REG - Smartspace Software - Grant of, and amendments to, Share Options

Smartspace SoftwareAnnouncement

18/10/2018 16:45

RNS Number : 5280E
Smartspace Software PLC
18 October 2018
 


 
18 October 2018
SmartSpace Software Plc
("SmartSpace" or the "Company" or the "Group")
 
 
Grant of, and amendments to, Share Options
 
Further to the announcement of 1 August 2018 of the Grant of EMI Options to 58 employees of SmartSpace, in order to align Directors and certain other senior members of SmartSpace, the Company announces that on 17 October 2018 the remuneration committee agreed a number of grants to directors and persons discharging managerial responsibilities ("PDMRs") of EMI options ("Options") and a number of amendments to the vesting periods of existing Options.
 
Grant of Options
 
Options have been granted over a total of 910,000 ordinary shares of 10p each as follows:
 



 
Director/PDMR


 
Scheme


Option over ordinary shares




Frank Beechinor


EMI Scheme


265,950




Frank Beechinor


Unapproved Option Scheme


284,050




Spencer Dredge


EMI Scheme


265,950




Spencer Dredge
Rosie Clawson


Unapproved Option Scheme
EMI Scheme


69,050
25,000



 
The Options have an exercise price of 94p per share (being the closing mid-market share price on 17 October 2018, the latest possible date prior to the date of grant), vest three years from the date of grant and once vested are exercisable at any time up to ten years after the date of grant, subject to performance conditions whereby the average mid-market closing share price of the Company's Ordinary Shares in any 90 day period in the period to 17 October 2021 is at or above certain defined levels, as follows:



 
Share price at or above:


Cumulative
% vesting




 


 




150p


15%




250p


31%




350p


54%




450p


77%




500p


100%



 
Spencer Dredge has surrendered existing options over 260,000 ordinary shares with an exercise price of 92p in consideration for the above option grants. 
 
Amendments to existing Options
 
In addition, given the significant change in the commercial strategy of the Group following the disposal of the Systems Integration and Management Services divisions in June this year, the remuneration committee has decided to extend the performance period relating to previously granted options held by Frank Beechinor (100,000 EMI Options), Guy van Zwanenberg (30,000 Unapproved Options) and Diana Dyer Bartlett (70,000 Unapproved Options). The options are subject to the same performance set out above but the period for the performance criteria to be met has been extended from 31 December 2018 to 17 October 2021.
 
Following the above, the resulting interests of the Directors in SmartSpace ordinary shares are as follows:
 







Position


Ordinary Shares


Options over ordinary shares




Guy Van Zwanenberg


Non-executive Chairman


30,000


30,000




Frank Beechinor


CEO


90,000


650,000




Spencer Dredge


CFO


32,126


335,000




Diana Dyer-Bartlett


Non-executive Director


40,000


70,000



 
Guy van Zwanenberg, Chairman of SmartSpace, commented:
 
"With the focus now on becoming an international leader in the fast growing workspace management software market, it is crucial that we align the interests of all members of the SmartSpace team with shareholders. The EMI Option Scheme was established to incentivise management and staff to increase shareholder value over the long term and the remuneration committee is keen to ensure that remuneration for the Company's senior team and employees will be effective, fair and motivate them to deliver success for the Company and its shareholders. Given the completion of the recently announced acquisition, we can now extend this to the board and others"
 
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.
 
 
Enquiries



SmartSpace Software Plc
Guy van Zwanenberg (Chairman)
Frank Beechinor (CEO)
 


via Lisa Baderoon




Lisa Baderoon (Head of Investor Relations)
lbaderoon@smartspaceplc.com
 


+44 (0) 7721 413 496
 




Cantor Fitzgerald Europe (Nominated Adviser & Joint Broker)
Marc Milmo / Catherine Leftley
 


+44 (0)20 7894 7000



 
About SmartSpace Software Plc
 
SmartSpace is building a SaaS orientated software business, designing and building software centering around its 'Connect' software platform and 'OneSpace' occupancy management software, to help people work smarter and more efficiently on a global platform. The Company's software solutions in workspace, retail and hospitality help transform employee and customer engagement with software modules which include: desk and meeting room management, wayfinding, car parking, visitor management, frictionless vending and space management.
For more information go to: www.smartspaceplc.com
 



1


Details of the person discharging managerial responsibilities / person closely associated
 




a)
 


Name
 
 


 



Company Director/PDMR




Frank Beechinor


CEO




Spencer Dredge


CFO




Rosie Clawson


PDMR








2
 


Reason for the notification
 




a)
 


Position/status
 
 


See 1 (a) above for all positions, all classified as PDMRs of the Company




 
 


Initial notification /Amendment
 
 


Initial notification




3
 


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
 




a)
 


Name
 
 


Smartspace Software Plc




b)
 


LEI
 
 


213800IQXZ3XYCMH6U90
 




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 10p each














Identification code


ISIN: GB00BYWN0F98
 














b)
 


Nature of the transaction
 
 


Grant of share options over Ordinary Shares
 




c)
 


Price(s) and volume(s)






Exercise price: 94p per Ordinary Share
 
Volumes:



Frank Beechinor


550,000




Spencer Dredge


335,000




Rosie Clawson


25,000






































d)
 


Aggregated information


n/a














- Aggregated volume


















- Price


















e)
 


Date of the transaction
 
 


17 October 2018




f)
 


Place of the transaction
 
 


Off market



 




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