REG - Solid State PLC - LTIP & CSOP Award
08/11/2024 07:00
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RNS Number : 4416L Solid State PLC 08 November 2024
8 November 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 284,000 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 71,000 194,500 - 265,500
Peter James 71,000 248,000 80,000 399,000
John Macmichael 71,000 248,000 - 319,000
Matthew Richards 71,000 248,000 95,000 414,000
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 30 per cent plus the UK rate of Consumer
Price Inflation. The performance period is from 1 April 2024 to 31 March
2027, with EPS growth measured against the reported adjusted diluted EPS for
the Company's financial year ended 31 March 2024. 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 the Company's shareholders.
Furthermore, the Company announces the awards of market price options over
286,000 new Ordinary Shares to certain employees pursuant to the Company Share
Option Plan, including PDMRs. 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 Officer
Peter James - Chief Financial Officer
Cavendish Capital Markets Limited (Nominated Adviser & Broker)
Adrian Hadden / Callum Davidson / Hamish Waller (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
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: 71,000
5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 8 November 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
8 November 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: 71,000
5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 8 November 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
8 November 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: 71,000
5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 8 November 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
8 November 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: 71,000
5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 8 November 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
8 November 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Alastair Wallace
2 Reason for the notification
a) Position/status Member of the Executive Board (PDMR)
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: 20,000
207.5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 7 November 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 November 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lyenka Haffner
2 Reason for the notification
a) Position/status Member of the Executive Board (PDMR)
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: 20,000
207.5p
d) Aggregated information
- Aggregated volume
- Price
e) Date of the transaction 7 November 2024
f) Place of the transaction Outside a trading venue
d)
Aggregated information
- Aggregated volume
- Price
e)
Date of the transaction
7 November 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Lyn Davidson
2 Reason for the notification
a) Position/status Group Company Secretary (PDMR)
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: 20,000
207.5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 29 October 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
29 October 2024
f)
Place of the transaction
Outside a trading venue
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Jon Baxter
2 Reason for the notification
a) Position/status Member of the Executive Board (PDMR)
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: 20,000
207.5p
d) Aggregated information
- Aggregated volume N/A - single transaction
- Price
e) Date of the transaction 7 November 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 November 2024
f)
Place of the transaction
Outside a trading venue
Notes to Editors:
Solid State plc (AIM: SOLI) is a leading value-added electronics group
supplying industrial and defence markets with durable components, assemblies
and manufactured systems for use in critical applications, with a particular
emphasis on harsh operational environments. Solid State's products are found
around the world, from the ocean floor and into space, ensuring the smooth
operation of systems that augment our everyday lives.
The Company has a core focus on industrial and ruggedised computing, battery
power solutions, antennas, secure radio systems, imaging technologies, and
electronic components & displays.
Operating through two divisions (Systems and Components) the Group thrives on
complex engineering challenges, often requiring design-in support and
component sourcing. Serving a wide range of industries, with a particular
focus on defence, energy production, aerospace, environmental, oceanographic,
industrial, robotics, medical, life sciences, and transportation, the Solid
State trading brands have become synonymous with quality and reliability. The
Group operates under the brands of Steatite, Solsta, Custom Power, Pacer,
Active Silicon, Gateway, Durakool and Q-Par.
Solid State plc is headquartered in Redditch, UK, and employs over 400 people
around the world. The business has seven production facilities in the UK and
two in the USA. In total, including all office locations, the Group operates
from 15 national and international sites.
Solid State was established in 1971 and admitted to AIM in June 1996. The
Group has grown organically and by acquisition - having made five acquisitions
in the last four years.
Take a look at the videos below for more insight into the Solid State Group.
Introduction to Solid State - https://youtu.be/1M_Q_B1mYic
(https://urldefense.proofpoint.com/v2/url?u=https-3A__youtu.be_1M-5FQ-5FB1mYic&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=05PHl3GHdShYuaCii2fBRpoqaNr9B1d97X09daeosu0&m=3dW1DsO04w3fOD5H-7rw_kFgcxacpqn1XcdwanaeIt0GZ7CA-Ex3GbIRbrY8H0Qp&s=At43cSgB_l2_aLDoWAG1btwtdQsj0fGFEOvZuRER61Y&e=)
Why invest in Solid State? - https://youtu.be/ShmTz6005ws
(https://urldefense.proofpoint.com/v2/url?u=https-3A__youtu.be_ShmTz6005ws&d=DwMGaQ&c=euGZstcaTDllvimEN8b7jXrwqOf-v5A_CdpgnVfiiMM&r=05PHl3GHdShYuaCii2fBRpoqaNr9B1d97X09daeosu0&m=3dW1DsO04w3fOD5H-7rw_kFgcxacpqn1XcdwanaeIt0GZ7CA-Ex3GbIRbrY8H0Qp&s=BRSABtV1H6lx3GEpH8ZgxTINGT_PRgrBvEbFa-O11Yg&e=)
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