7 Oct 2019 07:00
Grant of Share Options
7 October, 2019
LONDON, Silence Therapeutics, PLC (LON: SLN) ("Silence" or "the Company"), a leader in the discovery, development and delivery of novel RNA therapeutics for the treatment of serious diseases, advises that on 7 October 2019 new options have been issued to David Horn Solomon, Chief Executive Officer, Iain Ross, Non-Executive Chairman, and Robert Quinn, Chief Financial Officer, to acquire a total of 2,635,000 new ordinary shares in the capital of the Company ("Ordinary Shares"), under the Silence Therapeutics plc 2018 Long Term Incentive Plan. Options will vest quarterly and all issuances will have tranches that will vest subject to different milestones being met. 1,672,750 options will be granted with a strike price of £1.90 and 962,250 options will be granted with a strike price of 60p. In addition, Robert Quinn was granted 15,000 CSOP options with a strike price of £1.83. Details of the grants under the 2018 Long Term Incentive Plan are summarised below:
Grant of Share Options:
Director | Position | Options Awarded at £1.90 | Options Awarded at 60p | Vesting Period | Total Options Held, including pre-existing options |
Iain Ross | Chairman | 250,000 | 250,000 | 3.25 years | 500,000 |
David Horn Solomon | CEO | 1,032,500 | 517,500 | 3.75 years | 1,951,338 |
Robert Quinn | CFO | 390,250 | 194,750 | 3.0 years | 766,877 |
1,814,500 options, equating to circa 70% of the total being awarded, only vest on the achievement of certain performance conditions within the vesting periods. These performance conditions include Silence achieving a listing on a US stock exchange and the subsequent achievement of a share price of £2.85, or the equivalent price in ADSs, if such an instrument has been issued. The share price performance condition will be met if the average closing price of an Ordinary Share (or equivalent), whilst listed on a US stock exchange, exceeds £2.85 for all of the trading days in a 30-calendar-day period. The Options are generally exercisable after vesting, until the 10th anniversary of the date of grant. Claw-back and malus provisions apply.
Following this grant the total number of options in issue is 6,527,193, 8.3% of shares in issue.
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Iain Ross | ||||
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 | Silence Therapeutics plc
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b. | LEI | 213800SSURRJBX85SQ91
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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 | |||||
a. | Description of the Financial instrument, type of instrument Identification code | Options over Ordinary Shares in Silence Therapeutics Plc under the Silence Therapeutics plc 2018 Long Term Incentive Plan.
ISIN for Silence Therapeutics plc Ordinary Shares: GB00B9GTXM62
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b. | Nature of the transaction | Issue of options over Ordinary Shares in Silence Therapeutics Plc | ||||
c. | Price(s) and volume(s) |
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d. | Aggregated information ·; Aggregated volume ·; Price
|
See above | ||||
e. | Date of the transaction | 07 October 2019 | ||||
f. | Place of the transaction | Off exchange | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||
a. | Name | Dr. David Horn Solomon | ||||
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 | Silence Therapeutics plc
| ||||
b. | LEI | 213800SSURRJBX85SQ91
| ||||
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 in Silence Therapeutics Plc under the Silence Therapeutics plc 2018 Long Term Incentive Plan.
ISIN for Silence Therapeutics plc Ordinary Shares: GB00B9GTXM62
| ||||
b. | Nature of the transaction | Issue of options over Ordinary Shares in Silence Therapeutics Plc | ||||
c. | Price(s) and volume(s) |
| ||||
d. | Aggregated information ·; Aggregated volume ·; Price
|
See above | ||||
e. | Date of the transaction | 07 October 2019 | ||||
f. | Place of the transaction | Off exchange | ||||
1. | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a. | Name | Robert Quinn | ||||||
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 | Silence Therapeutics plc
| ||||||
b. | LEI | 213800SSURRJBX85SQ91
| ||||||
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 in Silence Therapeutics Plc under the Silence Therapeutics plc 2018 Long Term Incentive Plan.
ISIN for Silence Therapeutics plc Ordinary Shares: GB00B9GTXM62
| ||||||
b. | Nature of the transaction | Issue of options over Ordinary Shares in Silence Therapeutics Plc | ||||||
c. | Price(s) and volume(s) |
| ||||||
d. | Aggregated information ·; Aggregated volume ·; Price
|
See above | ||||||
e. | Date of the transaction | 07 October 2019 | ||||||
f. | Place of the transaction | Off exchange | ||||||
Enquiries:
Silence Therapeutics plc Dr David Horn Solomon, Chief Executive Officer Iain Ross, Chairman
| Tel: +44 (0)20 3457 6900 |
Peel Hunt LLP (Nominated Adviser and Broker) James Steel/Oliver Jackson
| Tel: +44 (0)20 7418 8900 |
European IR Consilium Strategic Communications Mary-Jane Elliott/Chris Welsh/Angela Gray silencetherapeutics@consilium-comms.com
| Tel: +44 (0) 20 3709 5700 |
US IR Westwicke Partners Peter Vozzo peter.vozzo@westwicke.com
| Tel: +1 (443) 213-0505 |
About Silence Therapeutics plc
Silence Therapeutics is developing a new generation of medicines by harnessing the body's natural
mechanism of RNA interference, or RNAi, within its cells. Its proprietary technology can selectively
inhibit any gene in the genome, specifically silencing the production of disease-causing proteins. Using
its enabling delivery systems, it has achieved an additional level of specificity by delivering its
therapeutic RNA molecules exclusively to target cells. Silence's proprietary RNA chemistries and
delivery systems are designed to improve the stability of our molecules and enhance effective delivery
to target cells, providing a powerful modular technology well suited to tackle life-threatening diseases.
For more information, please visit: https://www.silence-therapeutics.com/