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PHTM - Photo-Me International News Story

90.76p -1.1  -1.2%

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Sector
Consumer Cyclicals
Size
Small Cap
Market Cap £347.4m
Enterprise Value £333.9m
Revenue £228.1m
Position in Universe 646th / 1846

Photo-Me Intnl. - Grant of Options

Mon 7th October, 2019 12:31pm
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 £0.02 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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