Cancellation of share options

 26th Jun 2017

EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care business, announces that 21,614,766 share options over ordinary shares of 1 penny each (the “Ordinary Shares”) granted to certain directors, PDMRs, employees and the former Chairman of the Company (the “Options”) have been cancelled at the election of those holding the options (the “Optionholders”) in return for the payment of a one-off cash sum.

Details of the cancellation of the Options are set out below:

PDMR

Role

Number of Options being surrendered

Cash payment (£)

Julian Baines

CEO

5,127,383

354,348

Richard Evans

COO and CFO

4,260,000

294,826

Steven Wray

Head of Sales EMEA

825,000

61,801

Gilbert Mejia

Head of Sales Americas

800,000

60,522

Martyn Lewis

Head of Marketing

800,000

61,551

Peter Coyne

Head of Operations

800,000

61,551

Ed Hitchler

General Manager, EKF USA

800,000

59,914

Steffen Borlich

General Manager, EKF Germany

800,000

61,893

Salim Hamir

Company Secretary and Head of Corporate Affairs

600,000

46,802

Colin Anderson

Deputy Finance Director

700,000

46,802

Other employees and the former Chairman

Various

6,102,383

395,331

Total

 

21,614,766

1,505,341

The cash sum to be paid to each relevant Optionholder has been calculated by reference to the mid-market share price of 21.5p, being the price at the time the offer was made to the Optionholders, with certain tax and other adjustments being applied.

The purpose of this cancellation is to try and simplify the Company’s capital structure ahead of the previously announced intended proposed share buyback and to reduce future dilution to shareholders.

Following the cancellation, share options remain over a total of 1,950,000 Ordinary Shares and these are exercisable at various prices of between 20p and 37.625p and expire between 7 July 2023 and 6 April 2025.

As at 23 June 2017 the Company had net cash balances of approximately £3.9m after deduction of the £1.5m to be paid to the various Optionholders as set out above.

EKF Diagnostics Holdings plc
Julian Baines, CEO
Richard Evans, Finance Director and COO
www.ekfdiagnostics.com
Tel: 00 44 29 2071 0570
N+1 Singer (Nomad & Broker)
Alex Price / Shaun Dobson / Ali Laughton-Scott
Tel: 020 7496 3000

Walbrook PR Limited
Paul McManus
Lianne Cawthorne

Tel: 020 7933 8780 or
Mob: 07980 541 893 / 07584 391 303

 

 

 

 

 

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 1

 

Details of the person discharging managerial responsibilities / person closely associated 

 

a)

 

Names 

Julian Baines – Chief Executive Officer

Richard Evans – Chief Operating Officer and Finance Director

Steven Wray – Head of Sales EMEA

Gilbert Mejia – Head of Sales Americas

Martyn Lewis – Head of Marketing

Peter Coyne – Head of Operations

Ed Hitchler – General Manager, EKF USA

Steffen Borlich – General Manager, EKF Germany

Salim Hamir – Company Secretary and Head of Corporate Affairs

Colin Anderson – Deputy Finance Director

2

 

Reason for the notification

a)

 

Position/status

 

See 1(a) above for positions – all classified as PDMRs of EKF

b)

 

Initial notification /Amendment

Initial Notification

3

 

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

a)

 

Name

 

EKF Diagnostics Holdings plc

b)

 

LEI

213800DXTF3EAUK1AR05

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 

In each case, the grant of Options over Ordinary Shares

b)

Identification code 

GB0031509804

c)

 

Nature of the transaction 

Cancellation of Options over Ordinary Shares 

d)

 

Price(s) and volume(s)

Price – n/a

Volume(s)

Julian Baines – 5,127,383 Options

Richard Evans – 4,260,000 Options

Steven Wray – 825,000 Options

Gilbert Mejia – 800,000 Options

Martyn Lewis – 800,000 Options

Peter Coyne – 800,000 Options

Ed Hitchler – 800,000 Options

Steffen Borlich – 800,000 Options

Salim Hamir –600,000 Options

Colin Anderson – 700,000 Options

d)

 

Aggregated information 

- Aggregated volume

- Price

 

15,512,383

N/A

e)

 

Date of the transaction 

26 June 2017

f)

 

Place of the transaction

Outside a trading venue