Nanoco directors incentivised
MICHAEL Edelman, chief executive at nanotechnology firm Nanoco, has secured share options in the business worth more than £500,000.
Mr Edelman, along with fellow directors Nigel Pickett and Colin White, has benefited from a three year incentive plan.
The payout of the shares will depend on the performance of the business in the coming years.
The Manchester firm makes quantum dots – tiny fluorescent particles of semiconductor material which have the ability to emit light. They are in demand because they consume less power than existing systems.
Mr Edelman has been granted one million options with an exercise price of 57p. Finance director Colin White and chief technology officer Nigel Pickett have each received 750,000 shares, also at 57p.
The company has granted a total of 7.6 million shares to staff. In a statement it said: “Option grants under the Long Term Incentive Plan have been made throughout the business to align employees’ interests with those of shareholders, to improve long term performance and to encourage staff retention.”
In the year to July pre-tax losses grew to £4.35m from £3.22m last time, while sales were up nearly 12% to £2.95m.
The Manchester-based firm said the losses reflected investment in its manufacturing capabilities and higher staff costs. The shares closed at 56p yesterday.
