Cancellation of share options

EKF Diagnostics Holdings plc

("EKF", the "Company")

 

Cancellation of share options

 

EKF Diagnostics Holdings plc (AIM: EKF), the AIM listed point-of-care business, announces that 21,614,766 share options over ordinary shares of 1 penny each (the "Ordinary Shares") granted to certain directors, PDMRs, employees and the former Chairman of the Company (the "Options") have been cancelled at the election of those holding the options (the "Optionholders") in return for the payment of a one-off cash sum.

 

Details of the cancellation of the Options are set out below:

 

PDMR	Role	Number of Options being surrendered	Cash payment (£)
Julian Baines	CEO	5,127,383	354,348
Richard Evans	COO and CFO	4,260,000	294,826
Steven Wray	Head of Sales EMEA	825,000	61,801
Gilbert Mejia	Head of Sales Americas	800,000	60,522
Martyn Lewis	Head of Marketing	800,000	61,551
Peter Coyne	Head of Operations	800,000	61,551
Ed Hitchler	General Manager, EKF USA	800,000	59,914
Steffen Borlich	General Manager, EKF Germany	800,000	61,893
Salim Hamir	Company Secretary and Head of Corporate Affairs	600,000	46,802
Colin Anderson	Deputy Finance Director	700,000	46,802
Other employees and the former Chairman	Various	6,102,383	395,331
Total		21,614,766	1,505,341

 

The cash sum to be paid to each relevant Optionholder has been calculated by reference to the mid-market share price of 21.5p, being the price at the time the offer was made to the Optionholders, with certain tax and other adjustments being applied.

 

The purpose of this cancellation is to try and simplify the Company's capital structure ahead of the previously announced intended proposed share buyback and to reduce future dilution to shareholders.

 

Following the cancellation, share options remain over a total of 1,950,000 Ordinary Shares and these are exercisable at various prices of between 20p and 37.625p and expire between 7 July 2023 and 6 April 2025.

 

As at 23 June 2017 the Company had net cash balances of approximately £3.9m after deduction of the £1.5m to be paid to the various Optionholders as set out above.

 

EKF Diagnostics Holdings plc	www.ekfdiagnostics.com
Christopher Mills, Non-Executive Chairman	Tel: 029 2071 0570
Julian Baines, CEO
Richard Evans, FD & COO
N+1 Singer (Nomad & Broker)	Tel: 020 7496 3000
Alex Price / Shaun Dobson / Ali Laughton-Scott
Walbrook PR Limited	Tel: 020 7933 8780 or [email protected]
Paul McManus / Lianne Cawthorne	Mob: 07980 541 893 / 07584 391 303

 

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	Julian Baines - Chief Executive Officer Richard Evans - Chief Operating Officer and Finance Director Steven Wray - Head of Sales EMEA Gilbert Mejia - Head of Sales Americas Martyn Lewis - Head of Marketing Peter Coyne - Head of Operations Ed Hitchler - General Manager, EKF USA Steffen Borlich - General Manager, EKF Germany Salim Hamir - Company Secretary and Head of Corporate Affairs Colin Anderson - Deputy Finance Director
2	Reason for the notification
a)	Position/status	See 1(a) above for positions - all classified as PDMRs of EKF
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	EKF Diagnostics Holdings plc
b)	LEI	213800DXTF3EAUK1AR05
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	In each case, the grant of Options over Ordinary Shares
b)	Identification code	GB0031509804
c)	Nature of the transaction	Cancellation of Options over Ordinary Shares
d)	Price(s) and volume(s)	Price - n/a Volume(s) Julian Baines - 5,127,383 Options Richard Evans - 4,260,000 Options Steven Wray - 825,000 Options Gilbert Mejia - 800,000 Options Martyn Lewis - 800,000 Options Peter Coyne - 800,000 Options Ed Hitchler - 800,000 Options Steffen Borlich - 800,000 Options Salim Hamir -600,000 Options Colin Anderson - 700,000 Options
d)	Aggregated information  - Aggregated volume - Price	15,512,383 N/A
e)	Date of the transaction	26 June 2017
f)	Place of the transaction	Outside a trading venue