Grant of Warrants
30 November 2022
Haydale (AIM: HAYD), the global advanced materials group, is pleased to announce that the Company has granted Warrants ("November 2022 Warrants") to a provider of business development services to the Company in China, over an aggregate of 1,000,000 ordinary shares of 2p each in the capital of the Company ("Ordinary Shares") (the "Grant"). The Grant has been made pursuant to the Rules of the Warrant Deed 2020, as announced by the Company on 9 July 2020.
The November 2022 Warrants have an exercise price of 2.25p per Ordinary Share (being a 9.8% premium to the closing mid-market price of the Company's Ordinary Shares on 29 November 2022, the day of the approval of the November 2022 Warrants) and can only be exercised between the third and tenth anniversary of the Grant. The proportion of the award that is capable of vesting is dependent on certain performance criteria, directly linked to the performance of the Company's share price over the period to 30 September 2026 as follows:
% of November 2022 Warrants subject to the Performance Condition
For a period of 15 consecutive dealing days, commencing after the date of the November 2022 Warrants and ending on or before the 30 September 2024, the closing price of the Ordinary Shares exceeds 4p (four) per Ordinary Share.
For a period of 15 consecutive dealing days, commencing after the date of the November 2022 Warrants and ending on or before the 30 September 2025, the closing price of the Ordinary Shares exceeds 6p (six) per Ordinary Share.
For a period of 15 consecutive dealing days, commencing after the date of the November 2022 Warrants and ending on or before the 30 September 2026, the closing price of the Ordinary Shares exceeds 8p (eight) per Ordinary Share.
There are no other vesting criteria for the November 2022 Warrants. If the share price does not reach the target price by their respective dates, that portion of the award will lapse. The 2022 Warrant's may also lapse in the event of a termination of services.
The Company's Remuneration Committee retains the ability to amend the performance conditions for the November 2022 Warrants and for future grants to ensure that such grants achieve the stated purpose.
Following the Grant, the Company's total number of Options, SARs and Warrants outstanding as at the date of this announcement is 242,758,392 representing approximately 23.6% of the Company's existing issued share capital. For the avoidance of doubt, these figures include the Warrants issued pursuant to the Company's recent fundraise.
The number of Ordinary Shares currently in issue is 785,852,475 and it is this number that has been used to calculate the above percentage shareholdings.
For further information:
Haydale Graphene Industries plc
Keith Broadbent, Chief Executive Officer
Tel: +44 (0) 1269 842 946
finnCap (Nominated Adviser & Broker)
Julian Blunt/Edward Whiley, Corporate Finance
Andrew Burdis, ECM
Tel: +44 (0) 20 7220 0500
Notes to Editors
Haydale is a global technologies and materials group that facilitates the integration of graphene and other nanomaterials into the next generation of commercial technologies and industrial materials. With expertise in graphene, silicon carbide and other nanomaterials, Haydale is able to deliver improvements in electrical, thermal and mechanical properties, as well as toughness. Haydale has granted patents for its technologies in Europe, USA, Australia, Japan and China and operates from six sites in the UK, USA and the Far East.
For more information please visit: www.haydale.com