23rd Jul 2020 16:31
LPA GROUP PLC
("LPA" or the "Group")
Grant of Share Options
LPA Group Plc, the high reliability LED lighting and electro-mechanical system manufacturer, announces the award of share options (the "Share Options") under the LPA Group plc Performance Share Plan 2018 ("PSP 2018") to the following directors / PDMRs and other employees of the Group (the "Award Holders"), as follows:
Director/PDMR | Position | Number of Options | Exercise Price |
Paul Curtis | CEO | 30,000 | 63.17p |
Chris Buckenham | CFO | 25,000 | 63.17p |
John Hesketh | MD - LPA Lighting Systems | 15,000 | 63.17p |
Jonathan Rowe | MD - LPA Connection Systems | 15,000 | 63.17p |
Subtotal | 85,000 | 63.17p | |
Other employees | 35,000 | 63.17p | |
Total Awards | 120,000 | 63.17p |
Under the terms of the PSP, the Share Options may be exercised from 23 July 2023 until 22 July 2030. The Share Options are also subject to clawback and malus provisions.
It is the expectation of the Company that the LPA Employee Benefit Trust (the "EBT") will satisfy the awards when exercised. In the event that the EBT does not satisfy the awards when exercised, the Company will do so through an issue of new ordinary shares to the Award Holders.
As a result of the grant of the Share Options, the total number of options in place for directors and employees of LPA is as follows:
Number of Options | Exercise Price |
540,000 | 36.00p |
100,000 | 32.00p |
185,000 | 49.00p |
150,000 | 104.83p |
255,000 | 109.33p |
120,000 | 63.17p |
1,350,000 |
The grants of the Share Options to the directors and PDMRs named above are deemed to be related party transactions for the purposes of Rule 13 of the AIM Rules (the "Transaction"). The directors independent of the Transaction, being Len Porter, Gordon Wakefield and Peter Pollock consider, having consulted with the Company's Nominated Adviser, that the terms of the Transaction are fair and reasonable insofar as its shareholders are concerned.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.
Enquires: | www.lpa-group.com |
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LPA Group Plc |
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Peter Pollock | Chairman |
| 07881 626123 | |
Paul Curtis | CEO |
| 01799 512858 | |
Chris Buckenham | CFO |
| 01799 512859 | |
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Cairn Financial Advisers | (Nominated Adviser) |
| 020 7213 0880 | |
James Caithie / Tony Rawlinson |
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finnCap | (Broker) |
| 020 7220 0500 | |
Ed Frisby / Teddy Whiley (Corporate Finance) Tim Redfern / Tim Harper (ECM & Sales) |
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1 | Details of the person discharging managerial responsibilities/person closely associated | ||||
a) | Name | a) Paul Curtis b) Chris Buckenham c) John Hesketh d) Jonathan Rowe | |||
2 | Reason for the notification | ||||
a) | Position/status | a) CEO b) CFO c) MD - LPA Lighting Systems d) MD - LPA Connection Systems | |||
b) | Initial notification /Amendment | Initial Notification | |||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a) | Name | LPA Group plc | |||
b) | LEI |
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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 10p each
GB0007320806 | |||
b) | Nature of the transaction | Grant of share options | |||
c) | Price(s) and volume(s) | Price(s) | Volume(s) | ||
a) Exercise price: 63.17p b) Exercise price: 63.17p c) Exercise price: 63.17p d) Exercise price: 63.17p | a) 30,000 b) 25,000 c) 15,000 d) 15,000 | ||||
d) | Aggregated information - Aggregated volume - Price |
85,000 63.17p
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e) | Date of the transaction | 23 July 2020 | |||
f) | Place of the transaction | London Stock Exchange (XLON) | |||
g) | Additional Information | N/A | |||
Related Shares:
Lpa