Cronin Group PLC New Share Option Scheme and Grant to PDMR (2141Y)
04 December 2017 - 6:00PM
UK Regulatory
TIDMCRON
RNS Number : 2141Y
Cronin Group PLC
04 December 2017
4 December 2017
Cronin Group Plc
("Cronin" or the "Company")
Adoption of New Share Option Scheme
and
Grant of Options to a PDMR
Cronin Group Plc, the AIM listed company focusing on digitizing
chemistry, announces the adoption of the Cronin Group Plc Share
Option Plan 2017 (the "Plan") and the grant of options to all
employees of its subsidiary, Cronin 3D Limited, including a person
discharging managerial responsibilities ("PDMR").
The Plan is being introduced to recruit, retain and incentivise
Directors and employees of the Company and its subsidiaries (the
"Group"). The number of options that may be awarded under the Plan
is limited to a maximum number of new ordinary shares of 0.01p each
in the Company ("Ordinary Shares") representing 11 per cent. of the
Company's issued share capital, and may be issued as tax-effective
enterprise management incentives where appropriate.
The Board has approved the terms of the Plan and, authorised an
initial award of options to employees on 1 December 2017 (the "Date
of Grant") over 1,936,667 Ordinary Shares at an exercise price of
2.13p (being the closing price on 30 November 2017, the business
day preceding the Date of Grant). The award represents
approximately 0.35 per cent. of the Company's issued share
capital.
Of the 1,936,667 options granted under the Plan, 677,871 vest on
the date of grant. The balance vest in monthly instalments until
either three years from the Date of Grant, or in the case of
certain longer serving employees, from the earlier date of three
years from the end of each of the employees' respective historic
probation periods. The options are all exercisable for 10 years
from the Date of Grant and the Plan will expire on 30 November
2027.
Within the award of options referred to above, Steve Coles, the
Company's Chief Technology Officer, who is identified as a PDMR,
has been granted options over a total of 1,666,667 Ordinary Shares,
of which 648,148 vest on the Date of Grant and vesting of the
balance is in monthly instalments thereafter until 1 October
2019.
For further information:
Cronin Group Plc www.croningroupplc.com
Mark Warne, Executive Chairman T: 0141 465 6871
Stockdale Securities Limited T: 020 7601 6100
Tom Griffiths/Edward Thomas
This information is provided by RNS
The company news service from the London Stock Exchange
END
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