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7 Jan 2015 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 7 January 2015 - e-Therapeutics (AIM: ETX) announces that various awards were made to Directors and other employees on 6 January 2015 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 Grant 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 Grant Date (the "Opening Price"). Vested awards may only be exercised on or after the earlier of (a) 6 January 2018 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 Market Prices.
Directors' Awards:
| Basic Award | SupplementaryAward | Total No. of Options after this grant(as % of Issued Share Capital) | Total No. of Shares held(as % of Issued Share Capital) |
Malcolm Young | 594,827 | 594,827 | 2,857,036 (1.08%) | 20,644,958 (7.81%) |
Stephen Self | 344,827 | 344,827 | 3,027,120* (1.15%) | 273,577 (0.10%) |
Steve Medlicott | 258,620 | 258,620 | 1,562,694 (0.59%) | 100,000 (0.04%) |
* includes an interest in 154,428 options in issue held by Mr Self's wife, who is an employee of the Company.
Awards to Other Employees:
BasicAward | SupplementaryAward |
880,207 | 440,096 |
As at the date of this announcement, and following the above, there are outstanding options over 12,937,539 Shares, amounting to approximately 4.89% of the Company's current issued share capital. Since the last options grant on 8 July 2014, a total of 144,690 options have been exercised (announced on 5 August 2014) and a further 1,549,379 options have lapsed unvested.
Opening Prices and Market Prices for vesting against performance criteria:
Grant 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% |
6 January 2015 | 27.625p | 34.53125p | 55.25p | 69.0625p |
-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.
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