REG - Solid State PLC - LTIP & CSOP Award
09/02/2024 10:00
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RNS Number : 6569C Solid State PLC 09 February 2024
9 February 2024
Solid State plc
("Solid State", the "Group" or the "Company")
LTIP & CSOP Award
Solid State plc (AIM: SOLI), the specialist value added component supplier and
design-in manufacturer of computing, power, and communications products,
announces the following grants of options over a total of 56,400 ordinary
shares of 5 pence each ("Ordinary Shares") to executive directors pursuant to
the Company's existing Long term Incentive Plan ("LTIP"), which was approved
by shareholders at the Company's AGM held on 9 September 2020:
Executive Director New options awarded under LTIP Other existing options held under LTIP Other existing EMI options held Total options held following new LTIP grant
Gary Marsh 14,100 35,500 8,000 57,600
Peter James 14,100 35,500 24,000 73,600
John Macmichael 14,100 35,500 8,000 57,600
Matthew Richards 14,100 35,500 32,000 81,600
These nominal cost options granted under the LTIP award will vest in full only
if the reported adjusted diluted EPS growth in the period to the third
anniversary of the grant exceeds the UK rate of Consumer Price Inflation by at
least 30 per cent. The performance period is based on the 1 April 2023 to 31
March 2026, with EPS growth measured against the reported adjusted diluted EPS
for 31 March 2023. Partial vesting for growth below this rate will be at the
absolute discretion of the Remuneration Committee at the appropriate time.
The Board believes that the performance conditions attaching to the LTIP
awards are a fair measure of value creation and align the Directors' interest
with those of shareholders.
Furthermore, the Company announces the awards of options over 50,150 Ordinary
Shares to certain employees pursuant to the Company Share Option Plan. These
options are exercisable after three years following grant, subject to
achievement of separate performance criteria and payment of the exercise
price.
For further information please contact:
Solid State plc Via Walbrook
Gary Marsh - Chief Executive
Peter James - Group Finance Director
Cavendish Capital Markets Limited (Nominated Adviser & Broker)
Adrian Hadden / Callum Davidson (Corporate Finance) 020 7397 8900
Jasper Berry / Tim Redfern (Sales / ECM) 020 7220 0500
Walbrook PR (Financial PR) 020 7933 8780
Tom Cooper / Nick Rome / Joe Walker 0797 122 1972
solidstate@walbrookpr.com (mailto:solidstate@walbrookpr.com)
Analyst Research Reports: For further analyst information and research see the
Solid State plc website: https://solidstateplc.com/research/
(https://urldefense.proofpoint.com/v2/url?u=https-3A__solidstateplc.com_research_&d=DwMFAg&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=05PHl3GHdShYuaCii2fBRpoqaNr9B1d97X09daeosu0&m=JmX-gQVke87P3UDBxQzNglNm9FfzH5yZtIa_SmElSS4&s=ib8r3ul2tCaEvJ39SnR1LT7nCa7gAcRQzgO-kNoyZoM&e=)
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Gary Marsh
2 Reason for the notification
a) Position/status Chief Executive Officer
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Solid State plc
b) LEI 213800QUHS9QTN5T1P62
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 5p each
Identification code
GB0008237132
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price(s) Volume(s)
Exercise price: 14,100
5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 7 February 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
N/A - single transaction
e)
Date of the transaction
7 February 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Peter James
2 Reason for the notification
a) Position/status Chief Financial Officer
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Solid State plc
b) LEI 213800QUHS9QTN5T1P62
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 5p each
Identification code
GB0008237132
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price(s) Volume(s)
Exercise price: 14,100
5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 7 February 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
N/A - single transaction
e)
Date of the transaction
7 February 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name John Macmichael
2 Reason for the notification
a) Position/status Executive Director
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Solid State plc
b) LEI 213800QUHS9QTN5T1P62
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 5p each
Identification code
GB0008237132
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price(s) Volume(s)
Exercise price: 14,100
5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 7 February 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
N/A - single transaction
e)
Date of the transaction
7 February 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Matthew Richards
2 Reason for the notification
a) Position/status Executive Director
b) Initial notification /Amendment Initial Notification
3 Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor
a) Name Solid State plc
b) LEI 213800QUHS9QTN5T1P62
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 5p each
Identification code
GB0008237132
b) Nature of the transaction Grant of options
c) Price(s) and volume(s)
Price(s) Volume(s)
Exercise price: 14,100
5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 7 February 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
N/A - single transaction
e)
Date of the transaction
7 February 2024
f)
Place of the transaction
Outside a trading venue
Notes to Editors:
Solid State plc (SOLI) is a value added electronics group supplying
commercial, industrial and defence markets with durable components,
assemblies, manufactured units and power units for use in specialist and harsh
environments. The Group's mantra is - 'Trusted technology for demanding
environments'. To see an introductory video on the Group
- https://bit.ly/3kzddx7 (https://bit.ly/3kzddx7)
Operating through two main divisions: Systems (Steatite, Active Silicon &
Custom Power) and Components (Solid State Supplies, Pacer, Willow Technologies
& AEC); the Group specialises in complex engineering challenges often
requiring design-in support and component sourcing for computing, power,
communications, electronic, electro-mechanical and opto-electronic products.
Headquartered in Redditch, UK, Solid State employs approximately 400 staff
across the UK and US, serving specialist markets with high barriers to entry
in industrial, defence and security, transportation, medical and energy.
Solid State was established in 1971 and admitted to AIM in June 1996. The
Group has grown organically and by acquisition - having made three
acquisitions in the last three years.
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