The latest Investing Matters Podcast episode featuring Jeremy Skillington, CEO of Poolbeg Pharma has just been released. Listen here.
21/12/2020
Accordingly, the Board has decided that 14,293,000 share options already awarded to management and staff under the Company's Share Option Scheme will be rebased to 2p to match the price at which equity was raised for the recapitalisation of the business. A further issue of 18,800,000 options at the same price will be granted to Jeffrey Auld, CEO, these options vest over multiple years with the first tranche of one third of the options vesting immediately, a further third of the options vest in one year, and a final third in two years.
The Board has also approved a grant of 22,500,000 shares issued at nil cost under the Company's existing Long Term Incentive Plan Scheme for six members of the management team including directors, Jeffrey Auld (13,000,000 shares) and Andrew Fairclough (7,000,000 Shares), who have been closely involved with the recapitalisation of the Company in recognition of the success and magnitude of this project. Application has been made to the London Stock Exchange for these 22,500,000 Shares to be admitted to trading on AIM. Admission is expected on 24 December 2020.
The Awards have been made under the existing Long Term Incentive Plan, as approved by the board on 1 October 2018. The total number of options and shares issued or repriced under the revised awards as disclosed in this announcement is 55,593,000 or 4.87% of the issued and outstanding shares following the recapitalisation.
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So this has sod all to do with the next results and is simply a backhander for the magnitude of sorting out the finance!
Thanks for the reply.
So theoretically, the company could place the accumulation order as a buy-back (assuming they have the ability/authority to do so) and if there were shorter, they'd be locked out, regardless of their intent to repurchase their 'borrowed' shares?