Last checked at 19 Dec 2022 07:01
Abingdon Health plc
("Abingdon" or "the Company")
Award of Options under new LTIP Scheme
York, U.K. 19 December 2022: Abingdon Health plc (AIM: ABDX), a leading international developer and manufacturer of high quality, rapid diagnostic tests, announces the establishment of a new Long Term Incentive Plan ("LTIP" or the "Plan") for certain directors and senior management in order to incentivise and encourage retention in a manner that aligns with the interests of the Company's shareholders. The new LTIP replaces the long term incentive plan established at the time of the Company's admission to AIM ("Existing Options") which has lapsed.
New Long Term Incentive Plan
Under the terms of the new LTIP, the Company has awarded share options ("Options") over a total of 4,119,285 ordinary shares of 0.025 pence each ("Ordinary Shares") to certain directors and senior management. There will be a three-year vesting period and options may be exercised at a price of 7 pence per Ordinary Share (being an 86 per cent. premium to the closing price on 16 December 2022). Vesting of the Options is conditional upon the business achieving certain revenue and adj. EBITDA performance criteria. The Options will become exercisable between 19 December 2025 and 19 December 2032.
The following individuals (each a person discharging managerial responsibilities ("PDMR")) have been awarded options:
PDMR | Role | No. of options awarded | No. of Existing Options Lapsed |
Chris Yates | Chief Executive Officer | 1,285,714 | 390,625 |
Melanie Ross | Chief Financial Officer | 914,286 | - |
Chris Hand | Non-Executive Chairman | 428,571 | - |
Mark Jones | Chief Operating Officer | 600,000 | - |
Nina Garrett | R&D Director | 515,000 | - |
Candice Vendetuolli | Head of QARA | 285,714 | - |
Natalie Thrush | Head of HR | 90,000 | - |
Concert Party
Both Chris Yates and Chris Hand are deemed to be part of a concert party comprising certain directors, employees, former employees and other shareholders (the "Concert Party"). Where a Rule 9 Mandatory Offer would be required as a result of any future exercise, Chris Hand and Chris Yates have each confirmed in such circumstances that they would be prepared to irrevocably commit to immediately sell any new shares created ahead of exercise. In such circumstances, this would mean that their interests and the interest of the wider Concert Party in the Company would reduce as a result of the dilution created from the new shares issued, thereby meaning that a Mandatory Offer under Rule 9 would not be required. The Company has consulted with the Takeover Panel prior to implementation of the new LTIP.
As a result of these changes, the Company now has outstanding options over 4,333,858 Ordinary Shares equal to approximately 3.5 per cent. of the Company's issued share capital.
Enquiries:
Abingdon Health plc | www.abingdonhealth.com/investors/ | |
Chris Yates, Chief Executive Officer | Via Walbrook PR | |
Melanie Ross, Chief Financial Officer |
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Chris Hand, Non-Executive Chairman |
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Singer Capital Markets (Sole Broker and Nominated Adviser) | Tel: +44 (0)20 7496 3000 | |
Peter Steel, Alex Bond, Sam Butcher |
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Walbrook PR Limited | Tel: +44 (0)20 7933 8780 or abingdon@walbrookpr.com | |
Paul McManus / Phillip Marriage Alice Woodings | Mob: +44 (0)7980 541 893 / +44 (0)7867 984 082 +44 (0)7407 804 654 | |
About Abingdon Health plc
Abingdon Health is a world leading developer and manufacturer of high-quality lateral flow rapid tests across all industry sectors, including healthcare and COVID-19. Abingdon is the partner of choice for a growing global customer base and takes projects from initial concept through to routine and large-scale manufacturing and has also developed and marketed its own labelled tests.
The Company offers product development, regulatory support, technology transfer and manufacturing services for customers looking to develop new assays or transfer existing laboratory-based assays to a lateral flow format. Abingdon Health aims to support the increase in need for rapid results across many industries and locations and produces lateral flow tests in areas such as infectious disease, clinical testing including companion diagnostics, animal health and environmental testing. Faster access to results allows for rapid decision making, targeted intervention and can support better outcomes. This ability has a significant role to play in improving life across the world. To support this aim Abingdon Health has also developed AppDx®, a customisable image capturing technology that transforms a smartphone into a self-sufficient, standalone lateral-flow reader.
Founded in 2008, Abingdon Health is headquartered in York, England.
For more information visit: www.abingdonhealth.com
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Chris Yates
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Executive Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Abingdon Health plc | |||
b)
| LEI
| 213800XFI4WV3FBILO20
| |||
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 0.025 pence each
| |||
Identification code | GB00BLF79J41 | ||||
b)
| Nature of the transaction
| Award of Options
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Exercise price: 7.0p | 1,285,714 | ||||
d)
| Aggregated information | N/A single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 19 December 2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Melanie Ross
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Abingdon Health plc | |||
b)
| LEI
| 213800XFI4WV3FBILO20
| |||
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 0.025 pence each
| |||
Identification code | GB00BLF79J41 | ||||
b)
| Nature of the transaction
| Award of Options | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Exercise price: 7.0p | 914,286 | ||||
d)
| Aggregated information | N/A single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 19 December 2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Chris Hand
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Non-Executive Chairman | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Abingdon Health plc | |||
b)
| LEI
| 213800XFI4WV3FBILO20
| |||
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 0.025 pence each
| |||
Identification code | GB00BLF79J41 | ||||
b)
| Nature of the transaction
| Award of Options
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Exercise price: 7.0p | 428,571 | ||||
d)
| Aggregated information | N/A single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 19 December 2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Mark Jones
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Operating Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Abingdon Health plc | |||
b)
| LEI
| 213800XFI4WV3FBILO20
| |||
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 0.025 pence each
| |||
Identification code | GB00BLF79J41 | ||||
b)
| Nature of the transaction
| Award of Options
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Exercise price: 7.0p | 600,000 | ||||
d)
| Aggregated information | N/A single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 19 December 2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Nina Garrett
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| R&D Director | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Abingdon Health plc | |||
b)
| LEI
| 213800XFI4WV3FBILO20
| |||
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 0.025 pence each
| |||
Identification code | GB00BLF79J41 | ||||
b)
| Nature of the transaction
| Award of Options
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Exercise price: 7.0p | 515,000 | ||||
d)
| Aggregated information | N/A single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 19 December 2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Candice Vendetoulli
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Head of QARA | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Abingdon Health plc | |||
b)
| LEI
| 213800XFI4WV3FBILO20
| |||
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 0.025 pence each
| |||
Identification code | GB00BLF79J41 | ||||
b)
| Nature of the transaction
| Award of Options
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Exercise price: 7.0p | 285,714 | ||||
d)
| Aggregated information | N/A single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 19 December 2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name | Natalie Thursh
| |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Head of HR | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Abingdon Health plc | |||
b)
| LEI
| 213800XFI4WV3FBILO20
| |||
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 0.025 pence each
| |||
Identification code | GB00BLF79J41 | ||||
b)
| Nature of the transaction
| Award of Options
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Exercise price: 7.0p | 90,000 | ||||
d)
| Aggregated information | N/A single transaction | |||
- Aggregated volume | |||||
- Price | |||||
e)
| Date of the transaction
| 19 December 2022 | |||
f)
| Place of the transaction
| Outside a trading venue | |||