Replacement - Grant of Awards

RNS Number : 8791D

Eden Research plc

28 June 2019

 

The following amendment has been made to the 'Grant of Awards under Long-Term Incentive Plan' announcement released on 28 June 2019 at 11:43am under RNS No 8455D.

The total number of options awarded by the remuneration committee has been changed to 5,891,111.

All other details remain unchanged.

The full amended text is shown below.

28 June 2019

Eden Research plc

("Eden" or "Company)

Grant of Awards under Long-Term Incentive Plan

Eden Research plc (AIM: EDEN), the AIM listed company that develops and supplies breakthrough biopesticide products and natural microencapsulation technologies to the global crop protection, animal health and consumer products industries, announces the grant of awards under the Company's Long Term Incentive Plan ("LTIP") to Sean Smith, Chief Executive Officer, and Alex Abrey, Chief Finance Officer (together the "Executives").

The Remuneration Committee has approved the award of options over 5,891,111 ordinary shares of 1-pence each in the Company ("Ordinary Shares") under the LTIP. The awards are in respect of management performance in the financial years ending 31 December 2017 and 31 December 2018.

Further details of the awards are set out below.

In respect of 2017:

·      To the CEO Sean Smith nil cost options over 1,775,556 ordinary shares.

·      To the CFO Alex Abrey nil cost options over 1,093,333 ordinary shares.

The vesting date of the options is 30 June 2021, and they only become exercisable if the following share price performance conditions are met: 50% of the options become exercisable if the weighted average Ordinary Share price in the 45-day period ending on the vesting date is £0.23 or above. Between weighted average ordinary share prices of £0.23 and £0.345, vesting shall be pro-rata and on a straight-line basis between 50% and 100%. Below £0.23 the options are not exercisable and lapse in full.

In respect of 2018:

·      To the CEO Sean Smith nil cost options over 1,688,889 ordinary shares.

·      To the CFO Alex Abrey nil cost options over 1,333,333 ordinary shares.

The vesting date of the options is 30 June 2022, and they only become exercisable if the following share price performance conditions are met: 50% of the options become exercisable if the weighted average Ordinary Share price in the 45-day period ending on the vesting date is £0.25 or above. Between weighted average Ordinary Share prices of £0.25 and £0.375, vesting shall be pro-rata and on a straight-line basis between 50% and 100%. Below £0.25 the options are not exercisable and lapse in full.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.

For further information contact:

Eden Research plc	www.edenresearch.com
Sean Smith Alex Abrey	01285 359 555
Shore Capital (Nomad)	020 7408 4090
Stephane Auton / Patrick Castle
Powerscourt (Financial PR)	020 7250 1446
Nick Dibden Jana Tsiligiannis	[e-mail]

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Sean Smith
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	Eden Research plc
b)	LEI	213800ZWTYTVQQSM3J85
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 1 pence each GB0001646941
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) nil cost 1,775,556 nil cost 1,688,889
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	28 June 2019
f)	Place of the transaction	Outside of trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Alex Abrey
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	Eden Research plc
b)	LEI	213800ZWTYTVQQSM3J85
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 1 pence each GB0001646941
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) nil cost 1,093,333 nil cost 1,333,333
d)	Aggregated information - Aggregated volume - Price	N/A
e)	Date of the transaction	28 June 2019
f)	Place of the transaction	Outside of trading venue

Notes:

Eden Research is a technology development and commercialisation company with intellectual property and expertise in encapsulation, terpenes and environmentally friendly technologies to provide naturally occurring solutions for the global agrochemicals, animal health, and consumer product industries.

Eden's encapsulation technology harnesses the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with both natural and synthetic compounds to enhance their performance and ease-of-use. The technology uses yeast cells that are a by-product of numerous commercial production processes to deliver a slow release of natural compounds for agricultural and non-agricultural uses. Terpenes are already widely used in the food flavouring, cosmetics and pharmaceutical industries.

Historically, terpenes have had limited commercial use in the agrochemical sector due to their volatility, phytotoxicity and poor solubility. Eden's platform encapsulation technology provides a unique, environmentally friendly solution to these problems and enables terpenes to be used as effective, low-risk agrochemicals.

Eden is developing these technologies through innovative research and a series of commercial production, marketing and distribution partnerships.

The Company has a number of patents and a pipeline of products at differing stages of development targeting specific areas of the global agrochemicals industry. To date, the Company has invested in the region of £13m in developing and protecting its intellectual property and seeking regulatory approval for products that rely upon the Company's technologies. Revenues earned by the Company have been modest whilst the Company has concentrated on securing patent protection for its intellectual property, gaining regulatory approvals, identifying suitable industrial partners, and entering into commercial agreements. 

In May 2013, the three actives that comprise Eden's first commercial product, Mevalone, were approved as new ingredients for use in plant protection products. This represented a major milestone in the commercialisation of Eden's technology and is a significant accomplishment for any company.  To illustrate this point, one should note that in all of 2013, Eden's approvals represented 3 of only 10 new active ingredients approved by the EC.

Mevalone has been authorised for sale in Kenya, Malta, Greece, Bulgaria, Spain, Italy, France, Cyprus, Albania, Portugal and Macedonia.

Eden was admitted to trading on AIM on 11 May 2012 and trades under the symbol EDEN.

For more information about Eden, please visit: www.edenresearch.com.

 

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