Grant of Share Options
Light Science Technologies Holdings plc has announced the surrender and replacement of existing share options held by directors, senior management, and employees with new options. A total of 22,750,275 existing options have been replaced by 27,078,825 new options, all harmonised to an exercise price of 2 pence per ordinary share, aligning with the closing mid-market price on June 3, 2026. This strategic adjustment aims to retain, motivate, and reward key personnel while ensuring their interests are aligned with shareholders, with the company also planning a new long-term incentive plan.
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Light Science Technologies Holdings plc (AIM: LST), the innovative technology and manufacturing business providing real-world solutions targeting issues including global food security and fire safety, announces that certain existing share options held by directors, senior management and employees have been surrendered and replaced with new share options under the Company's existing share option arrangements.
The Board has undertaken a review of the Group's incentive arrangements and concluded that following the recent fundraising, the replacement of certain existing options is appropriate to ensure that the Company's share-based incentive schemes continue to fulfil their intended purpose of retaining, motivating and rewarding key personnel whilst aligning their interests with those of shareholders.
Accordingly, options over a total of 22,750,275 ordinary shares ("Existing Options") have been surrendered and replaced with new options over 27,078,825 ordinary shares ("New Options"). The New Options have an exercise price of 2 pence per ordinary share, being the closing mid-market price per ordinary share on 3 June 2026, and retain substantially the same vesting schedules and expiry dates as the Existing Options.
The New Options comprise:
- 6,100,000 Existing Options granted on 15 October 2021 with a nil exercise price have been surrendered and replaced by 8,900,000 options with an exercise price of 2p.
- 16,650,275 options granted on 6 March 2024 with an exercise price of 5p have been surrendered and replaced by 18,178,825 options at an exercise price of 2p.
- All New Options have therefore been harmonised to an exercise price of 2p
The Company confirms that, following the grant of the New Options, its share option arrangements remain within the limits approved by shareholders.
In addition, the Company intends to establish a new long-term incentive plan (LTIP), based around appropriate performance conditions, which is intended to incentivise long-term performance and sustainable growth.
Directors' and PDMR option holdings following grant:
| Director | Existing Options surrendered | New Options granted and aggregate options held |
| Simon Deacon | 3,330,055 | 4,858,605 |
| Jim Snooks | 4,830,055 | 5,518,580 |
| Andrew Hempsall | 4,830,055 | 5,518,580 |
| Graham Cooley | 6,660,110 | 6,660,110 |
| Daryl Hollands | 700,000 | 1,021,311 |
| Total | 20,350,275 | 23,577,186 |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | 1. Graham Cooley 2. Simon Deacon 3. Jim Snooks 4. Andrew Hempsall 5. Daryl Hollands |
| 2 | Reason for the notification | |
| a) | Position/status | 1. Non-Executive Chair 2. CEO 3. CFO 4. COO 5. Group Financial Controller |
| b) | Initial notification /Amendment | Initial |
| a) | Name | Light Science Technologies Holdings plc |
| b) | LEI | 213800V 9MWRRLVQ6EY56 |
| a) | Description of the financial instrument, type of instrument | Surrender and Grant of options under management share option plan Surrender and Grant of options under non-tax advantaged share option plan |
| Identification code | GB00BNDQJN14 | |
| b) | Nature of the transaction | Issue of options over Ordinary Shares |
| c) | Price(s) and volume(s) | |
| Price | Volume(s) | |
| 1) 2p exercise price | 1) 6,660,110 | |
| 2) 2p exercise price | 2) 4,858,605 | |
| 3) 2p exercise price | 3) 5,518,580 | |
| 4) 2p exercise price | 4) 5,518,580 | |
| 5) 2p exercise price | 5) 1,021,311 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A - Single transactions | |
| - Price | ||
| e) | Date of the transaction | 4 June 2026 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.