Last checked at 9 Jul 2014 07:00
e-Therapeutics plc ("e-Therapeutics" or the "Company")
Awards made under the e-Therapeutics Performance Share Plan 2013 (the "Performance Share Plan")
Oxford and Newcastle, UK, 9 July 2014 - e-Therapeutics (AIM:ETX) announces that various awards were made to Directors and other employees on 8 July 2014 under the Performance Share Plan, as set out in the tables below. All awards (which are either basic or supplementary awards) take the form of options to acquire, at par, ordinary shares of 0.1p each ("Shares"), with vesting subject to certain performance criteria.
Vesting of all awards under the Performance Share Plan is based on the extent to which the average closing share price of a Share during the 20 dealing days ending on the third anniversary of the Effective Date (as set out below) or, in the event of an earlier change of control of the Company, the price offered by the party acquiring control of the Company (in each case the "Closing Price"), exceeds the average closing share price of a Share during the 20 dealing days prior to the Effective Date (the "Opening Price"). Vested awards may only be exercised on or after the earlier of (a) the third anniversary of the making of the awards (i.e. 8 July 2017) and (b) a change of control of the Company.
For basic awards, 25% of Shares the subject of awards will vest if the Closing Price exceeds the Opening Price by 25%, and vesting will increase pro-rata up to 100% of the award where the Closing Price exceeds the Opening Price by 100% or more. For supplementary awards, vesting will occur only if the Closing Price exceeds the Opening Price by 150% or more.
The third table below indicates the relevant Closing Prices.
Directors' Awards:
Name of Director | Effective Date (for performance measures) | Total Number | ||||||
17 October 2013 | 7 April 2014 | 24 June 2014 | (as % of Issued Share Capital) | |||||
Basic Award | Supplementary Award | Basic Award | Supplementary Award | Basic Award | SupplementaryAward | Total Options after this grant | Total Shares held | |
Malcolm Young | 0 | 0 | 0 | 0 | 627,272 | 627,272 | 1,938,934(0.73%) | 20,644,958(7.82%) |
Stephen Self | 310,000 | 310,000 | 0 | 0 | 363,636 | 363,636 | 2,756,432* (1.04%) | 273,577(0.10%) |
Steve Medlicott | 0 | 0 | 250,000 | 250,000 | 272,727 | 272,727 | 1,045,454 (0.40%) | 100,000(0.04%) |
* includes an interest in 113,049 options in issue held by Mr Self's wife, who is an employee of the Company.
Awards to Other Employees:
Effective Date | |||
17 October 2013 | 24 June 2014 | ||
BasicAward | SupplementaryAward | Basic Award | SupplementaryAward |
654,763 | 327,375 | 819,128 | 409,558 |
As at the date of this announcement, and following the above, there are outstanding options, awards and warrants over 10,914,757 Shares, amounting to approximately 3.50% of the Company's current issued share capital.
Opening Prices and Closing Prices for vesting against performance criteria:
Effective Date | Opening Price | Basic award | Supplementary award | |
Closing Price exceeds Opening Price by 25% | Closing Price exceeds Opening Price by 100% | Closing Price exceeds Opening Price by 150% | ||
17 October 2013 | 32.2875 pence | 40.359375 pence | 64.75 pence | 80.71875 pence |
7 April 2014 | 21.8375 pence | 27.296875 pence | 43.765 pence | 54.59375 pence |
24 June 2014 | 28.075 pence | 35.09375 pence | 56.15 pence | 70.1875 pence |
-Ends-
Contacts:
e-Therapeutics plc
Steve Medlicott, Finance Director
Tel: +44 (0) 1993 883125
www.etherapeutics.co.uk
N+1 Singer
Aubrey Powell / Jen Boorer
Tel: +44 (0)20 7496 3000
www.n1singer.com
Instinctif Partners
Melanie Toyne-Sewell / Emma Barlow
Tel: +44 (0) 20 7457 2020
Email: e-therapeutics@instinctif.com
About e-Therapeutics plc
e-Therapeutics is an AIM-quoted drug discovery and development company with a proprietary platform in network pharmacology, an innovative new approach to drug discovery based on advances in network science and chemical biology. The Company's discovery and development activity is currently focused in cancer and disorders of the nervous system.
e-Therapeutics is based at sites in Oxford and Newcastle, UK. For more information about the Company, please visit www.etherapeutics.co.uk.