LightwaveRF PLC Grant of Options (3818T)

TIDMLWRF

RNS Number : 3818T

LightwaveRF PLC

03 July 2018

3 July 2018

LightwaveRF plc

(AIM: LWRF)

Grant of Options

LightwaveRF plc ("LightwaveRF" or the "Company"), the leading smart home solutions provider, announces that it has granted to Jason Elliott, the Chief Executive of the Company, 500,000 share options at an exercise price of 16.0 pence per share in accordance with the Company's EMI Share Option Scheme (the "Options").

Provided that they vest, the Options will be exercisable three years after their granting. The Options will vest in two equal tranches, the first after the publication of the Company's audited financial statements for the financial year ending 30 September 2018 and the second after the publication of the Company's audited financial statements for the financial year ending 30 September 2019.

The proportion of the Share Options vesting in each of the two equal tranches will range from 20% to 100%, dependent on certain revenue targets being achieved by the Company, with the maximum amount vesting at revenue of GBP6.0m for the financial year ending 30 September 2018 and at revenue of GBP12.0m for the financial year ending 30 September 2019 (the "Performance Criteria"). Subject to the discretion of the Company's Remuneration Committee, any Options not vesting in any one financial year would be capable of vesting in a later year provided performance criteria are met for such later year.

Following this award, Mr Elliott's total option holding over ordinary shares of the Company is as follows:

 
 No. of options   Exercise price   Exercise period 
 500,000          16p              01/07/2021*-30/06/2028 
                 ---------------  -----------------------

* Provided the options vest in accordance with the Performance Criteria

This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014.

For further information:

 
 LightwaveRF plc                              www.lightwaveRF.com 
  Jason Elliott, CEO                           +44 (0) 121 250 3625 
  Kevin Edwards, CFO 
 Stockdale Securities Limited                 www.stockdalesecurities.com 
  Tom Griffiths/Edward Thomas                  +44 (0) 20 7601 6100 
                                             ---------------------------- 
 Yellow Jersey PR                             www.yellowjerseypr.com 
  Charles Goodwin/Abena Affum/Katie Bairsto    +44 (0) 7747 788 221 
                                             ----------------------------

About LightwaveRF

LightwaveRF plc ("LightwaveRF" or the "Company") pioneered smart home automation with the introduction of the market's first Internet enabled devices in 2008. Today the Company markets a complete smart home system for lighting, heating and power.

LightwaveRF offers a cloud platform and an extensive range of retrofitted LightwaveRF designed and manufactured sockets, dimmers, relays, thermostats, heating, energy, sensing, monitoring and control devices.

These devices are operated by conventional manual control, handheld remote, smartphone and tablet based apps. The LightwaveRF system can also be operated using Google Assistant and Amazon Alexa voice control, is Apple HomeKit compatible and provides users with dashboards to manage their smart home.

We are dedicated to making everyone's lives easier and more fulfilled through world leading smart home technology.

For further information and to sign up for investor news alerts please visit:

www.lightwaverf.com/corporate/

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 Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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