Versarien plc (LON:VRS), the advanced engineering materials group, announced today that the Board has issued options over an aggregate of 5,253,228 ordinary shares of 1 pence each in the Company (“Share Options”), on the recommendation of the Company’s Remuneration Committee, as detailed below. The Share Options represent 4.0 per cent of the Company’s current issued share capital.
Neill Ricketts, Chief Executive Officer, and Christopher Leigh, Chief Financial Officer, have each been awarded 2,626,614 Share Options under the Company’s Employee Share Option Plan 2013. The Share Options will vest and may be exercised on the following basis:
· One-third on or after 2 October 2020 (“Vesting Period 1”);
· One-third on or after 2 October 2021 (“Vesting Period 2”);
· One-third on or after 2 October 2022 (“Vesting Period 3”).
The exercise price for the Share Options is 15p.
The Share Options may be exercised upon vesting subject to certain performance criteria, principally the Company’s average share price in the 30 days prior to exercise being not less than 30p prior to Vesting Period 1 exercise, 35p prior to Vesting Period 2 exercise and 40p prior to Vesting Period 3 exercise.
Following the grant of the Share Options, Neill Rickets is interested in 15,375,000 Versarien ordinary shares, representing 11.71 per cent of the Company’s issued share capital and options over a further 4,206,095 ordinary shares. Christopher Leigh is interested in 315,000 Versarien plc ordinary shares, representing 0.24 per cent of the Company’s issued share capital and options over a further 4,206,095 ordinary shares.
