Long Term Incentive Plan Option Grant

RNS Number : 3320M

Oxford Biomedica PLC

13 September 2019

 

Long Term Incentive Plan Option Grant

London, UK - 13 September 2019: Oxford Biomedica plc ("Oxford Biomedica" or the "Company") (LSE:OXB), a leading gene and cell therapy Group announces that on 12 September 2019 nil-cost share options over shares of 50 pence each in the Company were granted to Dmitry Zamoryakhin, who has joined the Senior Executive Team as Chief Medical Officer, under the Oxford Biomedica 2015 Long Term Incentive Plan ("LTIP").

Name of individual	Title	Number of shares subject LTIP grant	Total shares over which options are held	Percentage of issued share capital under option
Dmitry Zamoryakhin	Chief Medical Officer	30,751	30,751	0.04%

The LTIP awards are subject to a three year performance period and become exercisable from the third anniversary of the grant date, subject to the satisfaction of a performance condition.

The Award shall Vest by reference to an equal weight between the compounded annual growth rate of the Company's Share Price, calculated by comparing the average closing share price over the five Dealing Days immediately preceding the start of the Performance Period of 617.86p with the average share price of the Company over the three months immediately preceding the end of the Performance Period, in accordance with the TSR table below, and the compounded annual growth rate of the Company's Revenues calculated by comparing the audited Revenue figure as of 31 December 2018 preceding the start of the Performance period of £66.8m, with the audited Revenue figure as of 31 December 2021, in accordance with the Revenue table below.  

TSR Table

Compound annual growth rate of the Company's share price over the three year Performance Period	Extent to which Performance Condition is satisfied
Less than 10% per annum	0%
10% per annum (i.e. 33% over 3 years)	25%
Between 10% per annum and 17.5% per annum	On a straight line basis between 25% and 100%
17.5% per annum or above(i.e. 63% over three years)	100%

Revenue Table

Compound annual growth rate of the Company's revenue over the three year Performance Period	Extent to which Performance Condition is satisfied
Less than 15% per annum	0%
15% per annum (i.e. 52.1% over 3 years)	25%
Between 15% per annum and 24% per annum	On a straight line basis between 25% and 100%
24% per annum or above (i.e. 90.7% over three years)	100%

There will also be a performance underpin, such that the awards would only vest to the extent that the Remuneration Committee considers that the overall performance of the business across the period justifies it. The share price at the third anniversary of the grant date will also be averaged across the three month period immediately preceding the end of the performance period to avoid rewarding for short term spikes in performance. Clawback and malus provisions will apply to the awards.

The issued share capital of the Company is 76,767,971 ordinary shares of 50 pence each.

The Notification of Dealing Forms set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

Notification of Dealing Form

1.	Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA")
a)	Name	Dmitry Zamoryakhin
2.	Reason for the notification
a)	Position/status	Chief Medical Officer
b)	Initial notification/ amendment	Initial Notification
3.	Details of the Issuer
a)	Name	Oxford Biomedica plc
b)	LEI code	213800S1GVQNXQ15K851
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 Identification code	Ordinary Shares of 50 pence each ISIN: GB00BDFBVT43
b)	Nature of the transaction	Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan Plan. No consideration was paid for the grant of awards.
c)	Price(s) and volumes(s)	LTIP Award Price Volume Nil cost award 30,751
d)	Aggregated information -        Aggregate volume -        Price	Awards granted over 30,751 shares in total N/A
e)	Date of the transaction	09-12-2019
f)	Place of the transaction	Outside of trading venue

-Ends-

For further information, please contact:
Oxford Biomedica plc: Natalie Walter, Company Secretary	Tel: [phone]

About Oxford Biomedica

Oxford Biomedica (LSE:OXB) is a leading gene and cell therapy group focused on developing life changing treatments for serious diseases. Oxford Biomedica and its subsidiaries (the "Group") have built a sector leading lentiviral vector delivery platform (LentiVector^®), which the Group leverages to develop in vivo and ex vivo products both in-house and with partners. The Group has created a valuable proprietary portfolio of gene and cell therapy product candidates in the areas of oncology, ophthalmology and CNS disorders. The Group has also entered into a number of partnerships, including with Novartis, Sanofi, Axovant Gene Therapies, Orchard Therapeutics, Santen, Boehringer Ingelheim, the UK Cystic Fibrosis Gene Therapy Consortium and Imperial Innovations, through which it has long-term economic interests in other potential gene and cell therapy products. Oxford Biomedica is based across several locations in Oxfordshire, UK and employs more than 480 people. Further information is available at www.oxb.com

 

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