RE: Response from Novacyt21 Aug 2020 15:22
It believe it's all linked to their awards scheme. 17th Sept is the date which GM needs the SP at it's highest, to be on for one killer bonus.
If you look at the final results it details that GM has ~1.1m shares in his plan!
I've copied the relevant sections from the AIM admission doc below -
Due to complications of being a French incorporated company with a UK-based
management, it has proved difficult to establish a standard equity based long-term incentive
plan. Accordingly, the Board has pursued the Novacyt LTIP as an alternative to such more
standard long-term incentive plans, which tend to deliver shares in a company. The Novacyt
LTIP was adopted by the Board on 17 October 2017, and its principal provisions are
summarised below
Those Phantom Awards granted conditional upon Admission will vest if the closing price of a
Share averaged over 30 consecutive dealing days prior to the vesting date, exceeds the
Placing Price.
Phantom Awards will vest on the third anniversary of the date of grant (‘‘Vesting Date’’)
provided to the extent any performance condition(s) applying to the Phantom Award have
been met or waived. On the Vesting Date, participants will be entitled to be paid an amount
equal to the difference between the closing price of a Share on the Vesting Date and the
closing price of a Share on the date of grant, multiplied by the number of notional Shares
over which the Phantom Award has vested