Energiser Investments PLC Grant of Options (7030L)
05 October 2016 - 5:00PM
UK Regulatory
TIDMENGI
RNS Number : 7030L
Energiser Investments PLC
05 October 2016
5 October 2016
Energiser Investments plc
('Energiser' or the 'Company')
Grant of Options
The Company announces that, on 4 October 2016, it granted
3,050,000 share options to each of Stephen Wicks and Nishith Malde
as detailed in the Company's circular of 8 June 2016. The grant of
options, for which a related party opinion has been provided, was
approved by shareholders at a general meeting held on 1 July
2016.
The options have been granted under the Company's unapproved
share option scheme which has also been amended to include
Non-executive directors. The options have an exercise price of 2
pence per share and are exercisable between the third and tenth
anniversaries of the date of grant. As previously stated,
immediately prior to the grant, Mr Malde surrendered his historic
share options (700,000 options over Ordinary Shares at an exercise
price of 20 pence per share). Mr Wicks did not hold any historic
share options.
In addition, the Company advises that it has made a further
grant of 4,750,000 options to Dominic White who, as announced on 29
September, recently accepted the position of Chief Executive
Officer having been appointed as a Non-executive director on 23 May
2016.
The options granted to Mr White are subject to the multiple
performance related vesting criteria outlined below:
- Aggregate increase in share capital of GBP1.25 million through
the issue of shares for cash or used to acquire assets;
- 25% will vest after 12 months from the date of grant;
- 25% will vest after 24 months from the date of grant;
- Excluding any further equity fund raising but including
profits in connection with investments made using further equity
fund raising:
o 25% will vest once the company's net asset value increases to
GBP2.2m; and
o 25% will vest once the company's net asset value increases to
GBP2.87m.
Mr White's options have an exercise price of 2 pence per share
and are exercisable between the third and tenth anniversaries of
the date of grant.
Following the grants of options outlined above, the Company
would have outstanding options to subscribe for 10,850,000 Ordinary
Shares at an exercise price of 2 pence per share and 900,000
Ordinary Shares at an exercise price of 20 pence per share which
represents 19.21 percent of the shares currently in issue.
Related Party Transaction
The grant of options to Mr White is a related party transaction
pursuant to Rule 13 of the AIM Rules for Companies. With the
exception of Mr White, its directors consider, having consulted
with its Nominated Adviser Cairn Financial Advisers, 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
Enquiries:
Energiser Investments
Plc
Dominic White, Chief
Executive 01494 762450
Nishith Malde, Director
Cairn Financial Advisers
LLP
Jo Turner 020 7148 7900
Sandy Jamieson
This information is provided by RNS
The company news service from the London Stock Exchange
END
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