TIDMFLX
RNS Number : 2664K
Falanx Group Limited
21 April 2020
21 April 2020
FALANX GROUP LIMITED
("Falanx", the "Company" or the "Group")
Salary sacrifice, grant of options and PDMR dealing
Falanx Group Limited, the AIM listed (FLX.L) provider of cyber
security and strategic intelligence services, today provides
further details of the salary sacrifice, grant of options and PDMR
dealing announced in the Company's trading update on 31 March
2020.
Salary sacrifice and grant of options
As announced on 31 March 2020, the Company has implemented
certain measures designed to strengthen the Company's balance sheet
and expected cash performance over the next few months. One of
these measures included voluntary salary sacrifices by the
directors, certain senior managers and staff and the Company
announced at that time an intention to compensate those
participating through the grant of new share options.
The Group today announces that its Executive Directors and
certain of its senior managers and employees have agreed to reduce
their cash remuneration between 1 April 2020 and 30 September 2020
and in return for this they will be offered options over new
shares, as further detailed below, totalling, in aggregate,
31,410,000 million (the "New Options"). In addition, the
Non-Executive Directors will receive 1,599,600 warrants, in
aggregate, in return for their salary sacrifice in respect of the
same period on identical terms to the New Options (the
"Warrants").
In order to seek to minimise the dilution to shareholders as
much as possible, this new option pool has been created partly by
the waiver of certain share options granted in March and December
2018 to Directors/PDMRs and senior managers. The total number of
options waived is 25.7 million (the "Surrender") and the number
needed for this new scheme is 33 million which equates to circa
GBP0.2m of sacrificed remuneration and associated costs over the
six-month period between 1 April 2020 and 30 September 2020.
Included within this the Executive Directors will receive 9,120,000
New Options and the Non-Executive Directors will receive 1,599,600
Warrants, as further set out in the tables below.
New Options
The New Options will be granted, wherever possible, under EMI
rules, and will vest from 1 October 2020 with an exercise period of
10 years ending on 20 April 2030. As announced on 31 March 2020,
the exercise price of each option is 1 penny per share, an increase
of 75% above the closing price of 0.57 pence per share on 30 March
2020, being the trading day immediately before that announcement.
The New Options have customary good leaver and bad leaver
provisions and acceleration of vesting criteria in certain
specified circumstances. The Warrants are being granted with an
identical exercise price and for an identical period of time.
A further 1,250,000 share options are being issued in the
ordinary course of the Group's remuneration policy to staff under
the Group's existing EMI scheme. These have an exercise price of
1.15 pence each.
Total options in the Group
Following the Surrender and the grant of the New Options and
Warrants, the Company will have a total of 80,237,004 share options
and Warrants in issue, 9,000,000 of which are expected to lapse by
June 2020. This equates to 20.0 % of the current issued share
capital prior to any lapse and 17.8% after this expected lapse.
Director/PDMR dealings
The table below sets out details on the waivers and grant of New
Options in respect of PDMRs:
Director/PDMR Number of Number of Number of Total number
existing options existing options New Options of options
waived as left granted held (including
part of the New Options
Surrender granted)
Mike Read 6,500,000 5,000,000 6,600,000 11,600,000
------------------ ------------------ ------------- -----------------
Ian Selby 6,500,000 5,000,000 2,520,000 7,520,000
------------------ ------------------ ------------- -----------------
Emma Shaw 1,500,000 Nil Nil Nil
------------------ ------------------ ------------- -----------------
The table below sets out details on the issue of the Warrants in
respect of PDMRs:
Non-Executive Total number Number of Total number
Director/PDMR of Warrants Warrants granted of Warrants
held previously held
Alex Hambro Nil 1,200,000 1,200,000
------------------ ------------------ -------------
Emma Shaw Nil 399,600 399,600
------------------ ------------------ -------------
Mike Read, CEO, commented:
"I am delighted with the vote of confidence that a very
significant proportion of our team have given Falanx. It is
particularly pleasing that their support for this programme aligns
them with shareholders objectives. This, together with the other
cost saving measures which we are putting in place, will result in
a significant reduction in our ongoing cash spend providing us with
the flexibility needed in these challenging times."
