REG - Light Science Tech. - Grant of Options

Light Science Technologies HoldingsAnnouncement

12/10/2023 11:30

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RNS Number : 9506P  Light Science Tech. Holdings PLC  12 October 2023

 

Light Science Technologies Holdings plc

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

 

Award of Options

 

Light Science Technologies Holdings plc (AIM: LST), the controlled environment
agriculture ("CEA") technology and contract electronics manufacturing ("CEM")
group, announces that it is has granted Options over Ordinary Shares to the
following senior management of the Group, in line with the Management Share
Option Plan adopted by the Company on its Admission to AIM on 15 October 2021
("MSOP").

 

 Name/ Position / Company                                              Number of Options over Ordinary
                                                                       Shares
 Krzysztof Hernik, Managing Director, Tomtech (UK) Limited             2,500,000
 Jessica Browne, Electronics Engineer, Light Science Technologies Ltd  339,000

 

 

Krzysztof's options will be exercisable between the second and tenth
anniversaries of the date of grant, and are subject to a performance-related
target on 1,250,000 of the Options. The exercise price is £0.03. Jessica's
options will be exercisable between the third and tenth anniversaries of the
date of grant with an exercise price of £0.03.

 

As at 11 October 2023, the LSTH Employee Benefit Trust whose corporate trustee
is LSTH Trustee Limited ("EBT"), held 8,900,000 Ordinary Shares representing
approximately 2.7 per cent. of the Company's Share Capital. Ordinary Shares
held in the EBT are already in issue and therefore a large proportion of the
Share Options granted under this announcement will not count towards the
overall plan limits set out within the MSOP rules, summarised in the footnote
below*. However, a maximum potential issue of 739,000 Ordinary Shares,
representing approximately 0.2 per cent. of the Company's Share Capital, may
be required to satisfy all Share Options in circulation as at 11 October 2023
(including those the subject of this announcement), at a future point in time
if all those Share Options are respectively exercised.

 

The Company recognises the importance of ensuring that the management and
employees of the Group are effectively and appropriately incentivised and
their interests are aligned with those of the Group. The ongoing success of
the Group depends to a high degree on retaining and incentivising the
performance of key members of senior management.

 

 

*The Company will grant EMI Options for as long as the Company satisfies the
qualifying conditions set out in the EMI Code (as defined in Section 527(3) of
ITEPA). Under the EMI Code, an employee may hold EMI Options over Ordinary
Shares with a value (as at the date of grant) of up to £250,000. Where this
threshold is exceeded, the employee may not receive EMI Options for three
years. The employee may, however, receive non-qualifying Options. Unless the
Remuneration Committee otherwise determines, the aggregate number of Ordinary
Shares over which Options may be granted under the MSOP on any date shall be
limited so that the total number of Ordinary Shares issued and issuable
pursuant to Options granted under the MSOP and any other share scheme operated
by the Company in any rolling 10 year period will be restricted to 10 per
cent. of the Company's issued Ordinary Share capital from time to time
calculated at the relevant time. Treasury shares count towards this limit, as
do Ordinary Shares issued to the trustee of an employees' trust. However,
Ordinary Shares issued to the trustee of an employees' trust are not counted a
second time if those shares are subsequently placed under option or used to
satisfy Options. No account will be taken of Ordinary Shares which an
employees' trust purchases in the market or of Options which have lapsed, been
surrendered or otherwise become incapable of exercise or vesting. The EBT is
an employees' trust for these purposes.

 

For additional information please contact:

 

 Light Science Technologies Holdings plc                    www.lightsciencetechnologiesholdings.com

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

 Simon Deacon, Chief Executive Officer                      via Walbrook PR

 Jim Snooks, Chief Financial Officer

 Andrew Hempsall, Chief Operating Officer

 Strand Hanson Limited (Nominated & Financial Adviser)      Tel: +44 (0) 20 7409 3494
 Ritchie Balmer / James Harris / Rob Patrick

 Oberon Capital (Broker)
 Mike Seabrook / Nick Lovering                              Tel: +44 (0) 203 179 5300

 Walbrook PR Ltd (Media & Investor Relations)               Tel: +44 (0)20 7933 8780 or lst@walbrookpr.com (mailto:lst@walbrookpr.com)

 Nick Rome / Paul McManus

 

This announcement contains inside information for the purposes of Article 7 of
the Market Abuse Regulation (EU) No. 596/2014, as it forms part of UK domestic
law by virtue of the European Union (Withdrawal) Act 2018, as amended.

