29 Sep 2016 07:00
Venture Life Group plc
("Venture Life" or the "Company")
Venture Life Group plc 2016 Long Term Incentive Plan and Grant of Options to PDMRs
Venture Life (AIM: VLG), the international consumer self-care group focused on developing, manufacturing and commercialising products for the ageing population, announces that it has adopted a new Long Term Incentive Plan, the Venture Life Group plc 2016 Long Term Incentive Plan ("LTIP"). Initial grants of nominal-cost share options ("Options") over ordinary shares of 0.3p each in Venture Life Group plc ("Shares") pursuant to the LTIP were made on 28 September 2016.
Grant of Options
On 28 September 2016 (the "Date of Grant"), Venture Life granted Options over a total of 1,641,247 Shares to its four Executive Directors, all of whom are regarded as Persons Discharging Managerial Responsibilities ("PDMRs") for the Company.
Vesting of the Options is subject to continued employment and the Group meeting objective performance conditions, namely the Company's Earnings Per Share ("EPS") performance and relative Total Shareholder Return (share price performance plus dividends added back - "TSR"). Half of the Shares under an Option are subject to EPS performance conditions, and half of the Shares under an Option are subject to TSR performance conditions.
The first tranche of Options granted over a total of 611,598 Shares ("Grant 1") will ordinarily vest on 25 March 2018, subject to meeting the performance conditions set for the Company's EPS over the three financial years ending 31 December 2017 and TSR for the three years commencing 26 March 2015.
The second tranche of Options granted over a total of 1,029,649 Shares ("Grant 2") will ordinarily vest on the third anniversary of the Date of Grant, subject to meeting the performance conditions set for the Company's EPS over the three financial years ending 31 December 2018 and TSR for the three years commencing on the Date of Grant.
The Options are exercisable at a price of 0.3p per Share.
Director | Position | No. of Shares under Option - Grant 1 | No. of Shares under Option - Grant 2 | Combined no. of Shares under Options | Total number of Shares under options held | |
Jerry Randall | Chief Executive Officer | 203,390 | 340,183 | 543,573 | 1,894,793 | |
Gianluca Braguti | Manufacturing Director | 153,971 | 264,237 | 418,208 | 418,208 | |
Sharon Collins | Commercial Director | 135,593 | 226,789 | 362,382 | 1,713,602 | |
James Hunter | Chief Financial Officer | 118,644 | 198,440 | 317,084 | 917,084 | |
611,598 | 1,029,649 | 1,641,247 | 4,943,687 | |||
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1
| Details of the person discharging managerial responsibilities / person closely associated | |
a)
| Names | Jerry Randall - Chief Executive Officer Gianluca Braguti - Manufacturing Director Sharon Collins - Commercial Director James Hunter - Chief Financial Officer
|
2
| Reason for the notification | |
a)
| Position/status
| See 1(a) above for positions - all classified as PDMRs of Venture Life |
b)
| Initial notification /Amendment
| Initial Notification |
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |
a)
| Name
| Venture Life Group plc |
b)
| LEI |
|
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |
a)
| Description of the financial instrument, type of instrument
| Ordinary Shares of 0.3p each in Venture Life Group plc |
b) | Identification code
| GB00BFPM8908 |
c)
| Nature of the transaction
| Grant of Options over Ordinary Shares pursuant to the Venture Life Group plc 2016 Long Term Incentive Plan
|
d)
| Price and volumes | Price - nil Volumes: Jerry Randall - 543,573 Ordinary Shares Gianluca Braguti - 418,208 Ordinary Shares Sharon Collins - 362,382 Ordinary Shares James Hunter - 317,084 Ordinary Shares |
d)
| Aggregated information - Aggregated volume - Price | N/a
|
e)
| Date of the transaction | 28 September 2016 |
f) | Place of the transaction | Outside a trading venue |
Name of authorised official of issuer responsible for making notification.
James Hunter
Company Secretary to Venture Life Group plc
For further information please contact:
Venture Life Group PLC | +44 (0) 1344 742870 | |
Jerry Randall, Chief Executive Officer |
| |
James Hunter, Chief Financial Officer |
| |
|
| |
Panmure Gordon (UK) Limited (Nominated Adviser and Joint Broker) | +44 (0) 20 7886 2500 | |
Freddy Crossley/Peter Steel/Duncan Monteith (Corporate Finance) |
| |
Tom Salvesen (Corporate Broking) |
| |
| ||
Turner Pope Investments (TPI) Ltd (Joint Broker) | +44 (0) 20 3621 4120 | |
James Pope/Ben Turner |
| |
| ||
Walbrook PR | venturelife@walbrookpr.com or +44 (0) 20 7933 8780 | |
Paul McManus/Anna Dunphy | +44 (0) 7980 541 893 / +44 (0) 7876 741 001 | |
Venture Life (VLG)