13 November 2020
Eleco plc
(“Eleco”, the “Company” or the “Group”)
Issue of Options
Eleco plc (AIM: ELCO), the AIM-listed construction software specialist, announces that on 12 November 2020 the Company issued a total of 250,000 options to subscribe for new ordinary shares in the Company under the Elecosoft 2015 Share Option Plan to Serena Lang, Executive Chairman of the Company (the “Options”). Half of the Options shall vest if, and only 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 74.9 pence per share and will expire on 12 November 2030. Following the issue of the Options (details of which are included in the disclosure notice at the end of this announcement), Serena Lang holds a total of 250,000 options.
The total number of options in issue post award is 2,240,000, representing approximately 3.0% of the Company’s issued share capital.
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For further information please contact:
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The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.
About Eleco plc
Eleco plc is an AIM-listed (AIM:ELCO) specialist international provider of software and related services to the Architectural, Engineering, Construction and Owner/Operator (AECO) industries and interior furnishing industries from centres of excellence in the UK, Sweden, Germany, Netherlands and the US.
The Company’s market leading, Elecosoft, software solutions are developed by teams in the United Kingdom, Sweden and Germany; and its solutions cover project management, estimating, timber engineering, CAD and visualisation, asset and facility management and cloud based digital marketing solutions.
For more information, please visit www.eleco.com
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
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1. |
Details of the person discharging managerial responsibilities / person closely associated |
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a) |
Name |
Serena Lang
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2. |
Reason for the Notification |
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a) |
Position/status |
Executive Chairman |
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b) |
Initial notification/Amendment |
Initial notification |
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3. |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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a) |
Name |
Eleco plc |
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b) |
LEI |
21380016GT9Z6ZQX4T37 |
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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 |
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a) |
Description of the Financial instrument, type of instrument |
Options to subscribe for new ordinary shares of 1p each |
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Identification code |
ELCO GB0003081246 |
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b) |
Nature of the transaction |
Grant of options |
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c) |
Price(s) and volume(s) |
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d) |
Aggregated information: Aggregated volume Price |
See 4c) above
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e) |
Date of the transaction |
12 November 2020 |
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f) |
Place of the transaction |
Outside of a trading venue |
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