Last checked at 5 Oct 2010 07:00
For immediate release
5 October 2010
Biome Technologies plc ("the Company")
Notification of Awards under Public Equity Plan
The Company announces the following dealings by directors in respect of the Company's ordinary shares of 0.1p each.
On 4 October 2010, the Company granted the following awards under the Biome Technologies plc Public Equity Plan (the "PEP") approved by shareholders on 14 June 2010
|
Name of Individual |
Number of PEP points under award |
| Paul Mines (Director) | 350,000 |
| Susan Bygrave (Director) | 200,000 |
| Paul Law | 140,000 |
| Neil Martin | 110,000 |
The awards will vest on 3 October 2014 (or 3 October 2013, if the Company's Remuneration Committee sees fit) to the extent that a performance condition relating to the Company's total shareholder return ("TSR") is satisfied and providing a financial underpin is met.
If the Company's TSR increases by a minimum hurdle rate of 10 per cent per annum (non-compounded) from a base figure of 0.13 pence between 4 October 2010 and 3 October 2014 (or 3 October 2013, if the Company's Remuneration Committee sees fit) then, subject to the financial underpin, a pool of value equal to 15% of the total TSR in excess of the minimum hurdle rate will be created.
As to the financial underpin, the Company's Remuneration Committee must at the end of the performance period be satisfied that the Company's underlying performance in respect of (i) growth in earnings (ii) profit margins and (iii) gearing is reflective of the size of the pool of value which would otherwise be created by reference to the extent to which the TSR performance condition has been satisfied. Following a review of the Company's performance against these measures, the Company's Remuneration Committee may scale back (but not increase) the size of the pool of value to be created.
Once it has been created, the pool of value will then be notionally allocated to participants in the PEP pro-rata to the number of points they hold relative to 1,000,000 - being the maximum number of points which may be awarded under the PEP. 50% of the value so allocated to a participant will potentially be available at the end of the performance period with the other 50% potentially being available 12 months after the end of the performance period (subject to continued employment).
In addition, also on 4 October 2010 the Company granted an award to John Standen, non-executive Chairman, subject to the TSR performance condition and the financial underpin described above. If that performance condition is met, and subject to the financial underpin, John Standen will be paid a cash sum equal to 0.9% of the TSR created in excess of the minimum hurdle rate on the same basis that value can be made available under the PEP.
For further information please contact:
| Paul Mines, Chief Executive Sue Bygrave, Group Finance Director Biome Technologies plc
| Tel: +44 (0) 2380 867100
|
| Jonathon Brill/Caroline Stewart Financial Dynamics
| Tel: +44 (0) 20 7831 3113
|
| Shaun Dobson/James Maxwell Singer Capital Markets | Tel: +44 (0) 20 3205 7500
|
Notes to Editors
Biome Technologies plc is an AIM listed, growth oriented, commercially driven technology group. The Group is split into two divisions: Bioplastics and Stanelco RF Technologies.
The Group's primary activity is the development of its fast growing business in bioplastics. It is a leading innovator and supplier of biodegradable natural polymers that replace and enhance products made from oil based materials. The Group's strategy is founded on building market leading positions based on patented technology, serving international customers in valuable market sectors.
The Group is engaged with a variety of large-scale international customers and partners on a number of key commercial and development partnerships.
To find out more please visit www.biometechnologiesplc.com.