Last checked at 8 Mar 2023 14:45
Plant Health Care plc
("Plant Health Care" or "the Company")
Exercise of Options Director / PDMR Shareholding
Plant Health Care, a leading provider of novel patent-protected biological products to global agricultural markets, announces that, on 7 March 2023, a total of 3,547,070 new Ordinary Shares (the 'New Ordinary Shares') were issued pursuant to the exercise of options by employees under the Company's US Sub Plan of the 2017 Employee Share Option Plan (the 'Plan').
On 10 March 2022, the Company awarded 3,547,070 Options (the 'Options') to employees with an exercise price of 1p per ordinary share in the Company (the 'Ordinary Shares'). Senior employees and Executive Directors were required to accept these Options as a substitute for 50% of their annual cash bonus opportunity for 2022. Under the Plan the Options vest, inter alia, on the achievement of the performance targets during 2022 as set out in the table below.
| Goal | Summary of targets |
1 | Financials | Revenue of $ 10.6 million, gross margin of $6.7 million and LBITDA of $3.7 million. |
2 | Commercial | Achieve on-ground sales targets in key markets. |
3 | Commercial | Secure at least two significant new distribution agreements for Harpin or PREtec in row crop markets |
4. | Commercial | Step up engagement by newly appointed CEO with the investor community. |
Following review by the Board of Plant Health Care, it has been determined that the performance criteria were met in full. Subsequently, all option holders have decided to exercise their Options in full prior to the IRS requirement to exercise prior to 15 March 2023.
Of the Options exercised, Jeffrey Tweedy, Chief Executive Officer, and Jeffrey Hovey, Chief Financial Officer, have each exercised 1,237,122 and 445,365 Options retrospectively. Mr Tweedy has sold 305,000 Ordinary Shares issued and Mr Hovey has sold 107,000 Ordinary Shares issued to cover their taxes due.
Following these transactions, Jeffrey Tweedy is interested in 1,888,548 Ordinary Shares representing 0.61% of the issued share capital of the Company and Jeffrey Hovey is interested in 990,061 Ordinary Shares representing 0.32% of the issued share capital of the Company.
Application for admission of the New Ordinary Shares to trading on AIM ('Admission') has been made and dealings in the New Ordinary Shares are expected to commence on or around 8.00 a.m. on 10 March 2023. The New Ordinary Shares will rank pari-passu with the Company's existing issued Ordinary Shares.
Total voting rights
Following the issue of the New Ordinary Shares, the Company has 310,484,552 Ordinary Shares in issue with no shares held in treasury. This is the total number of voting rights in the Company and 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, or change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.
Enquiries
Plant Health Care plc | +1 919 926 1600 |
Jeffrey Tweedy - Chief Executive Officer | |
Jeffrey Hovey - Chief Financial Officer | |
Cenkos Securities plc - Nomad and Joint Broker Neil McDonald / Peter Lynch
| +44 (0)131 220 9771 |
SEC Newgate - Financial Communications Robin Tozer / Richard Bicknell / George Esmond | +44 (0) 7540 10666 phc@secnewgate.co.uk |
Company website: www.planthealthcare.com
The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
a) | Name | Jeffrey Tweedy | ||||||||
2 | Reason for the notification | |||||||||
a) | Position/status | Chief Executive Officer | ||||||||
b) | Initial notification/Amendment | Initial notification | ||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name | Plant Health Care plc | ||||||||
b) | LEI |
213800KBQPJZ2FM8QH27
| ||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of 1p each GB00B01JC540 | ||||||||
b) | Nature of the transaction | 1. Issue of Shares following exercise of options 2. Sale of Shares following exercise of options. | ||||||||
c) | Price(s) and volume(s) |
| ||||||||
d) | Aggregated information
|
N/A | ||||||||
e) | Date of the transaction | 1) 07.03.2023 2) 08.03.2023 | ||||||||
f) | Place of the transaction | AIM, London Stock Exchange | ||||||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||
a) | Name | Jeffrey Hovey | ||||||||
2 | Reason for the notification | |||||||||
a) | Position/status | Chief Financial Officer | ||||||||
b) | Initial notification/Amendment | Initial notification | ||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||
a) | Name | Plant Health Care plc | ||||||||
b) | LEI |
213800KBQPJZ2FM8QH27
| ||||||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||||||
a) | Description of the financial instrument, type of instrument
Identification code | Ordinary Shares of 1p each GB00B01JC540 | ||||||||
b) | Nature of the transaction | 1. Issue of Shares following exercise of options 2. Sale of Shares following exercise of options | ||||||||
c) | Price(s) and volume(s) |
| ||||||||
d) | Aggregated information
|
N/A
| ||||||||
e) | Date of the transaction | 1) 07.03.2023 2) 08.03.2023 | ||||||||
f) | Place of the transaction | AIM, London Stock Exchange | ||||||||