Photo-Me International PLC Grant of Options (0125P)
07 Octubre 2019 - 6:31AM
UK Regulatory
TIDMPHTM
RNS Number : 0125P
Photo-Me International PLC
07 October 2019
Photo-Me International plc
7 October 2019
Photo-Me International plc
("Photo-Me", the "Company" or the "Group")
Grant of Options
Photo-Me, the instant-service equipment group, announces that on
4 October 2019, it granted one million options over ordinary shares
of 0.5p in the Company ("Ordinary Shares") to Mr Pascal Faucher
with an exercise price of 93.3p, being the closing price of the
Ordinary Shares on the 3 October 2019.
Mr. Faucher is deemed to be a related party of the Company as he
is a director of two subsidiary companies of the Group (Sempa Sarl
and KIS SAS). The Company's acquisition of 96% of the issued share
capital of Sempa Sarl was announced on 25 April 2019. Sempa Sarl
specialises in commercialised self-service fresh fruit juice
equipment. The Company will grant up to a further two million
options over Ordinary Shares to Mr Faucher over the next two years
if he remains employed by the Group.
These grants together, which are all outside of the Company's
existing Executive Share Option Scheme, were approved by
shareholders at the Company's Annual General Meeting held on 3
October 2019.
The terms are that Mr Faucher is to receive the following
options to subscribe for Ordinary Shares over a three-year period
in three tranches, with: (i) one million such options having been
granted on 4 October 2019; (ii) one million such options to be
granted in October 2020; and (iii) one million such options to be
granted in October 2021.
If Mr Faucher is dismissed from his employment with the Group
without cause ("juste motif" as referred to in the Conventions de
Mandat) before the end of a three-year period starting from 24
April 2019, he will be entitled to such number of said share
options calculated on a pro rata basis depending on the date of his
departure.
Each tranche of options granted will vest three years after the
date of its grant, and remain exercisable thereafter for a period
of four years.
The exercise price for each option of each tranche will be the
market value of one Ordinary Share by reference to market value as
at close of business on the business day immediately before its
grant. Once an Ordinary Share is issued pursuant to the terms of
the option, it will rank pari passu with the then existing Ordinary
Shares.
The value of the three tranches of options was calculated by
using a Black Scholes model and determined to be GBP0.02 million.
The grant of the three tranches of options as described above falls
within LR 11.1.10 R - smaller related party transaction.
Enquiries:
Photo-Me International plc -
Del Mansi (Company Secretary) 01372 453399
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END
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