LightwaveRF PLC Grant of Options (4757X)
30 April 2019 - 4:01PM
UK Regulatory
TIDMLWRF
RNS Number : 4757X
LightwaveRF PLC
30 April 2019
30 April 2019
LightwaveRF plc
(AIM: LWRF)
Grant of Options
LightwaveRF plc ("LightwaveRF" or the "Company"), the leading
smart home solutions provider, announces that it has granted to
Jason Elliott, Kevin Edwards and John Shermer, the Executive
Directors, and to certain senior employees of the Company, in
aggregate, respectively 700,000, 490,000, 490,000 and 420,000 share
options at an exercise price of 8.5 pence per share in accordance
with the Company's EMI Share Option Scheme.
Provided that they vest, the share options are exercisable three
years after grant. The options will vest in two equal tranches, in
December 2019 and December 2020, after the publication of the
Company's audited financial statements for the financial years
ending 30 September for each of those years. The proportion of the
option award vesting in each year will increase from 20% to 50%
provided certain revenue targets are achieved by the Company with
the maximum award being made at revenue of GBP8.0m and GBP16.0m
respectively for the financial years ending 30 September 2019 and
2020 (the "Performance Criteria"). Subject to the discretion of the
Company's Remuneration Committee, any options not vesting in any
one financial year would be capable of vesting in a later year
provided performance criteria are met for such later year.
Following this award, Mr. Elliott holds, in aggregate, options
over 1,200,000 ordinary shares of the Company as follows:
No. of options Exercise price Trigger price for Exercise period
(pence) exercise
500,000 16.0 n/a 06/04/2021* - 05/04/2028
--------------- ------------------ -------------------------
700,000 8.5 n/a 30/04/2022* - 29/04/2029
--------------- ------------------ -------------------------
* Provided the options vest in accordance with the Performance
Criteria
Following this award, Mr. Edwards holds, in aggregate, options
over 1,340,000 ordinary shares of the Company as follows:
No. of options Exercise price Trigger price for Exercise period
(pence) exercise
100,000 29.0 80p 31/03/2018 -30/03/2025
--------------- ------------------ -------------------------
400,000 13.0 40p 14/02/2020 - 13/02/2027
--------------- ------------------ -------------------------
350,000 16.0 n/a 06/04/2021* - 05/04/2028
--------------- ------------------ -------------------------
490,000 8.5 n/a 30/04/2022* - 29/04/2029
--------------- ------------------ -------------------------
* Provided the options vest in accordance with the Performance
Criteria
Following this award, Mr. Shermer holds, in aggregate, options
over 1,440,000 ordinary shares of the Company as follows:
No. of options Exercise price Trigger price for Date from which
(pence) exercise exercisable
200,000 28.0 80p 30/09/2018 -30/03/2025
--------------- ------------------ -------------------------
400,000 13.0 40p 14/02/2020 -13/02/2027
--------------- ------------------ -------------------------
350,000 16.0 n/a 06/04/2021* - 05/04/2028
--------------- ------------------ -------------------------
490,000 8.5 n/a 30/04/2022* - 29/04/2029
--------------- ------------------ -------------------------
* Provided the options vest in accordance with the Performance
Criteria
This announcement contains inside information for the purposes
of Article 7 of EU Regulation 596/2014.
For further information:
LightwaveRF plc www.lightwaveRF.com
Jason Elliott, CEO +44 (0) 121 250 3625
Kevin Edwards, CFO
Stockdale Securities Limited www.stockdalesecurities.com
Tom Griffiths/David Coaten +44 (0) 20 7601 6100
Yellow Jersey PR www.yellowjerseypr.com
Charles Goodwin/Annabel Atkins +44 (0) 7747 788 221
About LightwaveRF
LightwaveRF plc ("Lightwave") is the UK's only fully integrated
home automation company.
New customers typically buy a starter pack of Link Plus hub and
smart dimmer which has Apple HomeKit compatibility, 2-way
communication and built-in energy monitoring. Later adding other
easy to install devices from the Lightwave range enables further
in-home control, monitoring and automation of lighting, heating and
power.
Devices may be operated manually, by smartphone or tablet-based
apps and also through Google Assistant and Amazon Alexa voice
control.
Leading tech industry publication 9to5 Mac describes Lightwave
as "the best UK HomeKit solution for smart lighting".
For further information and "Newsletter sign up", please
visit:
www.lightwaverf.com/corporate/
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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