27 December 2024
Hardide plc
("Hardide", the
"Group" or the "Company")
Grant of Options and Issue of
Shares
Hardide plc (AIM: HDD), the provider of
advanced surface coating technology, announces the granting by the
Company's remuneration committee of options over the ordinary
shares ("Options") in the Company to certain directors in line with
its long‑standing policy of
granting share options with appropriate performance and tenure
conditions as a core component of executive
remuneration.
Tim Rice,
Senior Independent Director and Remuneration Committee Chair
commented:
"These share
option awards are consistent with the Board's key strategic
objective to promote and accelerate the profitable growth of
Hardide. Over the last year we have been encouraged by shareholders
to develop share incentive arrangements that better align
Directors' and Shareholders' interests. For the most part the
awards will only vest if challenging profit targets are achieved
over a 3-year period. Mr Hamblin's restricted share award forms
part of the remuneration package needed to help attract him to
become the Group's CEO."
|
Name
|
Position
|
Number of
Options
|
Type of
option
|
Conditions
|
|
Matt Hamblin
|
CEO
|
1,000,000
|
"Restricted shares"
|
Minimum 3-year tenure in role
|
|
2,300,000
|
"Performance shares"
|
Financial performance
|
|
Simon Hallam
|
Finance Director
|
655,200
|
"Performance shares"
|
Financial performance
|
|
|
|
|
|
|
|
Yuri Zhuk
|
Technical Director
|
776,412
|
"Performance shares"
|
Financial performance
|
The Options set out above are issued pursuant
to the Hardide plc 2016 EMI option scheme and have an exercise
price of 5.71 pence per share, being the 5-VWAP for the 5 business
days preceding this announcement.
The "Performance Share" Options will only vest
based on the achievement of financial performance targets that
require stretching EBITDA growth in each of the three financial
years ending 30 September 2027, with these targets set ahead of
current market expectations. There are no conditions other than as
to tenure relating to the "Restricted Share" Options except as set
out in the table in respect of the award to Matt
Hamblin.
Following the grant
of the Options above, the resulting interests of Matt Hamblin,
Simon Hallam and Yuri Zhuk are summarised as followed:
|
Name
|
Ordinary
Shares of 4p each
|
Total Options
subsequent to these grants
|
|
Matt Hamblin
|
111,111
|
3,300,000
|
|
Simon Hallam
|
10,526
|
1,255,200
|
|
Yuri Zhuk
|
190,420
|
1,453,428
|
In aggregate 4,731,612 new Options have been
granted, representing 6.0% of the Company's issued ordinary share
capital. Following the grant of Options, there is a total of
6,507,065 Options outstanding, representing approximately 8.3% of
the current issued share capital of the Company.
Issue of
shares to Steve Paul
In addition, the Company has applied
for 355,240 Ordinary Shares to be admitted to trading on
AIM ("Admission") and it is expected that this will occur on 2
January 2025. These shares will rank pari passu in all respects
with the Company's existing issued Ordinary Shares.
These Ordinary Shares relate to a payment of
£20,000 due to Sketchley GmbH, a company wholly owned by Steve
Paul, with respect to achieving set targets during his tenure as
Interim CEO. Steve served as the Company's Interim CEO for
the period from February to May 2024 and continues to lead the
development of the Group's sales strategy for its Enhanced
Components product range. This payment is being made in shares
instead of cash and have been issued at the closing mid-market
price of 5.625 pence on 24 December 2024.
The Company's issued share capital now consists
of 78,812,749 Ordinary Shares, of which there are no shares in
Treasury. Therefore, the above figure may be used by shareholders
as the denominator for the calculations by which they will
determine if they are required to notify their interest in, or a
change in their interest in, the share capital of the Company under
the FCA's Disclosure Guidance and Transparency Rules.
Enquiries:
Hardide
plc
Tim Rice (SID and Remuneration Committee
Chair)
Tel: +44 (0)1869 353830
Andrew Magson (Non-Executive Chair)
Cavendish
Capital Markets Ltd - Broker and Nominated
Adviser
Henrik Persson / Abigail Kelly / Elysia Bough
(Corporate Finance)
Tel: +44 (0) 2072 200 500
Jasper Berry / Dale Bellis (Sales)
Notes to
editors:
www.Hardide.com
Hardide develops, manufactures and applies
advanced technology tungsten carbide/tungsten metal matrix coatings
to a wide range of engineering components. Its patented technology
is unique in combining in one material, a mix of toughness and
resistance to abrasion, erosion and corrosion; together with the
ability to coat accurately interior surfaces and complex
geometries. The material is proven to offer dramatic improvements
in component life, particularly when applied to components that
operate in very aggressive environments. This results in cost
savings through reduced downtime and increased operational
efficiency as well as a reduced carbon footprint. Customers include
leading companies operating in the energy sectors, valve and pump
manufacturing, industrial gas turbine, precision engineering and
aerospace industries.
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name
|
Matt Hamblin
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
CEO
|
|
b)
|
Initial notification/ Amendment
|
Initial notification
|
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
|
a)
|
Name
|
Hardide plc
|
|
b)
|
LEI
|
213800HLAUIIFKMU5G89
|
|
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
Identification code
|
Ordinary Shares of 4p each
GB00BJJPX768
|
|
b)
|
Nature of the transaction
|
Options granted under the EMI scheme
2016
|
|
c)
|
Price(s) and volume(s)
|
|
Exercise
Price(s)
|
Volume(s)
|
|
5.71p
|
3,300,000
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Single transaction as in 4c) above
|
|
e)
|
Date of the transaction
|
27 December 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name
|
Simon Hallam
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
Finance Director
|
|
b)
|
Initial notification/ Amendment
|
Initial notification
|
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
|
a)
|
Name
|
Hardide plc
|
|
b)
|
LEI
|
213800HLAUIIFKMU5G89
|
|
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
Identification code
|
Ordinary Shares of 4p each
GB00BJJPX768
|
|
b)
|
Nature of the transaction
|
Options granted under the EMI scheme
2016
|
|
c)
|
Price(s) and volume(s)
|
|
Exercise
Price(s)
|
Volume(s)
|
|
5.71p
|
655,200
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Single transaction as in 4c) above
|
|
e)
|
Date of the transaction
|
27 December 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
|
1
|
Details of the
person discharging managerial responsibilities/person closely
associated
|
|
a)
|
Name
|
Yuri Zhuk
|
|
2
|
Reason for the
notification
|
|
a)
|
Position/status
|
Technical Director
|
|
b)
|
Initial notification/ Amendment
|
Initial notification
|
|
3
|
Details of the
issuer, emission allowance market participant, auction platform,
auctioneer or auction monitor
|
|
a)
|
Name
|
Hardide plc
|
|
b)
|
LEI
|
213800HLAUIIFKMU5G89
|
|
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
Identification code
|
Ordinary Shares of 4p each
GB00BJJPX768
|
|
b)
|
Nature of the transaction
|
Options granted under the EMI scheme
2016
|
|
c)
|
Price(s) and volume(s)
|
|
Exercise
Price(s)
|
Volume(s)
|
|
5.71p
|
776,412
|
|
|
d)
|
Aggregated information
- Aggregated
volume
- Price
|
Single transaction as in 4c) above
|
|
e)
|
Date of the transaction
|
27 December 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
