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2017 Long Term Incentive Plan - First Vesting

10 Dec 2018 14:35

RNS Number : 0038K
Biome Technologies PLC
10 December 2018
 

 

 

 

10 December 2018

Biome Technologies plc

("Biome", "the Company" or "the Group")

 

Long Term Incentive Plan (the "2017 LTIP") First Vesting

 

Biome Technologies plc, a leading bioplastics and radio frequency technology business, announces that pursuant to the Company's 2017 LTIP, the first vesting of options has occurred.

 

The 2017 LTIP was announced on 21 December 2017 setting share performance hurdles to achieve the vesting of options thereby further aligning the interests of the Company's management with Biome's shareholders. Details of the first vesting under the 2017 LTIP, which occurred on 10 December 2018, can be found below, with the following options now having vested and are available to be exercised under the terms of the rules of the scheme.

 

 

Name of Individual

 

Options vested and available for exercise

 

Exercise price per share

Paul Mines (Director)

57,588

215 pence

Declan Brown (Director)

26,874

215 pence

Other Employees

34,553

215 pence

Total

119,015

 

 

The Company also announced on 21 December 2017 that an award had been made to John Standen, subject to the same performance criteria as the 2017 LTIP. Under this scheme, a gross amount of £25,339 less tax deductions has become payable. Of the net amount payable to John Standen of £15,203, Mr Standen has elected to receive £10,900 of this sum by way of the issue of 2,000 new ordinary shares in the Company (based on the closing mid-market price of the Company's ordinary shares on 7 December 2018) with the remainder being paid in cash.

 

Application has been made to the London Stock Exchange for admission of the 2,000 new ordinary shares to trading on AIM ("Admission") and subject to issue and allotment of these shares, dealings on AIM are expected to occur on or around 14 December 2018. Following the issue and allotment of these shares the total issued share capital and voting rights of the Company will be 2,365,188 ordinary shares with voting rights.

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the requirements of the EU Market Abuse Regulation can be found below.

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

John Standen

2

Reason for the notification

a)

Position/status

Director - 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

Biome Technologies plc

b)

LEI

213800B9QI14B12TAO51

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

Identification code

Ordinary shares of 5p in Biome Technologies plc. Identification code (ISIN) for Biome Technologies plc ordinary shares: GB00B9Z1M820

b)

Nature of the transaction

Shares issued in lieu of cash remuneration award

c)

Price(s) and volume(s)

Price(s)

Volume(s)

545 pence per ordinary share

2,000 ordinary shares

 

d)

Aggregated information

- Aggregated volume

- Price

Single transaction as in 4 c) above. 2,000 ordinary shares were issued at 545 pence per ordinary share

e)

Date of the transaction

10 December 2018

f)

Place of the transaction

Outside of trading venue - issue of new ordinary shares

 

 

-Ends-

 

For further information please contact: Biome Technologies plc

 

Paul Mines, Chief Executive Officer

Declan Brown, Group Finance Director

www.biometechnologiesplc.com

Tel: +44 (0) 2380 867 100

 

Allenby Capital

David Hart/Alex Brearley (Nominated Adviser)

Kelly Gardiner (Broker)

www.allenbycapital.com

Tel: +44 (0) 20 3328 5656

 

 

 

 

About Biome

Biome Technologies plc is an AIM listed, growth-orientated, commercially driven technology group. Our strategy is founded on building market-leading positions based on patented technology and serving international customers in valuable market sectors. We have chosen to do this by developing products in application areas where the value-added pricing can be justified and that are not reliant on government legislation. These products are driven by customer requirements and are compatible with existing manufacturing processes. They are market rather than technology-led.

The Group comprises two divisions, Biome Bioplastics Limited and Stanelco RF Technologies Limited. Biome Bioplastics is a leading developer of highly-functional, bio-based and biodegradable plastics. The company's mission is to produce bioplastics that challenge the dominance of oil-based polymers. Stanelco RF Technologies designs, builds and services advanced radio frequency (RF) systems. Dielectric and induction heating products are at the core of a product offering that ranges from portable sealing devices to large furnaces for the fibre optics markets.

In 2018, the Board has adopted the following three high level KPIs for the next three years to continue its ambitious momentum:

· Compound revenue growth of 25% per annum across the Group and 40% compound revenue growth in the Bioplastics division

· Diversify the Group's turnover by product and market to ensure that no one product or end customer contributes more than 15% of revenues by 2020

· Increase investment in the Group's next generation of products by spending significantly more per annum on average than the £0.3m per annum average spend over the previous strategic objective cycle

 

www.biometechnologiesplc.com

www.biomebioplastics.com and www.thinkbioplastic.com 

www.stanelcorftechnologies.com

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
 
END
 
 
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