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Issue of Options and Directorate Change

RNS Number : 3443N
Elecosoft PLC
19 May 2020
 

Elecosoft plc

(“Elecosoft”, the “Company” or the “Group”)

 

Issue of Options and Directorate Change

 

Elecosoft plc (AIM: ELCO), the AIM-listed construction software specialist, announces that on 18th May 2020 the Company issued a total of 800,000 options to subscribe for new ordinary shares in the Company under the Elecosoft 2015 Share Option Plan, as adopted by the shareholders at the AGM on 26th May 2016, to the directors of the Company (the “Options”).  Half of the Options shall vest if, and only if, 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 74.30 pence per share and will expire on 31 May 2030. Details of director awards are included in the disclosure notices at the end of this announcement.

 

 Director/PDMR

Options Issued

Total Options Held Post Issue

 

John Ketteley

250,000

350,000

Jonathan Hunter

250,000

350,000

Benjamin Moralee

150,000

150,000

Anders Karlsson

150,000

300,000

 The total number of options is issue post award is 2,215,000, representing 2.69% of the Company’s issued share capital.

 

Directorate Change

Today the Company announces that Mukul Mistry has resigned as a director of the Company to pursue other interests and the board wishes him well.

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014.

 

For further information please contact:

 

 

 

Elecosoft plc

Tel: +44 (0)20 7422 8000

JHB Ketteley, Executive Chairman

 

Jonathan Hunter, Chief Operating Officer

Ben Moralee, Finance Director

 

 

finnCap Ltd

 

Tel: +44 (0)20 7220 0500

Geoff Nash / Kate Bannatyne (Corporate Finance)

 

Camille Gochez (Corporate Broking)

 

 

Newgate Communications

 

Tel: +44 (0)20 3757 6880

Elisabeth Cowell / Isabelle Smurfit

 

 

 

 

 

 The information communicated in this announcement is inside information for the purposes of Article 7 of Regulation 596/2014.

About Elecosoft plc

Elecosoft is listed on the Alternative Investment Market in London (AIM: ELCO). It is a specialist international provider of software and related services to the architectural, engineering, construction and digital marketing industries from centres of excellence in the UK, Sweden, Germany and the US. Elecosoft’s market leading software solutions are developed by teams in the United Kingdom, Sweden and Germany; and its software programs cover project management, construction site management, estimating, timber engineering, 3D design and visualisation, and cloud based digital marketing solutions.

For more information, please visit www.elecosoft.com

 

 

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

John Ketteley – Executive Chairman

Benjamin Moralee – Finance Director

Jonathan Hunter – Chief Operating Officer

Anders Karlsson – Managing Director

2.               

Reason for the Notification

a)

Position/status

See 1a) above

b)

Initial notification/Amendment

Initial notification

3.    

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Elecosoft plc

b)

LEI

21380016GT9Z6ZQX4T37

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

Options to subscribe for new ordinary shares of 1p each

Identification code

ELCO  GB0003081246

b)

Nature of the transaction

Grant of options

c)

Price(s) and volume(s)

Director

Price(s)

Volume(s)

J Ketteley

74.30p

250,000

J Hunter

74.30p

250,000

B Moralee

74.30p

150,000

A Karlsson

74.30p

150,000

 

d)

Aggregated information:

Aggregated volume

Price

 

See 4c) above

 

e)

Date of the transaction

Share Options as described in 4c) 18 May 2020

f)

Place of the transaction

Outside of a trading venue

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 

END

 
 

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