Last checked at 9 Jun 2020 07:00
9 June 2020
Plant Health Care plc
("Plant Health Care" or the "Company")
Grant of options
Plant Health Care®, a leading provider of novel patent-protected biological products to global agriculture markets, is pleased to announce changes to the long-term incentive package of key employees.
The Company's Remuneration Committee aims to incentivise and motivate key employees, to align interests with shareholders. The Committee has reviewed existing long-term incentives and believes that they do not adequately achieve that aim. The Committee has therefore decided that directors should be invited to surrender Options which have an exercise price of 20p or above per share and replace them with new options with an exercise price of 10p per share. The new options are offered at the ratio of 80 shares in the Company under option for every 100 shares in the Company under option being surrendered.
The Board has therefore agreed to accept the surrender of options over 7,695,733 ordinary shares of 1p in the Company (the "Existing Options") by certain directors, being Dr Christopher Richards, Chief Executive Officer, Dr Richard Webb, Non-executive Chairman, Jeffrey Hovey, Chief Financial Officer, and Jeffrey Tweedy, Chief Operating Officer. These Existing Options, which have a weighted average exercise price of 29p, will be replaced by options over 6,156,586 ordinary shares of 1p (the "New Options"). The option grants have been made under the Plant Health Care plc 2017 Employee Share Option Plan and Plant Health Care plc 2017 Non-Employee Share Option Plan as appropriate. The New Options have an exercise price of 10p per share and a 5-year life.
The table provides additional details:
Existing Options surrendered (number of shares in the Company under option) | New Options (number of shares in the Company under option) | |||||||||
Name of Director | 2004 Share Option Scheme | 2015 Employee Share Plan | 2017 Employee Share Plan | 2017 Employee/Non-Employee Share Plan (as appropriate) | ||||||
Christopher Richards | - | - | 3,363,777 | 2,691,022 | ||||||
Richard Webb | 128,205 | - | 1,945,522 | 1,658,981 | ||||||
Jeffrey Hovey | - | 295,646 | 733,224 | 823,096 | ||||||
Jeffrey Tweedy | - | - | 1,229,359 | 983,487 | ||||||
Plant Health Care plc Chris Richards - CEO Jeffrey Hovey - Chief Financial Officer
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+1 919 926 1600 |
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Arden Partners plc - Nomad and BrokerJohn Llewellyn-Lloyd / Dan Gee-Summons Company website: www.planthealthcare.com
| +44 (0) 20 7614 5900 |
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| 1. | Details of the person discharging managerial responsibilities / person closely associated |
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| a) | Name | Dr Christopher Richards |
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| 2. | Reason for the Notification |
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| a) | Position/status | Chief Executive Officer |
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| b) | Initial notification/ Amendment | Initial notification |
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| 3. | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
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| a) | Name | Plant Health Care plc |
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| b) | LEI | 213800KBQPJZ2FM8QH27 |
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| 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 |
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| a) | Description of the Financial instrument, type of instrument | Ordinary Shares of 1p each |
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| Identification code | GB00B01JC540 |
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| b) | Nature of the transaction | Grant of options |
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| c) | Price(s) and volume(s) | Price | Volume |
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| 10p | 2,691,022 |
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| d) | Aggregated information: ·Aggregated volume ·Price |
2,691,022 As above |
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| e) | Date of the transaction | 8 June 2020 |
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| f) | Place of the transaction | Outside a trading venue |
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1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Dr Richard Webb | |
2. | Reason for the Notification | ||
a) | Position/status | Non-executive Chairman | |
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 | Ordinary Shares of 1p each | |
Identification code | GB00B01JC540 | ||
b) | Nature of the transaction | Grant of options | |
c) | Price(s) and volume(s) | Price | Volume |
10p | 1,658,981 | ||
d) | Aggregated information: ·Aggregated volume ·Price |
1,658,981 As above | |
e) | Date of the transaction | 8 June 2020 | |
f) | Place of the transaction | Outside a trading venue | |
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Mr 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 | Ordinary Shares of 1p each | |
Identification code | GB00B01JC540 | ||
b) | Nature of the transaction | Grant of options | |
c) | Price(s) and volume(s) | Price | Volume |
10p | 823,096 | ||
d) | Aggregated information: ·Aggregated volume ·Price |
823,096 As above | |
e) | Date of the transaction | 8 June 2020 | |
f) | Place of the transaction | Outside a trading venue | |
1. | Details of the person discharging managerial responsibilities / person closely associated | ||
a) | Name | Mr 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 | Ordinary Shares of 1p each | |
Identification code | GB00B01JC540 | ||
b) | Nature of the transaction | Grant of options | |
c) | Price(s) and volume(s) | Price | Volume |
10p | 983,487 | ||
d) | Aggregated information: ·Aggregated volume ·Price |
983,487 As above | |
e) | Date of the transaction | 8 June 2020 | |
f) | Place of the transaction | Outside a trading venue | |