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Pin to quick picksPlant Health Regulatory News (PHC)

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Grant of Options

23 Jul 2021 07:00

RNS Number : 1893G
Plant Health Care PLC
23 July 2021
 

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

 

Plant Health Care plc

 

("Plant Health Care" or "the Company")

 

Grant of Options

Director/PDMR shareholdings

 Plant Health Care, a leading provider of novel patent-protected biological products to global agricultural markets, announces that on 23 July 2021 the Company awarded options to executive directors and certain employees under the Company's 2017 Employee Share Option Plan (the 'Plan'). 

The Company has awarded 6 million options with an exercise price of 1p per share under the Plan (representing 1.98% of the Company's current issued share capital) that vest upon the earlier of: (a) the date of a Change of Control; or (b) upon satisfaction of the Performance-Based Requirement and in addition, for United States employees, the Service-Based Requirement.

Performance-Based Requirement:

(i) In respect of 70% of the options (rounded to the nearest whole number) no option may be exercised until the date on which the arithmetic mean closing price of the Company's shares over 30 consecutive trading dates after the date of grant has exceeded 22p per share; and

(ii) In respect of the balance of the options, no options may be exercised until the date on which the arithmetic mean closing price of the Company's shares over 30 consecutive trading days after the date of grant has exceeded 33p per share.  

Service-Based Requirement: for all United States employees no option shall be exercised before the two-year anniversary of the date of grant.

The options will expire after five years from the date of grant. The vesting criteria of the options can be modified at the discretion of the Remuneration Committee of the Company.

Of the options granted, the following awards have been made to the executive directors, being Chris Richards, Jeffrey Hovey and Jeffrey Tweedy.

Name

Position

Number of shares subject to the Option

Christopher Richards

Chief Executive Officer

 

3,000,000

 

Jeffrey Hovey

Chief Financial Officer

 

700,000

 

Jeffrey Tweedy

Chief Operating Officer

 

1,000,000

 

Related Party Transactions

The award of the options to Chris Richards, Jeffrey Hovey and Jeffrey Tweedy, as set out above, constitute related party transactions pursuant to Rule 13 of the AIM Rules for Companies. The independent directors, being all Directors save for Chris Richards, Jeffrey Hovey and Jeffrey Tweedy, consider, having consulted with the Company's nominated adviser, Arden, that the award of the options to Chris Richards, Jeffrey Hovey and Jeffrey Tweedy are fair and reasonable insofar as the Company's shareholders are concerned.

 

Bill Lewis, Chair of the Remuneration Committee, commented:

"The annual award of options to Management are, as in previous years, linked to a sustained share price which seeks to continue to align the incentives of senior management to shareholder value."

  

Enquiries

 

 

Plant Health Care plc

 

Chris Richards - CEO

Jeffrey Hovey - Chief Financial Officer

+1 919 926 1600

 

 

Arden Partners plc - Nomad and Broker

John Llewellyn-Lloyd / Antonio Bossi

+44 (0)20 7614 5900

 

 

 

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

Dr Christopher Richards

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

Options over Ordinary Shares of 1p eachGB00B01JC540

b)

Nature of the transaction

Grant of 1p options under the 2017 Employee Share Option Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1p

3,000,000

 

 

 

 

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

3,000,000 ordinary shares of 1p per share par value

As above

e)

Date of the transaction

23 July 2021

f)

Place of the transaction

Outside a trading venue

 

 

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

Options over Ordinary Shares of 1p eachGB00B01JC540

b)

Nature of the transaction

Grant of 1p Options under the 2017 Employee Share Option Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1p

700,000

 

 

 

 

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

700,000 ordinary shares of 1p per share par value

As above

e)

Date of the transaction

23 July 2021

f)

Place of the transaction

Outside a trading venue

 

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Jeffrey Tweedy

2

Reason for the notification

a)

Position/status

Chief Operating 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

Options over Ordinary Shares of 1p eachGB00B01JC540

b)

Nature of the transaction

Grant of 1p options under the 2017 Employee Share Option Plan

c)

Price(s) and volume(s)

Price(s)

Volume(s)

1p

1,000,000

 

 

 

 

 

d)

Aggregated information

-

Aggregated volume

-

Price

 

 

1,000,000 ordinary shares of 1p per share par value

As above

e)

Date of the transaction

23 July 2021

f)

Place of the transaction

Outside a trading venue

 

 

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
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