Grant of Options & Long Term Incentive Plan Award
27 March 2017 – The Board of Craneware plc (AIM: CRW.L), the market leader in Value Cycle solutions for the US healthcare market, announces that on 24 March 2017, share options (the “Options”) to acquire ordinary shares of 1p each in the Company (“Shares”) were granted to one of the Company’s Directors as set out below. The Options were granted pursuant to the terms of the Craneware plc Schedule 4 Company Share Option Plan (2016) and the Craneware plc Unapproved Share Option Plan (2016) (together, the “Option Plans”), both of which were approved by shareholders at the Company’s AGM on 8 November 2016.
| Director | Aggregate no. of Shares over which Options granted under the Option Plans | Percentage of issued share capital |
| Craig Preston | 8,586 | 0.03% |
The above Options have been granted at an exercise price of 1,237.50p per Share (being the closing market price on 23 March 2017). The Options will ordinarily become exercisable from the third anniversary of grant, subject to (i) the satisfaction of certain performance conditions based on the Company’s total shareholder return (“TSR”) performance relative to the performance achieved by a group of comparable companies in the same sector and (ii) the Director’s continued employment. These performance conditions are measured in three tranches such that one third of the Shares over which the Options subsist will vest based on performance over the three years ending on 30 June 2017, one third based on performance over the three years ending 30 June 2018 and the final third based on performance over the three years to 30 June 2019 – an aggregate five year period. Any tranche (or part thereof) that does not meet the performance criteria will lapse and not be re-tested in later years.
The Company further announces that on 24 March 2017, under the terms of the Craneware plc Long Term Incentive Plan (2016) (“LTIP”), which was also approved by shareholders at the Company’s AGM on 8 November 2016, a conditional award of Shares was granted to a Director of the Company as follows:
| Director | Aggregate no. of Shares over which Options granted under the Option Plans | Percentage of issued share capital |
| Craig Preston | 8,586 | 0.03% |
There was no consideration for the grant of the award and no consideration will be payable by the award holder to receive the Shares from this award, if and to the extent that it vests. The award will ordinarily vest after three years subject to (i) the satisfaction of TSR performance conditions that are substantively the same as those described above in relation to the Options and (ii) the Director’s continued employment.
PDMR notification – Craig Preston
| 1. Details of the Restricted Person / person closely associated with him or her | ||||
| a) Name | Craig Preston | |||
| 2. Reason for the notification | ||||
| a) Position/status | CFO | |||
| b) Initial notification / Amendment | Initial notification | |||
| 3. Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
| a) Name | Craneware plc | |||
| b) LEI | 213800O2CTJ1YFXNXG05 | |||
| 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 of the financial instrument, type of instrument | Ordinary shares of 1p each in the capital of Craneware plc | |||
| b) Identification code | ISIN GB00B2425G68 | |||
| c) Nature of the transaction | Grant of options and Grant of conditional share award | |||
| d) Price(s) and volume(s) | Volume(s) | Price(s) | ||
| 8,586 | nil | |||
| 8,586 | nil | |||
| e) Aggregated information: | ||||
| i. Aggregated volume | Aggregate volume 17,172 | |||
| ii. Price | Price(s) nil | |||
| f) Date of the transaction | 2017-03-24 | |||
| g) Place of the transaction | London Stock Exchange, (XLON); AIM | |||
For further information, please contact:
Craneware plc
- +44 (0) 131 550 3100
- Keith Neilson, CEO
- Craig Preston, CFO
Peel Hunt
- +44 (0)20 7418 8900
- Dan Webster
- Adrian Trimmings
- George Sellar
Alma
- +44 (0)208 004 4218
- Caroline Forde
- Hilary Buchanan
- Robyn McConnachie
About Craneware
Craneware enables healthcare providers to improve margins and enhance patient outcomes so they can continue to provide quality outcomes for all.
Craneware is the leader in automated value cycle solutions that help US provider organisations discover, convert and optimise assets to achieve best clinical outcomes and financial performance. Founded in 1999, Craneware has headquarters in Edinburgh, Scotland with offices in Atlanta, Boston and Phoenix employing over 200 staff. Craneware’s market-driven, SaaS solutions normalise disparate data sets, bringing in up-to-date regulatory and financial compliance data to deliver value at the points where clinical and operational data transform into financial transactions, creating actionable insights that enable informed tactical and strategic decisions. To learn more, visit craneware.com and thevaluecycle.com.