3 Sep 2018 07:00
Collagen Solutions Plc
(the "Company" or the "Group")
Executive Share Options Alignment
Collagen Solutions plc (AIM: COS), the developer and manufacturer of biomaterials and regenerative medicines for the enhancement and extension of human life, announces an amendment to the terms of certain options issued under its existing share option scheme.
The Remuneration Committee has agreed to the equalisation of the performance conditions of certain outstanding share options in the Company issued to the senior management team. The performance conditions required for these options to vest will be adjusted to the attainment of a target closing share mid-price of 10p and the achievement of sustainable positive cash flows from operations (sustained for a period of at least six consecutive monthly periods), bringing them in line with the performance conditions attached to those options granted to the senior management team since July 2017. The change impacts the vesting criteria on the following options:
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| Existing Vesting criterion | ||
Grant Date | Who | Number | Share price at grant date | Share Price | Condition | EPS |
24/11/2014 | Gill Black | 1,000,000 | 7.75p | 27p | OR | 1p |
01/04/2015 | Tom Hyland | 500,000 | 9.625p | 27p | OR | 1p |
15/12/2015 | Jamal Rushdy | 1,100,000 | 8.89p | 27p | OR | 1p |
15/12/2015 | Jamal Rushdy | 1,100,000 | 8.89p | 58p | N/A | N/A |
15/12/2015 | Jamal Rushdy | 1,100,000 | 8.89p | Note 1 | ||
14/07/2016 | Jamal Rushdy | 2,700,000 | 8.125p | 30p | N/A | N/A |
15/02/2017 | Kevin Darlling | 500,000 | 5.625p | 27p | OR | 1p |
07/03/2017 | Brad Selman | 500,000 | 5.75p | 27p | OR | 1p |
Note 1: Existing vesting criteria relate to non-market based performance conditions relating to the creation and realisation of value in the ChondroMimetic® business.
The expiration date on all options is 10 years from Grant Date. Vesting conditions under all other options remain unchanged.
David Evans Non-Executive Chairman said "As a result of the changes to the management team and Board over time there was a significant mis-alignment in option incentivisation between the newer appointees and those appointed earlier. The Remuneration Committee is aware of the need to provide a balance between potential shareholder returns with adequate incentivisation and is of the view that that the new targets set in relation to cash flow positivity and share price enhancement strike the right balance for the business going forward."
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) 596/2014
Enquiries:
Collagen Solutions Plc |
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Jamal Rushdy, CEO | Via Walbrook | ||
Hilary Spence, CFO |
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Cenkos Securities Plc (Nominated Adviser and Broker) |
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Steve Cox (Corporate Finance) | Tel: 0207 397 8900 | ||
Stephen Keys |
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Walbrook PR Ltd | Tel: 020 7933 8780 or collagen@walbrookpr.com | ||
Anna Dunphy | Mob: 07876 741 001 | ||
Helen Cresswell | Mob: 07841 917 679 | ||
About Collagen Solutions:
Collagen Solutions Plc is a global supplier, developer, and manufacturer of medical grade collagen, tissues, and related medical devices and components for use in regenerative medicine, medical devices and in-vitro diagnostics and research. The Company is also expanding its range of biomaterials-based finished medical devices based on its internal and acquired intellectual property for commercialisation with partners via licensing and distribution arrangements, including ChondroMimetic®. The Company's products are used in a wide variety of applications including orthopaedics, cardiovascular, dental, plastic surgery, wound healing, neurology and urology.
For more information go to: www.collagensolutions.com.