Sandal plc ("Sandal" or "the Company")
Management options
31 July 2017
The Board of Sandal plc, the designer, developer and manufacturer of electronic products, announces the following changes to management options.
At the time of Admission to the ISDX Growth Market (now NEX Exchange Growth Market) ("Admission"), the following share options were granted:
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An option to Oliver Tadd, Commercial Director, to subscribe for 581,250 Ordinary Shares at 3.8p per share in three tranches of 116,250 155,000 and 310,000 respectively only exercisable after three years from the grant and subject to the Company achieving its operating profit targets for the respective three year periods expiring on 30th November 2015, 2016 and 2017; and
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An EMI option to Adam Smith, Business Development Manager, to subscribe for 581,250 Ordinary Shares at 3.8p per share in three tranches of 116,250 155,000 and 310,000 respectively only exercisable after three years from the grant and subject to the Company achieving its operating profit targets for the respective three year periods expiring on 30th November 2015, 2016 and 2017.
The respective operating profit and sales targets had been set prior to Admission and were based on a business plan which assumed a fund raising immediately prior to Admission significantly higher than was achieved. As a result of this shortfall, the business plan was revised, consequently these targets became impossible to achieve and the options are deemed to have lapsed.
In lieu of this Oliver Tadd and Adam Smith have each been granted the following replacement options:
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116,250 Options exercisable at 29.5p any time from 28 January 2018;
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155,000 Options exercisable at 29.5p any time from 28 January 2018 subject to the Company`s Energenie division achieving sales target for the twelve month period to 31 May 2017 of £900,000; and
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310,000 Options exercisable at 29.5p any time from 28 July 2019 subject to the Company`s Energenie division achieving sales target for the twelve month period to 31 May 2018 of £2,100,000.
Mr Smith`s options remain under the EMI scheme.
In addition, Colin Howlett, Energenie Technical Director, has been granted the following EMI options:
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157,627 Options exercisable at 29.5p any time from 28 January 2018;
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210,169 Options exercisable at 29.5p any time from 28 January 2018 subject to the Company`s Energenie division achieving sales target for the twelve month period to 31 May 2017 of £900,000; and
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420,339 Options exercisable at 29.5p any time from 28 July 2019 subject to the Company`s Energenie division achieving sales target for the twelve month period to 31 May 2018 of £2,100,000.