Grant of Options

RNS Number : 3024B

Plant Health Care PLC

07 October 2020

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Plant Health Care plc

("Plant Health Care" or "the Company")

Grant of Options

Director/PDMR shareholding s

 
Plant Health Care, a leading provider of novel patent-protected biological products to global agriculturalmarkets,  announce s that on 6 October 2020 the Company awarded options to executive directors and   certain employees under the Company's 2017 Employee Share Option Plan (the ' Plan ').  

The Company has awarded 6.5m options with an exercise price of 1p per share under the Plan (representing 2.58% of the Company's current issued share capital) that vestupon the earlier of: (a) the date of a Change of Control; or (b) upon satisfaction ofthe Performance-Based Requirement and in addition, for United States employees, the Service-Based Requirement.

Performance-Based Requirement:

(i)  In respect of 70% of the options (rounded to the nearest whole number) no option may be exercised until the date on which the arithmetic mean closing price of the Company's shares over 30 consecutive trading dates after the date of grant has exceeded 15p per share; and

(ii)  In respect of the balance of the options, no options may be exercised until the date on which the arithmetic mean closing price of the Company'sshares over 30 consecutive trading days after the date of grant has exceeded 27p per share.  

Service-Based Requirement: for all United States employees no option shall be exercised before the two-year anniversary of the date of grant.

Those options that have not vested will expire after five years from the date of grant. All options are also fully convertible at the discretion of the Remuneration Committee of the Company.

Of the options granted, the following awards have been made to the executive directors, beingChris Richards, Jeffrey Hovey and Jeffrey Tweedy.

Name	Position	Number o f s hares s ubject t o t he Option
Christopher Richards	Chief Executive Officer	3,250,000
Jeffrey Hovey	Chief Financial Officer	1,181,818
Jeffrey Tweedy	Chief Operating Officer	1,181,818

Related Party Transactions

The award of the options to Chris Richards, Jeffrey Hovey and Jeffrey Tweedy , as set out above, constitute related party transactions pursuant to Rule 13 of the AIM Rules for Companies . The Independent Directors , being all Directors save for Chris Richards, Jeffrey Hovey and Jeffrey Tweedy , consider, having consulted with the Company's nominated adviser, Arden, that the award of the options to Chris Richards, Jeffrey Hovey and Jeffrey Tweedy are fair and reasonable insofar as the Company's shareholders are concerned.

Bill Lewis, Chair of the Remuneration Committee commented: 

"PHC's management is unusually well qualified and experienced, as is frequently remarked to us by channel partners and competitors alike. Our new options scheme, linked to a sustained increase in the share price over the next two years, is intended to align senior management incentives more closely to shareholder value."

Enquiries

Plant Health Care plc	[phone]
Chris Richards - CEO Jeffrey Hovey - Chief Financial Officer
Arden Partners plc - Nomad and Broker John Llewellyn-Lloyd / Dan Gee-Summons	[phone]

Company website: www.planthealthcare.com  

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Dr Christopher Richards
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	Plant Health Care plc
b)	LEI	213800KBQPJZ2FM8QH27
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 of 1p each GB00B 01JC540
b)	Nature of the transaction	Grant of 1p options u nder the 2017 Employee Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 3,250,000
d)	Aggregated information - Aggregated volume - Price	3,250,000 ordinary shares of 1p per share par value As above
e)	Date of the transaction	06.10. 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jeffrey Hovey
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	Plant Health Care plc
b)	LEI	213800KBQPJZ2FM8QH27
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 of 1p each GB00B 01JC540
b)	Nature of the transaction	Grant of 1p Options under the 2017 Employee Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 1,181,818
d)	Aggregated information - Aggregated volume - Price	1,181,818 ordinary shares of 1p per share par value As above
e)	Date of the transaction	06.10. 2020
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Jeffrey Tweedy
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Plant Health Care plc
b)	LEI	213800KBQPJZ2FM8QH27
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 of 1p each GB00B 01JC540
b)	Nature of the transaction	Grant of 1p options under the 2017 Employee Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 1,181,818
d)	Aggregated information - Aggregated volume - Price	1,181,818 ordinary shares of 1p per share par value As above
e)	Date of the transaction	06.10. 2020
f)	Place of the transaction	Outside a trading venue

 

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