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                          Krzysztof Hernik

 2    Reason for the notification
 a)   Position/status                                              Managing Director, Tomtech (UK) Limited

 b)   Initial notification /Amendment                              Initial

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Light Science Technologies Holdings plc

 b)   LEI                                                          213800V9MWRRLVQ6EY56

 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  Grant of options under management share option plan

      Identification code                                          GB00BNDQJN14

 b)   Nature of the transaction                                    Grant of options

 c)   Price(s) and volume(s)

                                                                                     Price             Volume(s)
                                                                                     £0.03             2,500,000

 d)   Aggregated information

      - Aggregated volume                                          N/A - Single transaction

      - Price

 e)   Date of the transaction                                      11 October 2023

 f)   Place of the transaction                                     Off-market transaction

 

 

About Light Science Technologies Holdings plc
(www.lightsciencetechnologiesholdings.com
(http://www.lightsciencetechnologiesholdings.com) )

Light Science Technologies Holdings plc is the holding company of the Group's
controlled environment agriculture ("CEA") division, comprising Light Science
Technologies Ltd ("Light Science Technologies") and Tomtech (UK) Limited
("Tomtech"), alongside its contract electronics manufacturing ("CEM")
division, UK Circuits and Electronics Solutions Limited ("UK Circuits").

 

Controlled Environment Agriculture

Light Science Technologies was founded in 2019 and is the Company's grow
lights and sensor technology business, providing bespoke recipes and
technologies tailored to customers' needs - with key targets including indoor,
vertical, glasshouses, polytunnels and medicinal farming markets. The
all-in-one CEA solution will include analysing customers' crop growing
requirements to provide bespoke, low-energy and sustainable equipment.
Tomtech, which was acquired in September 2023, further broadened the Group's
portfolio with its control systems usable across multiple crops in glasshouses
and other horticultural environments. Additionally, it generates long-term
recurring revenues via maintenance, servicing, and software contracts.

 

Market drivers include food and water shortages in many parts of the world;
growing global population; UK and other government policy encouraging
sustainable and efficient growth methods; increased scrutiny of the effect of
food production on climate change and the continuing transition away from
processed foods.

 

sensorGROW

sensorGROW was launched in June 2022 and its technology will enable farmers to
monitor the following key air zone growing factors in real-time: carbon
dioxide levels, humidity, light, oxygen - and in the future: air speed, plant
disease, soil, temperature and water pH levels. By monitoring these key
growing factors, farmers can save money through better management of
resources: water, nutrients, fertilisers and energy - while increasing yields
and producing healthier crops.

 

nurturGROW

nurturGROW is a sustainable grow lighting product range, offering an
innovative, high-performance and cost-effective solution for indoor farming,
covering greenhouses, vertical farming, polytunnels and medicinal plants.

 

Created with four core component parts, the nurturGROW range is made of high
quality, durable materials to give growers the ideal balance between strength
and optimal performance, minimising the amount of materials needed to
drastically cut down on waste and reduce carbon footprint.

 

Tomtech

Tomtech was established in 1986 as a sole trader and incorporated as Tomtech
(UK) Limited in 2011. Since then, it has become a UK leader in control systems
for commercial greenhouses and polytunnels. Since launching its first product
over 35 years ago, it has been at the forefront of the sector, providing
innovative and effective products and solutions.

 

It now provides comprehensive solutions to customers helping them create,
monitor and maintain an optimised cultivating environment within glasshouses
and other horticultural spaces. Its sensors monitor temperature, humidity,
light, carbon dioxide, pH, nutrients and more - whilst its intelligent systems
help control irrigation, fertigation, dosing, ventilation, light and more.

 

Its highly adaptive systems are used throughout the UK and Ireland to optimise
growing conditions for multiple types of crops grown within commercial
greenhouses and other horticultural environments.

 

Contract Electronics Manufacturing

UK Circuits is the Company's CEM focussed division, profit making with strong
revenues. The Group designs, procures, and manufactures high-quality CEM
products, specialising in Printed Circuit Boards, which are used in a range of
sectors including audio, automotive, electronics, gas detection, lighting,
pest control, telecommunications and, more recently, the CEA market.

 

 

 

 

 

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