29 Nov 2013 07:00
29 November 2013
Plethora Solutions Holdings PLC
("Plethora" or the "Company")
Award of LTIPs & Issue of Ordinary Shares
Plethora (AIM: PLE) announces it has awarded shares in relation to the Company's Long Term Incentive Plan ("LTIP") and has issued new ordinary shares in Plethora in relation to a number of agreements.
LTIP Award to Prof Wyllie
Plethora has today made an award of 16.5 million new ordinary shares to Prof Mike Wyllie, the Company's Chief Scientific Officer, under the Company's LTIP established in 2009. The award is subject to the achievement of certain performance conditions in relation to the regulatory approval process of PSD502 in the US, the signature of licensing transactions, and the establishment of new or the extension of further intellectual property over PSD502. In addition, the award is subject to the continued employment or directorship of Prof Wyllie for the next three years.
Issuance of shares
Plethora also announces that it has allotted 6,279,407 new ordinary shares of 1p each ("New Shares"), fully paid conditional only upon admission, to trading on AIM in relation to:
(i) the issuance of 1,355,975 New Shares in connection with awards made in 2010 which have now matured under the Company's LTIP;
(ii) the issuance of 923,432 New Shares in settlement of directors fees due in relation to Jim Mellon and Mike Collis; and
(iii) the issuance of 4,000,000 New Shares as an award to Ronald Openshaw that would otherwise have accrued under the company's LTIP.
Application will be made for the 6,279,407 New Shares to be admitted to trading on AIM ("Admission") and it is expected that Admission will take place on 4 December 2013.
Following Admission, the Company will have 415,274,582 ordinary shares in issue. The Company does not hold any ordinary shares in treasury. Therefore the total number of ordinary shares in the Company with voting rights is 415,274,582.
The above figure may be used by shareholders in the Company as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the share capital of the Company under the Financial Conduct Authority's Disclosure and Transparency Rules.
-Ends-
Enquiries:
Plethora Solutions Mike Collis, CFO | Tel : +44(0) 20 3077 5400 |
Daniel Stewart (Nomad & Joint Broker) David Hart / Ciaran Walsh (Nomad) Martin Lampshire (Broker) | Tel : +44(0) 20 7776 6550
|
Hybridan LLP (Joint Broker) Claire Louise Noyce William Lynne | Tel: +44(0) 20 7947 4350 Tel: +44(0) 20 7947 4361 |
Britton Financial PR Tim Blackstone | Tel: + 44 (0) 20 7242 9786 Tel: +44 (0) 7957 140416 |
About Plethora:
Plethora is headquartered in the UK and is listed on the London Stock Exchange (AIM: PLE.L). Further information is available at www.plethorasolutions.co.uk
Plethora is focussed on seeking to launchPSD502 for the treatment of premature ejaculation.
About PSD502 & Premature Ejaculation:
PSD502 is a topical spray for the treatment of premature ejaculation containing lidocaine and prilocaine in a eutectic-like mixture. The product has completed all clinical testing and has been submitted for approval in Europe with the EMA. The Company anticipates launch in 2014.
Premature ejaculation is possibly the most common form of sexual dysfunction in men. Epidemiological studies conducted in the US and in Europe indicate a prevalence of 20 - 30% in men of all ages. There is currently no globally approved and effective pharmaceutical treatment for this condition.
In the absence of any widely approved pharmaceutical therapy with good patient acceptance, the premature ejaculation market offers significant potential for development and growth. An effective drug therapy for premature ejaculation may have a comparable commercial potential to the erectile dysfunction drugs.