Enquiries:
Falanx Group Limited Via IFC
Alex Hambro Chairman
Mike Read CEO
Ian Selby CFO
Stifel Nicolaus Europe Limited,
Nomad and Joint Broker
Alex Price / Fred Walsh + 44 (0) 207 710 7600
Turner Pope Investments (TPI) Limited,
Joint Broker
Andy Thacker/Zoe Alexander +44 (0) 20 3657 0050
IFC Advisory Ltd, Financial PR &
IR
Graham Herring / Zach Cohen +44 (0) 203 934 6630
About Falanx
Falanx Group Limited, is a global intelligence and cyber defence
provider working with blue chip and government clients. For more
information: http://www.falanx.com/
Notification and public disclosure of transactions by persons
discharging managerial responsibilities ("PDMRs") and persons
closely associated ("PCA") with them.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Michael David Read
----------------------- -----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status CEO
----------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Falanx Group Limited
----------------------- -----------------------------------------------
b) LEI 213800YO4F9CUQLALV19
----------------------- -----------------------------------------------
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 Options over Ordinary Shares of nil par
of the financial value
instrument,
type of instrument
----------------------- -----------------------------------------------
b) Identification VGG3338A1075
code
----------------------- -----------------------------------------------
c) Nature of the Surrender of options over Ordinary Shares
transaction
----------------------- -----------------------------------------------
d) Price(s) and Volume(s):
volume(s) 6,500,000 Ordinary Shares
Exercise price of options being surrendered:
5,000,000 with a price of 5 pence per
option over each Ordinary Share and 1,500,000
with a price of 3.5 pence per ordinary
share.
----------------------- -----------------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
----------------------- -----------------------------------------------
e) Date of the 20 April 2020
transactions
----------------------- -----------------------------------------------
f) Place of the Outside a trading venue
transaction
----------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Ian Selby
----------------------- -----------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------
a) Position/status CFO
----------------------- -----------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------
a) Name Falanx Group Limited
----------------------- -----------------------------------------------
b) LEI 213800YO4F9CUQLALV19
----------------------- -----------------------------------------------
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 Options over Ordinary Shares of nil par
of the financial value
instrument,
type of instrument
----------------------- -----------------------------------------------
b) Identification VGG3338A1075
code
----------------------- -----------------------------------------------
c) Nature of the Surrender of options over Ordinary Shares
transaction
----------------------- -----------------------------------------------
d) Price(s) and Volume(s):
volume(s) 6,500,000 Ordinary Shares
Exercise price of options being surrendered:
5,000,000 with a price of 5 pence per
option over each Ordinary Share and 1,500,000
with a price of 3.5 pence per ordinary
share
----------------------- -----------------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
----------------------- -----------------------------------------------
e) Date of the 20 April 2020
transactions
----------------------- -----------------------------------------------
f) Place of the Outside a trading venue
transaction
----------------------- -----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Emma Shaw
----------------------- ----------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------
a) Position/status Non-Executive Director
----------------------- ----------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name Falanx Group Limited
----------------------- ----------------------------------------------
b) LEI 213800YO4F9CUQLALV19
----------------------- ----------------------------------------------
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 Options over Ordinary Shares of nil par
of the financial value
instrument,
type of instrument
----------------------- ----------------------------------------------
b) Identification VGG3338A1075
code
----------------------- ----------------------------------------------
c) Nature of the Surrender of options over Ordinary Shares
transaction
----------------------- ----------------------------------------------
d) Price(s) and Volume(s):
volume(s) 1,500,000 Ordinary Shares
Exercise price of options being surrendered:
750,000 with an exercise price of 5.88
pence per option over each Ordinary Share,
500,000 with an exercise price of 5 pence
per option and 250,000 with an exercise
price of 3.5 pence per option.
