LONDON - Symphony Environmental Technologies Plc (AIM: SYM), known for its advancements in making plastics and rubber more sustainable, has announced modifications to its management stock options. The company extended the exercise period for existing options held by directors and certain other option holders, and granted new options to a non-executive director.
The options in question, which allow for the purchase of 10,191,500 ordinary shares, had an original expiration date of December 31, 2024. This deadline has now been pushed to December 31, 2026, for practical reasons, according to the company's statement. The directors hold 8,441,500 of these options, which represent 4.5% of Symphony's total issued share capital.
The exercise prices for these options are set at 4.5 pence and 12.5 pence per share, both above the current market price of the ordinary shares, which closed at 2.90 pence on December 20, 2024.
Additionally, Michael Kayser, a non-executive director at Symphony, has been granted options for 250,000 ordinary shares at an exercise price of 10 pence each, a significant premium to the recent closing share price. These options vest immediately and are set to expire on December 31, 2029.
The company has clarified that all other terms and conditions associated with the options remain unchanged. The extension and new grant of options were executed outside of a trading venue on December 23, 2024.
This move by Symphony comes as part of its ongoing efforts to align the interests of its directors with those of the shareholders and to incentivize the management team. The information regarding these transactions is based on a press release statement.
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