SPA established a new employee share plan. To benefit from grants under the new plan, individuals (employees & management) will be required to surrender and waive their rights to existing share options.
On 4 September 2018, SPA granted awards to acquire ordinary shares of 10p each to certain directors and employees as well as its subsidiaries pursuant to the new plan.
Awards under the new plan (Potential Awards), which will be made to eligible employees, include options to acquire ordinary shares with an exercise price equal to the closing market price of the ordinary shares on the day prior to the date of grant; LTIP Award, being options exercisable, or options to acquire ordinary shares for nil consideration; or awards pursuant to which the grantee has a right to receive an upcoming cash payment equivalent to the economic value that would otherwise have been delivered by way of a grant of options or LTIP award (Phantom Awards).
The number of ordinary shares that may be issued or are capable of being issued pursuant to Potential Awards will not exceed 10% of the SPA’s issued share capital, when aggregated with the number of ordinary shares issued pursuant to grants under the new plan in the past 10 years.
Furthermore, with respect to option awards, options with an exercise price per share of £0.465 were granted over a total of 5,216,301 ordinary shares.