24 June 2021
Filtronic plc
("the Company")
Grant of Options
Filtronic plc (AIM: FTC), the designer and manufacturer of products for the critical communications, wireless telecom and aerospace & defence markets, announces that on 24 June 2021, it granted new share options ("the Options") to the following directors under the existing Filtronic plc Employee Share Option Plan 2020 ("the ESOP") on the recommendation of the Remuneration Committee. The options grant is designed to align the interests of the Executive Directors and key members of the management team with the interests of shareholders. As such the vesting of these options is based on achieving certain performance criteria for the three years prior to vesting. The performance criteria under the ESOP are based entirely on revenue growth in the three-year vesting period.
The exercise price for the Options is 11.125 pence per share being the Company's closing mid-market share price on 23 June 2021. The Options lapse on the tenth anniversary of the date of grant and no option can vest before the third anniversary of the date of grant.
In addition to the above, both Executive Directors have elected to participate in the Filtronic plc all Employee Sharesave Scheme (SAYE) where, subject to them making monthly contributions to the Scheme and other conditions, they will each have the option after 1 June 2024 of acquiring a maximum of 58,290 shares each, at an option price of 6.67 per share.
| Director/PDMR | Scheme | Options prior to Grant | Options granted | Resultant Option holdings |
| Richard Gibbs Chief Executive Officer | ESOP | 750,000 | 245,448 | 995,448 |
| Michael Tyerman Chief Financial Officer
| ESOP | 300,000* | 479,988 | 779,988 |
| Richard Gibbs Chief Executive Officer | SAYE | 0 | 35,622 | 35,622 |
| Michael Tyerman Chief Financial Officer
| SAYE | 0 | 58,290 | 58,290 |
*These options were granted under the Filtronic plc Employee Share Option Plan 2008.
Enquiries:
| Filtronic plc | Tel. 0113 220 0000 or investor.relations@filtronic.com |
| Richard Gibbs (Chief Executive Officer) | |
| Michael Tyerman (Chief Financial Officer) | |
| Maura Moynihan (Company Secretary)
| |
| finnCap Limited | Tel. 020 7220 0500 |
| Jonny Franklin-Adams/Tim Harper (Corporate Finance) | |
| Alice Lane / Sunila de Silva (ECM) | |
| | |
| Walbrook PR Limited | Tel. 020 7933 8780 or filtronic@walbrookpr.com |
| Paul Vann | Mob. 07768 807 631 |
Notes:
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014.PDMR Notification Form:
The notifications below are made in accordance with the requirements of UK MAR:
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Richard Gibbs | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Chief Executive Officer | ||||
| b) | Initial notification/Amendment |
| ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Filtronic plc | ||||
| b) | LEI | 213800PDQ9V2ZNCDO264 | ||||
| 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 0.1p each
| ||||
| Identification code | GB0003362992 | |||||
| b) | Nature of the transaction | Grant of 245,448 options under the Filtronic plc Employee Share Option Plan 2020 | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
n/a (single transaction) | ||||
| e) | Date of the transaction | 24 June 2021 | ||||
| f) | Place of the transaction | London Stock Exchange, AIM Market | ||||
PDMR Notification Form:
The notifications below are made in accordance with the requirements of UK MAR:
| 1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Michael Tyerman | ||||
| 2. | Reason for the Notification | |||||
| a) | Position/status | Chief Financial Officer | ||||
| b) | Initial notification/Amendment |
| ||||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Filtronic plc | ||||
| b) | LEI | 213800PDQ9V2ZNCDO264 | ||||
| 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 0.1p each
| ||||
| Identification code | GB0003362992 | |||||
| b) | Nature of the transaction | Grant of 479,988 options under the Filtronic plc Employee Share Option Plan 2020 | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information: · Aggregated volume · Price |
n/a (single transaction) | ||||
| e) | Date of the transaction | 24 June 2021 | ||||
| f) | Place of the transaction | London Stock Exchange, AIM Market | ||||
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