12 May 2023
Eleco Plc
("Eleco", "Group" or the "Company")
Grant of Options
Eleco plc (AIM: ELCO), the AIM-listed construction and building software specialist, announces that on 11 May 2023 the Remuneration Committee granted a total of 975,000 options over ordinary shares of 1 pence each (the "Ordinary Shares") in the Company under the Eleco 2014 Share Option Plan (the "Options").
250,000 Options were granted to Jonathan Hunter, CEO of the Company. Of these, 150,000 Options are market priced, which have no vesting criteria other than to remain in employment by the Group and shall vest after 3 years. 100,000 Options are nominal cost options which shall vest after 3 years if certain performance criteria related to recurring revenue growth and overall revenue growth are met. To fully vest, Eleco will need to deliver significant revenue growth from current levels.
275,000 Options were granted Neil Pritchard, CFO of the Company. Of these, 100,000 are market priced options, which have no vesting criteria other than to remain in employment by the Group and shall vest after 3 years. A further 100,000 Options are market-priced, awarded as part of his original contract. 75,000 Options are nominal cost which shall vest after 3 years if certain performance criteria related to recurring revenue growth and overall revenue growth are met. To fully vest, Eleco will need to achieve significant revenue growth from current levels.
The remaining 450,000 Options were granted to various employees of the Company, which are market priced options with no vesting criteria other than to remain in employment by the Group and shall vest after 3-years.
All market priced options are exercisable at 80.5 pence. All Options will lapse on 10 May 2033. Details of Directors and Persons Discharging Managerial Responsibility ("PDMR") awards are included in the disclosure notices at the end of this announcement.
| Director/PDMR | Options issued | Total options held post issue |
| Jonathan Hunter | 250,000 | 1,100,000 |
| Neil Pritchard | 275,000 | 275,000 |
| Birgit Lenton | 60,000 | 160,000 |
| Luben Kirov | 60,000 | 160,000 |
Following the issue of the Options, the total number of options in issue post award is 3,625,000, representing approximately 4.4% of the Company's issued share capital.
Enquiries:
| Eleco plc | +44 (0)20 7422 8000 |
| Jonathan Hunter, Chief Executive Officer | |
| Neil Pritchard, Chief Financial Officer | |
| | |
| finnCap Limited | +44 (0)20 7220 0500 |
| Geoff Nash / Emily Watts / Seamus Fricker (Corporate Finance) | |
| Charlotte Sutcliffe / Harriet Ward (Equity Capital Markets) | |
| | |
| SEC Newgate UK | +44 (0)20 3757 6882 |
| Elisabeth Cowell / Bob Huxford |
About Eleco plc
Eleco plc is an AIM-listed (AIM: ELCO) specialist international provider of software and related services to the built environment through its operating brands Elecosoft and Veeuze from centres of excellence in the UK, Sweden, Germany, the Netherlands and the US.
The Company's software solutions are trusted by international customers and used throughout the building lifecycle from early planning and design stages to construction, interior fit out, asset management and facilities management to support project management, estimation, visualisation, Building Information Modelling (BIM) and property management.
For further information please visit www.eleco.com.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1. | Details of PDMR / person closely associated with them ('PCA') | |||
| a) | Name | Jonathan Hunter
| ||
| 2. | Reason for the Notification | |||
| a) | Position / status | Chief Executive Officer | ||
| b) | Initial notification /amendment | Initial notification | ||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
| a) | Name | Eleco plc | ||
| b) | LEI | 21380016GT9Z6ZQX4T37 | ||
| 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 1p each | ||
| Identification code | GB0003081246 | |||
| b) | Nature of the transaction | Grant of options | ||
| c) | Price(s) and volume(s) | Name | Price(s) | Volume(s) |
| Jonathan Hunter | 1p 80.5p | 100,000 150,000 | ||
| d) | Aggregated information: Aggregated volume Price | n/a | ||
| e) | Date of the transaction | 11 May 2023 | ||
| f) | Place of the transaction | Outside of a trading venue | ||
| 1. | Details of PDMR / person closely associated with them ('PCA') | |||
| a) | Name | Neil Pritchard
| ||
| 2. | Reason for the Notification | |||
| a) | Position / status | Chief Financial Officer | ||
| b) | Initial notification /amendment | Initial notification | ||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
| a) | Name | Eleco plc | ||
| b) | LEI | 21380016GT9Z6ZQX4T37 | ||
| 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 1p each | ||
| Identification code | GB0003081246 | |||
| b) | Nature of the transaction | Grant of options | ||
| c) | Price(s) and volume(s) | Name | Price(s) | Volume(s) |
| Neil Pritchard | 1p 80.5p | 75,000 200,000 | ||
| d) | Aggregated information: Aggregated volume Price |
n/a | ||
| e) | Date of the transaction | 11 May 2023 | ||
| f) | Place of the transaction | Outside of a trading venue | ||
| 1. | Details of PDMR / person closely associated with them ('PCA') | |||
| a) | Name | Birgit Lenton | ||
| 2. | Reason for the Notification | |||
| a) | Position / status | Group Transformation Director / PDMR | ||
| b) | Initial notification /amendment | Initial notification | ||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
| a) | Name | Eleco plc | ||
| b) | LEI | 21380016GT9Z6ZQX4T37 | ||
| 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 1p each | ||
| Identification code | GB0003081246 | |||
| b) | Nature of the transaction | Grant of options | ||
| c) | Price(s) and volume(s) | Name | Price(s) | Volume(s) |
| | | Birgit Lenton | 80.5p | 60,000 |
| d) | Aggregated information: Aggregated volume Price |
n/a | ||
| e) | Date of the transaction | 11 May 2023 | ||
| f) | Place of the transaction | Outside of a trading venue | ||
| 1. | Details of PDMR / person closely associated with them ('PCA') | |||
| a) | Name | Luben Kirov | ||
| 2. | Reason for the Notification | |||
| a) | Position / status | Chief Technology Officer / PDMR | ||
| b) | Initial notification /amendment | Initial notification | ||
| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||
| a) | Name | Eleco plc | ||
| b) | LEI | 21380016GT9Z6ZQX4T37 | ||
| 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 1p each | ||
| Identification code | GB0003081246 | |||
| b) | Nature of the transaction | Grant of options | ||
| c) | Price(s) and volume(s) | Name | Price(s) | Volume(s) |
| | | Luben Kirov | 80.5p | 60,000 |
| d) | Aggregated information: Aggregated volume Price | n/a | ||
| e) | Date of the transaction | 11 May 2023 | ||
| f) | Place of the transaction | Outside of a trading venue | ||
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