RedstoneConnect launches share-backed Save As You Earn scheme

Smart buildings and commercial spaces technology provider RedstoneConnect announced on Friday that it has launched a Save as You Earn share scheme for all employees.

The AIM-traded company said under the SAYE scheme, employees have been offered the opportunity to participate in the future growth of the company through the granting of share options.

Eligible employees were invited to subscribe for options over ordinary shares of 0.1p each with an exercise price of 1.265p per share, representing a 20% discount to the average closing mid-market price of the ordinary shares over three days prior to the invitation to participate which was made on 13 October.

The board said the options have a savings contract start date of 1 December and are exercisable between 1 December 2019 and 1 May 2020.

A total of 68 employees elected to participate in the SAYE scheme and as a result, a grant of 23,677,458 options over ordinary shares was made on 8 November, equating to 1.4% of the combined issued share capital.

“I am delighted that so many of RedstoneConnect's employees have chosen to participate in the future growth of our company via this SAYE Scheme,” said chief executive Mark Braund.

“In doing so, they are further aligning their interests with those of all shareholders.”