Last checked at 15 Apr 2011 13:04
For immediate release | 15 April 2011 |
Oxford BioMedica plc ("the Company")
Directors' Interest in Shares and Share Options
Oxford BioMedica (OXB:L): the Company today announced that the following awards under the Oxford BioMedica plc Long Term Incentive Plan (LTIP) were made to four directors.
LTIP: number of shares awarded | Total shares over which options are held (note 1) | Percentage of issued shares under option | |
John Dawson | 1,704,000 | 8,396,000 | 0.89% |
Stuart Naylor | 968,000 | 2,894,235 | 0.31% |
Peter Nolan | 896,000 | 2,933,000 | 0.31% |
Andrew Wood | 1,136,000 | 3,714,000 | 0.39% |
Notes:
1. The total shares over which options are held including the awards described above (share options were granted to directors up to September 2006 and LTIPs were awarded since March 2007).
The share price on which the LTIP awards were calculated was 5.81p (the closing price on 12 April 2011, the day preceding the awards). The awards are nil-cost options. The LTIP awards are subject to a three year holding period, and are exercisable from the third anniversary of the award, subject to the satisfaction of a performance condition.
There are two aspects to the performance condition. The first relates to the Total Shareholder Return (TSR) of Oxford BioMedica plc compared to a comparator group made up of the following 13 quoted UK biotechnology companies:
Ark Therapeutics Group plc; Allergy Therapeutics plc; BTG plc; GW Pharmaceuticals plc; ImmuPharma plc; Phytopharm plc; Proteome Sciences plc; Proximagen Neuroscience plc; ReNeuron Group plc; Renovo Group plc; Silence Therapeutics plc; Vernalis plc; Verona Pharma plc.
No awards will be released at the testing date for less than median performance of Oxford BioMedica TSR compared to the comparator group. Median performance will result in release of 25% of the shares. Performance at the 75th percentile will result in the release of 50% of the shares, with straight line release between these points. Upper quartile TSR performance (i.e. greater than 75th percentile performance) will result in release of 100% of the shares.
For TSR above median but below the upper quartile, a second performance test, based on events that are expected to be significant drivers of value for the Company, will be applied. In these circumstances, up to a further 50% of the LTIP award will be released on the achievement of the following milestone events:
Event | % of award released |
Commercial collaboration for TroVax executed | 5% |
Commercial collaboration for ProSavin executed | 20% |
Exercise of the development option by Sanofi-aventis for one of the collaborative ocular products | 20% |
First batch of clinical-grade material released from the new Oxford BioMedica manufacturing facility | 5% |
There will be no re-testing of the performance conditions.
Andrew Wood
Company Secretary, Oxford BioMedica plc
15 April 2011