REG - Hardide PLC - Grant of Options and Issue of Shares

HardideAnnouncement

27/12/2024 07:00

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RNS Number : 3430R  Hardide PLC  27 December 2024

27 December 2024

Hardide plc

("Hardide", the "Group" or the "Company")

Grant of Options and Issue of Shares

 

Hardide plc (AIM: HDD), the provider of advanced surface coating technology,
announces the granting by the Company's remuneration committee of options over
the ordinary shares ("Options") in the Company to certain directors in line
with its long‑standing policy of granting share options with appropriate
performance and tenure conditions as a core component of executive
remuneration.

Tim Rice, Senior Independent Director and Remuneration Committee Chair
commented:

"These share option awards are consistent with the Board's key strategic
objective to promote and accelerate the profitable growth of Hardide. Over the
last year we have been encouraged by shareholders to develop share incentive
arrangements that better align Directors' and Shareholders' interests. For the
most part the awards will only vest if challenging profit targets are achieved
over a 3-year period. Mr Hamblin's restricted share award forms part of the
remuneration package needed to help attract him to become the Group's CEO."

 Name          Position            Number of Options  Type of option        Conditions
 Matt Hamblin  CEO                 1,000,000          "Restricted shares"   Minimum 3-year tenure in role
               2,300,000                              "Performance shares"  Financial performance
 Simon Hallam  Finance Director    655,200            "Performance shares"  Financial performance

 Yuri Zhuk     Technical Director  776,412            "Performance shares"  Financial performance

 

The Options set out above are issued pursuant to the Hardide plc 2016 EMI
option scheme and have an exercise price of 5.71 pence per share, being the
5-VWAP for the 5 business days preceding this announcement.

The "Performance Share" Options will only vest based on the achievement of
financial performance targets that require stretching EBITDA growth in each of
the three financial years ending 30 September 2027, with these targets set
ahead of current market expectations. There are no conditions other than as to
tenure relating to the "Restricted Share" Options except as set out in the
table in respect of the award to Matt Hamblin.

Following the grant of the Options above, the resulting interests of Matt
Hamblin, Simon Hallam and Yuri Zhuk are summarised as followed:

 Name          Ordinary Shares of 4p each  Total Options subsequent to these grants
 Matt Hamblin  111,111                     3,300,000
 Simon Hallam  10,526                      1,255,200
 Yuri Zhuk     190,420                     1,453,428

 

In aggregate 4,731,612 new Options have been granted, representing 6.0% of the
Company's issued ordinary share capital. Following the grant of Options, there
is a total of 6,507,065 Options outstanding, representing approximately 8.3%
of the current issued share capital of the Company.

Issue of shares to Steve Paul

In addition, the Company has applied for 355,240 Ordinary Shares to be
admitted to trading on AIM ("Admission") and it is expected that this will
occur on 2 January 2025. These shares will rank pari passu in all respects
with the Company's existing issued Ordinary Shares.

These Ordinary Shares relate to a payment of £20,000 due to Sketchley GmbH, a
company wholly owned by Steve Paul, with respect to achieving set targets
during his tenure as Interim CEO.  Steve served as the Company's Interim CEO
for the period from February to May 2024 and continues to lead the development
of the Group's sales strategy for its Enhanced Components product range. This
payment is being made in shares instead of cash and have been issued at the
closing mid-market price of 5.625 pence on 24 December 2024.

The Company's issued share capital now consists of 78,812,749 Ordinary
Shares, of which there are no shares in Treasury. Therefore, the above figure
may be used by shareholders as the denominator for the calculations by which
they will determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under the FCA's
Disclosure Guidance and Transparency Rules.

 

Enquiries:

Hardide plc

Tim Rice (SID and Remuneration Committee
Chair)
Tel: +44 (0)1869 353830

Andrew Magson (Non-Executive Chair)

 

Cavendish Capital Markets Ltd - Broker and Nominated Adviser

Henrik Persson / Abigail Kelly / Elysia Bough (Corporate Finance)
     Tel: +44 (0) 2072 200 500

Jasper Berry / Dale Bellis (Sales)

 

Notes to editors:

www.Hardide.com (http://www.Hardide.com)

 

Hardide develops, manufactures and applies advanced technology tungsten
carbide/tungsten metal matrix coatings to a wide range of engineering
components. Its patented technology is unique in combining in one material, a
mix of toughness and resistance to abrasion, erosion and corrosion; together
with the ability to coat accurately interior surfaces and complex geometries.
The material is proven to offer dramatic improvements in component life,
particularly when applied to components that operate in very aggressive
environments. This results in cost savings through reduced downtime and
increased operational efficiency as well as a reduced carbon footprint.
Customers include leading companies operating in the energy sectors, valve and
pump manufacturing, industrial gas turbine, precision engineering and
aerospace industries.

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Matt Hamblin
 2   Reason for the notification
 a)  Position/status                                              CEO
 b)  Initial notification/ Amendment                              Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Hardide plc
 b)  LEI                                                          213800HLAUIIFKMU5G89
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Ordinary Shares of 4p each

GB00BJJPX768
     Identification code

 b)  Nature of the transaction                                    Options granted under the EMI scheme 2016
 c)  Price(s) and volume(s)                                       Exercise Price(s)  Volume(s)
                                                                  5.71p              3,300,000
 d)  Aggregated information

     -     Aggregated volume                                      Single transaction as in 4c) above

     -     Price
 e)  Date of the transaction                                      27 December 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

-     Aggregated volume

-     Price

 

Single transaction as in 4c) above

 

e)

Date of the transaction

27 December 2024

f)

Place of the transaction

Outside a trading venue

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Simon Hallam
 2   Reason for the notification
 a)  Position/status                                              Finance Director
 b)  Initial notification/ Amendment                              Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Hardide plc
 b)  LEI                                                          213800HLAUIIFKMU5G89
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Ordinary Shares of 4p each

GB00BJJPX768
     Identification code

 b)  Nature of the transaction                                    Options granted under the EMI scheme 2016
 c)  Price(s) and volume(s)                                       Exercise Price(s)  Volume(s)
                                                                  5.71p              655,200
 d)  Aggregated information

     -     Aggregated volume                                      Single transaction as in 4c) above

     -     Price
 e)  Date of the transaction                                      27 December 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

-     Aggregated volume

-     Price

 

Single transaction as in 4c) above

 

e)

Date of the transaction

27 December 2024

f)

Place of the transaction

Outside a trading venue

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Yuri Zhuk
 2   Reason for the notification
 a)  Position/status                                              Technical Director
 b)  Initial notification/ Amendment                              Initial notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Hardide plc
 b)  LEI                                                          213800HLAUIIFKMU5G89
 4   Details of the transaction(s): section to be repeated for (i) each type of
     instrument; (ii) each type of transaction; (iii) each date; and (iv) each
     place where transactions have been conducted
 a)  Description of the financial instrument, type of instrument  Ordinary Shares of 4p each

GB00BJJPX768
     Identification code

 b)  Nature of the transaction                                    Options granted under the EMI scheme 2016
 c)  Price(s) and volume(s)                                       Exercise Price(s)  Volume(s)
                                                                  5.71p              776,412
 d)  Aggregated information

     -     Aggregated volume                                      Single transaction as in 4c) above

     -     Price
 e)  Date of the transaction                                      27 December 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

-     Aggregated volume

-     Price

 

Single transaction as in 4c) above

 

e)

Date of the transaction

27 December 2024

f)

Place of the transaction

Outside a trading venue

 

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