Mercia Technologies PLC Amendment to Share Options (5688Z)
18 December 2017 - 6:00PM
UK Regulatory
TIDMMERC
RNS Number : 5688Z
Mercia Technologies PLC
18 December 2017
For immediate release 18 December 2017
Mercia Technologies PLC
("Mercia" or the "Company")
Amendment to Share Options
At the time of the Company's IPO on 18 December 2014
("Admission") options (the "Options") over 1,000,000 new Ordinary
shares with a nominal value of 0.001p pence each in the capital of
the Company ("Ordinary Shares") were awarded to each of Dr. Mark
Payton, Chief Executive Officer and Martin Glanfield, Chief
Financial Officer, both directors of Mercia (together the
"Executive Directors"). The Options were awarded pursuant to the
2014 Mercia Company Share Option Plan ("Mercia CSOP").
The Options were subject to a performance condition which would
have been satisfied if the total shareholder return (being the
increase in the price of an Ordinary Share from a 50.0 pence base
value plus any dividend yield) from Admission to the third
anniversary of Admission was not less than 9.55 pence (being 6%
compound per annum). The exercise price (being the price per share
payable on the exercise of such options) would therefore have been
59.55 pence had the performance condition been satisfied.
The performance condition has not been satisfied on the third
anniversary of Admission. However, having considered the matter at
length and pursuant to the rules of the Mercia CSOP, the Company's
Remuneration Committee has elected to vary the vesting period in
which the performance condition of the Options has to be satisfied.
Accordingly, the Options will now vest on the fifth anniversary of
Admission if the total shareholder return from Admission to the
fifth anniversary of Admission is not less than 9.55 pence. If the
performance condition is satisfied on the fifth anniversary of
Admission the exercise price will be 59.55 pence. The Remuneration
Committee considers that this is the most appropriate way of
continuing to align the interests of the Executive Directors with
the shareholders of the Company, whilst continuing to provide a
strong incentive, thereby facilitating the retention of high
calibre individuals.
For further information, please contact:
Mercia Technologies PLC
Mark Payton, Chief Executive Officer
Martin Glanfield, Chief Financial Officer
www.merciatech.co.uk +44 (0)330 223 1430
Cenkos Securities plc
Stephen Keys, Camilla Hume (NOMAD and Joint Broker) +44 (0)20 7397 8900
Canaccord Genuity Limited
Simon Bridges, Emma Gabriel (Joint Broker) +44 (0)20 7523 8000
Buchanan
Bobby Morse, Victoria Hayns, Chris Lane, Stephanie Watson
www.buchanan.uk.com +44 (0)20 7466 5000
About Mercia Technologies PLC
Mercia is a national investment group focused on the funding and
scaling of innovative technology businesses with high growth
potential from the UK regions. Mercia benefits from 19 university
partnerships and offices across the Midlands, the North of England
and Scotland providing it with access to high quality, regional
deal flow. Mercia Technologies PLC is quoted on AIM with the epic
"MERC".
Mercia's 'Complete Capital Solution' initially nurtures
businesses via its third-party funds (now with circa
GBP350.0million under management following recent mandate wins) and
then over time Mercia can provide further funding to its 'Emerging
Stars' by deploying direct investment follow-on capital from its
own balance sheet. Since its IPO in December 2014, Mercia has
invested over GBP46.0million directly across its portfolio of
'Emerging Stars'.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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