REG - Spectra Systems Spectra Systems-SPSC - Grant of Share Options

Spectra SystemsAnnouncement

28/03/2022 07:00

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RNS Number : 1537G  Spectra Systems Corporation  28 March 2022

Spectra Systems Corporation

("Spectra" or the "Company")

Grant of Share Options

Spectra Systems Corporation, a leader in machine-readable high speed banknote
authentication, brand protection technologies and gaming security software
announces that in accordance with the Company's 2007 Incentive Compensation
Plan and the recommendation of the Compensation Committee, the Board granted
options ("Options") over 531,000 shares of Common Stock ("Shares") to
Corporate Officers and other employees of the Company.

Since the Company was admitted to trading on AIM on 25 July 2011, options
issued over a total of 3,600,667 Shares remain outstanding, including this
grant of Options, and 422,615 Shares have been issued as a result of option
exercises.  The aggregate total of 4,023,282 represents 8.9 percent of
Spectra's current issued shares of common stock. Additionally, 5,403,649
pre-admittance options have expired since 25 July 2011.

The Options, which expire on 25 March 2032, have an exercise price of 150.50
pence per Share and vest over three years, one-third per year.

The grant of the Options is designed to align the interests of key employees
of the Company with those of shareholders and to promote the retention of
those individuals.

Details of the number of shares over which Options have been granted to
Persons Discharging Management Responsibilities of the Company and their
resultant interests are set out below:

 Name           Title  New Options  Existing Options  Total Options  Total Shares
 Nabil Lawandy  CEO    150,000      1,881,063         2,031,063      2,247,736
 Brian McLain   CFO    120,000      212,000           332,000        38,000

 

Donald Stanford, Chairman of the Compensation Committee commented: "We believe
that this grant of options, which accords with our policy as announced at the
time of our IPO in 2011, provides an opportunity for our key employees to
benefit from significantly growing the value of our company, thereby aligning
their interests with shareholders."

This announcement contains inside information for the purposes of Article 7 of
the UK version of Regulation (EU) No 596/2014 which is part of UK law by
virtue of the European Union (Withdrawal) Act 2018, as amended ("MAR"). Upon
the publication of this announcement via a Regulatory Information Service,
this inside information is now considered to be in the public domain.

Enquiries:

 Spectra Systems Corporation
 Dr. Nabil Lawandy, Chief Executive Officer                   Tel: +1 (0) 401 274 4700

 WH Ireland Limited (Nominated Adviser and Broker)
 Chris Fielding (Head of Corporate Finance)                   Tel: +44 (0) 20 7220 1650

 Andrew de Andrade (Executive, Corporate Finance)

 Allenby Capital Limited (Joint Broker)
 Nick Naylor/James Reeve (Corporate Finance)                  Tel: +44 (0) 20 3328 5665
 Amrit Nahal (Sales and Corporate Broking)

 

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