12 July 2016
AB Dynamics plc
("ABD" or the "Group" or the "Company" )
Announcement of New Share Option Scheme and Trading Update
AB Dynamics plc (AIM: ABDP) the designer, manufacturer and supplier of advanced testing systems and measurement products to the global automotive industry, is pleased to announce a new Share Option Scheme ("New Scheme") in which all Group employees are eligible to participate.
Following the successful conclusion of the Company's first staff Share Option Scheme ("Existing Scheme") and with all of the options granted under the Existing Scheme having now been exercised , on 11 July 2016 (the "Grant Date") the Remuneration Committee of the board approved the terms of the New Scheme and authorised the award of options over an aggregate of 1,337,122 new ordinary shares in the Company ("Ordinary Shares") at an exercise price of 395p per Ordinary Share (being the closing price on 8 July 2016, the latest practicable date prior to the Grant Date) and representing approximately 7.5% of the Company's issued ordinary share capital.
Under the New Scheme one third of the options awarded will vest on each of the first, second and third anniversary of the Grant Date subject to employees remaining employed by the Company or a Company subsidiary on the applicable vesting dates. The New Scheme will expire 11 July 2026.
Trading Update
The Company continues to increase capacity, with the new factory facility expected to be completed in 2017. Additionally, the Company is committed to its new product development programme, which includes the recently announced partnership with Williams F1 to supply advanced dynamic vehicle simulators to the automotive industry.
The Directors believe the Company is on course to achieve the market expectations for the financial year ending 31 August 2016 and the continued global demand for its products and services gives excellent visibility on revenues well into the next financial year.
In line with previous years, the Board will provide a full year trading update and notice of results in August.
Tim Rogers, Managing Director AB Dynamics, commented: "Our people are a cornerstone of the future success of the Company and I am delighted to announce the New Scheme in which all employees are eligible to participate."
"Although the United Kingdom has voted to leave the EU, for AB Dynamics it remains business as usual. We believe there will be a period of uncertainty until the implications of the result become clear but we are a Global business with 96% of our sales going to export and we will continue to focus on delivering the service and excellence our customers are accustomed to."
For further information please contact:
AB Dynamics plc Tim Rogers, Managing Director Tony Best, Chairman |
01225 860 200 |
Cairn Financial Advisers LLP (Nomad) Tony Rawlinson Liam Murray |
0207 148 7900 |
Cantor Fitzgerald Europe (Broker) David Foreman Phil Davies |
0207 894 7000 |
Newgate (PR) Adam Lloyd Helena Bogle |
0207 653 9850 |
Overview of AB Dynamics plc
ABD is a leading designer, manufacturer and provider of advanced testing and measurement products for vehicle suspension, brakes and steering to the global automotive research and development sector. The Group was founded in 1982 and listed on AIM in May 2013. The Group is headquartered in Bradford on Avon employing approximately 80 staff. ABD currently supplies all of the top twenty automotive manufacturers, including Honda, Toyota, Ford and Volkswagen, who routinely use the Group's products to test vehicle safety and dynamics.
