation (AIM: TUNG) is the world's largest, compliant business transaction network. A leading global electronic invoicing and purchase order transactions network; Tungsten's mission is centred on enabling a touchless invoice process allowing businesses around the globe to gain maximum value from their invoice process.
Tungsten processes invoices for 74% of the FTSE 100 and 71% of the Fortune 500. It enables suppliers to submit tax compliant e-invoices in 50 countries, and last year processed transactions worth £195bn for organisations such as Caesars Entertainment, Computacenter, GlaxoSmithKline, Kraft Foods, Mohawk Industries, Mondelēz International, Procter & Gamble, Shaw Industries, Unilever and the US Federal Government.
Founded in 2000 and headquartered in London, Tungsten has offices in the US, Bulgaria and Malaysia, employing over 300 people.
For more information, please visit our website: https://www.tungsten-network.com/
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