Image Scan Holdings plc (AIM: IGE), the UK-based specialist in X-ray screening systems and security inspection technologies, has announced the grant of options over 3,075,000 new ordinary shares to certain directors and employees on 5 November 2026. The exercise price is set at 3.45 pence per share, reflecting the closing market price on the dealing day immediately preceding the grant. The move follows a review of the company's existing share option arrangements, under which substantially all previously granted options had lapsed, and is designed to align management interests with those of shareholders.

Key Points

  • Image Scan Holdings plc (AIM: IGE) — UK-based X-ray imaging and security inspection technology group
  • Options over 3,075,000 new ordinary shares granted to directors and employees on 5 November 2026 at an exercise price of 3.45 pence per share
  • CEO Vince Deery received 2,000,000 options; CFO Sarah Atwell-King received 500,000 options; a further 575,000 options were granted to other employees
  • Investors should watch the three-year vesting period and total dilution, with options now outstanding over 3,925,000 shares, representing approximately 2.9% of existing issued share capital

Image Scan Refreshes Incentive Structure After Previous Options Lapsed

The grant follows a formal review of Image Scan's existing share option arrangements, the announcement states, noting that substantially all previously granted options had lapsed prior to this refresh. The company describes the new options as intended to align the interests of directors and employees with those of shareholders, and to assist with the retention and incentivisation of key personnel across the Group. This reset of the incentive framework is a notable structural development, given that the prior option pool had largely expired without exercise, leaving the company's equity-based retention programme effectively inactive until this new grant was approved.

CEO and CFO Receive Majority of the 3,075,000 Options Granted Under the Plan

Chief Executive Officer Vince Deery has been granted 2,000,000 options, while Chief Financial Officer and Company Secretary Sarah Atwell-King has received 500,000 options, together accounting for 2,500,000 of the total 3,075,000 options granted. A further 575,000 options have been allocated to other employees of the Group. All options carry an exercise price of 3.45 pence per ordinary share of 1 pence each, set at the closing market price on 4 November 2026. The director options are not subject to performance conditions and will vest three years from the date of grant, subject to continued employment and the terms of the relevant share option plan.

Total Outstanding Options Reach 3,925,000 Shares, Equal to Around 2.9% of Issued Capital

Following this grant, Image Scan will have options outstanding over a total of 3,925,000 ordinary shares, representing approximately 2.9% of the company's existing issued ordinary share capital, according to the announcement. The options will expire on the fifteenth anniversary of the grant date, to the extent not previously exercised or lapsed. Investors monitoring dilution risk will note that the potential issuance remains modest relative to issued capital, though the fifteen-year option life represents a lengthy window during which these instruments could ultimately be exercised, subject to the vesting conditions being met.

Image Scan Operates Across Security, Defence and Industrial X-Ray Markets via 3DX-Ray and ClanTect Brands

Image Scan Holdings operates through its 3DX-Ray brand, designing, manufacturing and supplying X-ray inspection systems used by military, law enforcement, bomb disposal and security organisations worldwide for threat detection and counter-terrorism support. The Group expanded its technology portfolio through the acquisition of ClanTect Ltd, whose human presence detection systems are deployed at secure facilities, critical infrastructure sites and border crossings. Additionally, the company manufactures industrial X-ray systems, primarily serving the automotive emissions control sector for quality inspection of catalytic converters and diesel particulate filters, with products distributed globally through an international partner network.