----------------------- ----------------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
----------------------- ----------------------------------------------
e) Date of the 20 April 2020
transactions
----------------------- ----------------------------------------------
f) Place of the Outside a trading venue
transaction
----------------------- ----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Michael David Read
----------------------- ------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status CEO
----------------------- ------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------- ------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Falanx Group Limited
----------------------- ------------------------------------------
b) LEI 213800YO4F9CUQLALV19
----------------------- ------------------------------------------
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 Options over Ordinary Shares of nil par
of the financial value
instrument,
type of instrument
----------------------- ------------------------------------------
b) Identification VGG3338A1075
code
----------------------- ------------------------------------------
c) Nature of the Grant of options over Ordinary Shares
transaction
----------------------- ------------------------------------------
d) Price(s) and Volume(s):
volume(s) 6,600,000 Ordinary Shares
Exercise price of options being granted:
1 penny per option over each Ordinary
Share
----------------------- ------------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
----------------------- ------------------------------------------
e) Date of the 20 April 2020
transactions
----------------------- ------------------------------------------
f) Place of the Outside a trading venue
transaction
----------------------- ------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Ian Selby
----------------------- ---------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status CFO
----------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Falanx Group Limited
----------------------- ---------------------------------------------
b) LEI 213800YO4F9CUQLALV19
----------------------- ---------------------------------------------
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 Options over Ordinary Shares of nil par
of the financial value
instrument,
type of instrument
----------------------- ---------------------------------------------
b) Identification VGG3338A1075
code
----------------------- ---------------------------------------------
c) Nature of the Grant of options over Ordinary Shares
transaction
----------------------- ---------------------------------------------
d) Price(s) and Volume(s):
volume(s) 2,520,000 Ordinary Shares
Exercise price of options being granted:
1 penny per option over each Ordinary Share
----------------------- ---------------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
----------------------- ---------------------------------------------
e) Date of the 20 April 2020
transactions
----------------------- ---------------------------------------------
f) Place of the Outside a trading venue
transaction
----------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Names Alex Hambro
----------------------- ---------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status Chair
----------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Falanx Group Limited
----------------------- ---------------------------------------------
b) LEI 213800YO4F9CUQLALV19
----------------------- ---------------------------------------------
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 Warrants over Ordinary Shares of nil par
of the financial value
instrument,
type of instrument
----------------------- ---------------------------------------------
b) Identification VGG3338A1075
code
----------------------- ---------------------------------------------
c) Nature of the Grant of warrants over Ordinary Shares
transaction
----------------------- ---------------------------------------------
d) Price(s) and Volume(s):
volume(s) 1,200,000 Ordinary Shares
Exercise price of warrants being granted:
1 penny per option over each Ordinary Share
----------------------- ---------------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
----------------------- ---------------------------------------------
e) Date of the 20 April 2020
transactions
----------------------- ---------------------------------------------
f) Place of the Outside a trading venue
transaction
----------------------- ---------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
----------------------------------------------------------------------
a) Names Emma Shaw
----------------------- ---------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------
a) Position/status Non-Executive Director
----------------------- ---------------------------------------------
b) Initial notification Initial notification
/Amendment
----------------------- ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------
a) Name Falanx Group Limited
----------------------- ---------------------------------------------
b) LEI 213800YO4F9CUQLALV19
----------------------- ---------------------------------------------
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 Warrants over Ordinary Shares of nil par
of the financial value
instrument,
type of instrument
----------------------- ---------------------------------------------
b) Identification VGG3338A1075
code
----------------------- ---------------------------------------------
c) Nature of the Grant of warrants over Ordinary Shares
transaction
----------------------- ---------------------------------------------
d) Price(s) and Volume(s):
volume(s) 399,600 Ordinary Shares
Exercise price of warrants being granted:
1 penny per option over each Ordinary Share
----------------------- ---------------------------------------------
d) Aggregated information N/A
- Aggregated
volume
- Price
----------------------- ---------------------------------------------
e) Date of the 20 April 2020
transactions
----------------------- ---------------------------------------------
f) Place of the Outside a trading venue
transaction
----------------------- ---------------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
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of this information may apply. For further information, please
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END
IOEEANLEADNEEFA
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April 21, 2020 02:00 ET (06:00 GMT)
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