Synectics plc announces that it has been awarded an £800,000 contract with a new customer – a major UK utility provider – to deliver a multi-site deployment of the Company’s proprietary software platform, Synergy (the “Contract”).
Delayed Share Price: 187.50p
Synectics plc (AIM: SNX), a leader in the design, integration and support of advanced security and surveillance systems, announces that it has made an award of options ("Options") over in aggregate 80,000 ordinary shares of 20p each in the Company ("Ordinary Shares") under its existing Performance Share Plan ("PSP"), to certain employees, including two Persons Discharging Managerial Responsibility ("PDMRs"), details of which are set out below:
| Name | Number of Options |
|---|---|
| David Gavin | 20,000 |
| Iain Stringer | 20,000 |
Following these awards, the PDMRs’ total interests in Ordinary Shares comprise:
| Name | Number of Ordinary Shares Held | Interest in Ordinary Shares in Synectics plc share schemes | Resultant total interest in Ordinary Shares | % of issued share capital |
|---|---|---|---|---|
| David Gavin | - | 60,000 | 60,000 | 0.34% |
| Iain Stringer | 12,210 | 60,000 | 72,210 | 0.41% |
Under the PSP, selected employees are entitled to exercise an option to receive a certain number of Ordinary Shares at any time after a three-year vesting period, exercisable at nil cost. The number of Ordinary Shares that are awarded at the end of the three-year period is dependent on the achievement of certain performance criteria and must be exercised within ten years of the date of award.
Vesting of the PSP award is measured according to the average of the Compound Annual Growth Rate (“CAGR”) of the Total Shareholder Return Index and the CAGR of Adjusted Underlying Diluted Earnings Per Share. If this average is 20% or more, 100% of the award will vest. If this average is above 10% and below 20%, between 0% and 100% of the award will vest on a straight-line basis.
Any entitlement under the PSP will lapse on cessation of employment prior to the end of the three-year vesting period, unless cessation of employment is by reason of redundancy, ill health or death.
Should the performance criteria be met in full or in part for the Options, it is intended that the appropriate number of Options will be satisfied firstly from any unallocated Ordinary Shares already held within the Company's employee benefit trust with the balance to be satisfied from a new issue of Ordinary Shares.
Full details of the PSP were set out in the Company's Annual Report for the year ended 30 November 2021, copies of which are available on the Company's website here.
For further information, please contact:
Synectics plc
Paul Webb, Chief Executive
Amanda Larnder, Finance Director
Claire Stewart, Company Secretary
Tel: +44 (0) 114 280 2828
www.synecticsplc.com
info@synecticsplc.com
Shore Capital
Tom Griffiths / David Coaten
Tel: +44 (0) 20 7408 4090