Last checked at 5 May 2015 07:01
5 May 2015
Revolymer plc ("Revolymer" or "the Group")
Awards under Long Term Incentive Plan and other share awards
Revolymer (AIM: REVO) announces the grant of awards under the Revolymer plc Long Term Incentive Plan ("LTIP") and other share awards to its executive directors Kevin Matthews and Robin Cridland.
The LTIP was adopted by the board of directors of Revolymer plc (the "Board") on 29 June 2012 and its remuneration committee has approved the following grants on 30 April 2015:
· To the CEO Kevin Matthews a nil cost option over 567,568 ordinary shares
· To the CFO Robin Cridland a nil cost option over 349,550 ordinary shares.
The vesting period of these grants is three years and they only become exercisable if challenging performance conditions are met; namely that 50% of the grant becomes exercisable if the weighted average ordinary share price in the 180 day period ending on the third anniversary of grant is £0.75. Between weighted average ordinary share prices of £0.75 and £1.00, vesting shall be pro-rata and on a straight line basis between 50% and 100%. Below £0.75 the grants are not exercisable and lapse in full.
The Board also requires the executive directors to maintain minimum interests (of at least 420,000 ordinary shares for Kevin Matthews and 388,000 ordinary shares for Robin Cridland) before selling any ordinary shares that are the result of exercise, except that they may sell that number of ordinary shares that are required to satisfy any income tax and employee's national insurance liabilities arising at exercise. This requirement shall not apply on a change of control, or other transaction with substantially the same effect.
Also on 30 April 2015, the Board authorised the issue to Robin Cridland of 36,036 fully paid up ordinary shares in Revolymer plc ("New Shares") in recognition of his fulfilment of the role of Acting CEO during 2014 before the arrival of Kevin Matthews. Following the issue of the New Shares, Mr Cridland will hold 52,836 ordinary shares representing approximately 0.1% per cent. of the Company's issued share capital.
Application has been made to the London Stock Exchange for the 36,036 New Shares to be admitted to trading on AIM ("Admission"). Admission is expected to occur at 8:00 am on 8 May 2015. Following Admission, the total number of ordinary shares in the Company will be 56,597,176 with each Ordinary Share carrying the right to one vote. The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in ACR under the FSA's Disclosure and Transparency Rules.
Ends
For further information please contact:
Revolymer plc | +44 (0) 1244 283 500 |
Kevin Matthews / Rob Cridland
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Panmure Gordon (UK) Limited | +44 (0) 20 7886 2500 |
Hugh Morgan / Adam James (Corporate Finance) Charles Leigh-Pemberton (Corporate Broking) |
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About Revolymer
Revolymer is an AIM quoted company (registered number 08024489) that designs, develops and formulates novel polymers to improve the performance of its customers' and partners' products.
The vision for Revolymer is to build a high growth, high quality margin, specialty materials business based on proprietary polymer technology that provides responsive or smart multi-functional materials. The Board believes that the Company's technology has broad application. Revolymer aims to generate growing high quality revenue streams by either licensing its proprietary technologies or through the supply of proprietary products using an outsourced manufacturing model. Current target markets are Household Products, Personal Care and Nicotine Gum.
www.revolymer.com