Primorus Investments plc
("Primorus" or the "Company")
Grant of Share Options
Primorus (AIM: PRIM) announces the award of 12,000,000 share options ("Share Options"). Each Share Option is exercisable over one ordinary share of £0.002 in the capital of the Company (the "Ordinary Shares"). The Share Options represent approximately 8.58 per cent. of the current issued share capital of the Company. On a fully diluted basis, the Share Options represent approximately 7.9 per cent. of the enlarged issued share capital of the Company (assuming the Share Options are exercised in full and no additional Ordinary Shares are issued save for those in connection with such exercise).
The Share Options are exercisable at a price of £0.041 per Ordinary Share (being the mid-market closing price of the Ordinary Shares on 1 March 2021). One-third of the Share Options shall vest when the mid-market closing price of the Ordinary Shares ("Closing Price") reaches £0.06; one-third of the Share Options shall vest when the Closing Price reaches £0.08; and one-third of the Share Options shall vest when the Closing Price reaches £0.10. The Share Options are exercisable at any time, following vesting, prior to (and including) the day falling on the fifth anniversary of grant. If an option holder leaves the Company, such option holder shall retain any vested Share Options but any unvested Share Options shall lapse unless otherwise decided by the Board at its absolute discretion.
The total options granted over Ordinary Shares to Persons Discharging Managerial Responsibilities within the Company (each being a "PDMR") are detailed below.
| PDMR | Options | Exercise Price | Lapse Date |
| Rupert Labrum | 3,000,000 | £0.041 | 1 March 2026 |
| Hedley Clark | 3,000,000 | £0.041 | 1 March 2026 |
| Matthew Beardmore | 3,000,000 | £0.041 | 1 March 2026 |
| Simon Holden | 3,000,000 | £0.041 | 1 March 2026 |
The information contained within this announcement is deemed by the Company to constitute inside information for the purposes of Article 11 of The Market Abuse (Amendment) (EU Exit) Regulations 2019 (SI 2019/310). Upon publication of this announcement, this inside information is now considered to be in the public domain.
For further information, please contact:
Primorus Investments plc +44 (0) 20 8154 7907
Rupert Labrum
Nominated Adviser and Broker
Cairn Financial Advisers LLP +44 (0) 20 7213 0880
Sandy Jamieson / James Caithie
Notification and public disclosure of transactions by persons discharging managerial responsibilities
and persons closely associated with them
| 1 | Details of the persons discharging managerial responsibilities / person closely associated
| |||||
| a) | Name
| Rupert Labrum | ||||
| 2 | Reason for the notification
| |||||
| a) | Position/Status
| Executive Chairman | ||||
| b) | Initial notification/ Amendment
| Initial notification
| ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a) | Name
| Primorus Investments plc | ||||
| b) | LEI
| 213800XCLCY5I8O3PP36 | ||||
| 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
|
Options over ordinary shares of £0.002 each
GB00BKTCLJ25 | ||||
| b) | Nature of the transaction | Grant of share options
| ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information
- Aggregated volume
- Price
|
3,000,000
£0.041 | ||||
| e) | Date of transaction
| 1 March 2021 | ||||
| f) | Place of transaction
| London Stock Exchange | ||||
| 1 | Details of the persons discharging managerial responsibilities / person closely associated
| |||||
| a) | Name
| Hedley Clark | ||||
| 2 | Reason for the notification
| |||||
| a) | Position/Status
| Non-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
| Primorus Investments plc | ||||
| b) | LEI
| 213800XCLCY5I8O3PP36 | ||||
| 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
|
Options over ordinary shares of £0.002 each
GB00BKTCLJ25 | ||||
| b) | Nature of the transaction | Grant of share options
| ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information
- Aggregated volume
- Price
|
3,000,000
£0.041 | ||||
| e) | Date of transaction
| 1 March 2021 | ||||
| f) | Place of transaction
| London Stock Exchange | ||||
| 1 | Details of the persons discharging managerial responsibilities / person closely associated
| |||||
| a) | Name
| Matthew Beardmore | ||||
| 2 | Reason for the notification
| |||||
| a) | Position/Status
| Non-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
| Primorus Investments plc | ||||
| b) | LEI
| 213800XCLCY5I8O3PP36 | ||||
| 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
|
Options over ordinary shares of £0.002 each
GB00BKTCLJ25 | ||||
| b) | Nature of the transaction | Grant of share options
| ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information
- Aggregated volume
- Price
|
3,000,000
£0.041 | ||||
| e) | Date of transaction
| 1 March 2021 | ||||
| f) | Place of transaction
| London Stock Exchange | ||||
| 1 | Details of the persons discharging managerial responsibilities / person closely associated
| |||||
| a) | Name
| Simon Holden | ||||
| 2 | Reason for the notification
| |||||
| a) | Position/Status
| Company Secretary | ||||
| b) | Initial notification/ Amendment
| Initial notification
| ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a) | Name
| Primorus Investments plc | ||||
| b) | LEI
| 213800XCLCY5I8O3PP36 | ||||
| 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
|
Options over ordinary shares of £0.002 each
GB00BKTCLJ25 | ||||
| b) | Nature of the transaction | Grant of share options
| ||||
| c) | Price(s) and volume(s)
|
| ||||
| d) | Aggregated information
- Aggregated volume
- Price
|
3,000,000
£0.041 | ||||
| e) | Date of transaction
| 1 March 2021 | ||||
| f) | Place of transaction
| London Stock Exchange | ||||
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