Launch of new all-employee share incentive plan

RNS Number : 6537F

Omega Diagnostics Group PLC

08 November 2022

 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

8 November 2022

OMEGA DIAGNOSTICS GROUP PLC

("Omega" or the "Company" or the "Group")

Establishment and initial operation of tax-advantaged all-employee share incentive plan

1.  Establishment of the Omega Diagnostics Group PLC Share Incentive Plan

Omega (AIM: ODX), the specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition, announces the establishment and launch of a new HMRC tax-advantaged share scheme, namely the Omega Diagnostics Group PLC Share Incentive Plan (the "SIP" or the "Plan").

The SIP, which was entered into in late September, has been adopted to support the principles of wider share ownership amongst all the Company's employees.  It allows eligible individuals (including Omega's executive directors) to be invited to purchase ordinary shares of 4 pence each in the capital of the Company ("Ordinary Shares") via the SIP trustee using salary deductions (which, in aggregate, cannot exceed £1,800 per employee over any one tax year).  The Ordinary Shares acquired in this manner are referred to as "Partnership Shares" and, for each Partnership Share purchased, participants are awarded one further free Ordinary Share, known as a "Matching Share."

Matching Shares must normally be held in the SIP for a minimum holding period of 3 years and will usually be forfeited if, during that period, the participant in question ceases employment or withdraws their corresponding Partnership Shares from the Plan.

2.  Initial purchase of Partnership Shares and award of Matching Shares

On 7 November 2022, the Company received notification from Link Market Services Trustees Limited, the trustee of the SIP, that, on 7 November 2022, it purchased an aggregate of 130,908 Partnership Shares in the market at a price of 2.75p per share on behalf of those Directors set out in the table below.  At the same time, these individuals were also awarded (for no consideration) their corresponding Matching Shares.

Director	Board Position	Number of Partnership Shares acquired under the SIP on 7 November 2022	Number of Matching Shares acquired under the SIP on 7 November 2022	Total beneficial holding of Ordinary Shares following these acquisitions
				Number of Ordinary Shares	Approximate % of Company's issued share capital
Jag Grewal	CEO	65,454	65,454	1,025,834	0.43%
Chris Lea	CFO	65,454	65,454	1,030,908	0.43%

The salary deductions used by each of the above-noted Directors to acquire their Partnership Shares amounted to £1,800, being the maximum level of contribution that can be made to the SIP by an individual in any single tax year.

Contacts: 

Omega Diagnostics Group PLC		www.omegadx.com
Jag Grewal, Chief Executive Officer		via Walbrook PR
Chris Lea, Chief Financial Officer
finnCap Ltd		Tel: [phone]
Geoff Nash/Edward Whiley/George Dollemore (Corporate Finance)
Alice Lane/Charlotte Sutcliffe (ECM)
Walbrook PR Limited	Tel: [phone] or   [e-mail]
Paul McManus	Mob: [phone]
Lianne Applegarth	Mob: [phone]
Sam Allen	Mob: [phone]

About Omega Diagnostics Group PLC

Omega (AIM: ODX) is a specialist medical diagnostics company focused on promoting a personalised and functional approach to health and nutrition .

www.omegadx.com

Notification of transactions of persons discharging managerial responsibilities and persons closely associated with them

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Jag Grewal
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	Omega Diagnostics Group PLC
b)	LEI	2138007U9P4BTZTYIR92
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 4 pence each ("Ordinary Shares")  ISIN: GB00B1VCP282
b)	Nature of the transaction	Ordinary Shares purchased under the "Partnership Share" element of the Company's all-employee Share Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) 2.75p 65,454
d)	Aggregated information -Aggregated volume - Price	Not applicable
e)	Date of the transaction	2022-11-7
f)	Place of the transaction	London Stock Exchange
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 4 pence each ("Ordinary Shares")  ISIN: GB00B1VCP282
b)	Nature of the transaction	Ordinary Shares awarded under the "Matching Share" element of the Company's all-employee Share Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 65,454
d)	Aggregated information -Aggregated volume - Price	Not applicable
e)	Date of the transaction	2022-11-7
f)	Place of the transaction	London Stock Exchange

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Chris Lea
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	Omega Diagnostics Group PLC
b)	LEI	2138007U9P4BTZTYIR92
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 4 pence each ("Ordinary Shares")  ISIN: GB00B1VCP282
b)	Nature of the transaction	Ordinary Shares purchased under the "Partnership Share" element of the Company's all-employee Share Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) 2.75p 65,454
d)	Aggregated information -Aggregated volume - Price	Not applicable
e)	Date of the transaction	2022-11-7
f)	Place of the transaction	London Stock Exchange
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 4 pence each ("Ordinary Shares")  ISIN: GB00B1VCP282
b)	Nature of the transaction	Ordinary Shares awarded under the "Matching Share" element of the Company's all-employee Share Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 65,454
d)	Aggregated information -Aggregated volume - Price	Not applicable
e)	Date of the transaction	2022-11-7
f)	Place of the transaction	London Stock Exchange

 

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