Grant of Share Options

RNS Number : 5385L

Polarean Imaging PLC

20 April 2018

 

Polarean Imaging Plc 

("Polarean" or the "Company")

Grant of Share Options

Polarean Imaging plc (AIM: POLX), the medical-imaging technology company, with a proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, announces that following the Company's recent admission to trading on AIM ("Admission") and upon the recommendation of the Company's remuneration committee, it has formally allocated to certain of its directors, persons discharging managerial responsibilities ("PDMRs") and employees the options over a total of 9,619,200 ordinary shares of 0.00037p each in the Company ("Ordinary Shares") that were granted at Admission pursuant to Polarean's Pre-Admission Share Option Scheme dated 12 December 2017 (the "Options"). 

The exercise price for the Options is 15 pence being the price at which Polarean's Ordinary Shares were placed at Admission.  The Options will vest in equal portions on an annual basis on the anniversary of Admission, over a four year period from the date of Admission. The options term expires on 29 March 2028.

Options Granted to Directors and PDMRs

As per the table below, a total of 8,122,822 have been granted to Directors and PDMRs of Polarean:

Director	Position	Number of options granted
Richard Morgan	Non-Executive Chairman	534,400
Richard Hullihen	Chief Executive Officer	2,135,440
Ken West	Chief Operating Officer	1,646,018
Bastiaan Driehuys	Chief Technology Officer	534,400
Robert Bertoldi	Non-Executive Director	534,400
Juergen Laucht	Non-Executive Director	534,400
PDMR	Position	Number of options granted
William Patrick	Chief Financial Officer	734,588
Kiarash Emami	Vice President of Technology & Applications	734,588
Neil Wadehra	Vice President of Operations	734,588

Following the formal grant of Options referred to above, there are 24,469,061 outstanding options and warrants over Polarean's Ordinary Shares, representing 25% of the Company's Ordinary Shares and total voting rights on a fully diluted basis.

Issue of Equity

In addition, Polarean has issued a total of 2,772 new Ordinary Shares to holders of convertible loan notes ("CLNs") that were issued in December 2017, when the Group undertook a pre-Admission fundraise, in lieu of interest payable on the CLNs (the "CLN Interest Shares").

Application will be made for CLN Interest Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and this is expected to occur at 8.00 a.m. on 24 April 2018.

Following the admission of the CLN Interest Shares, the total number of voting rights in the Company will be 73,409,464 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

Polarean Imaging plc		www.polarean-ir.com
Richard Hullihen, Chief Executive Officer			Via Walbrook PR
Richard Morgan, Chairman
Northland Capital Partners Limited			Tel: [phone]
David Hignell / Gerry Beaney / Jamie Spotswood (Corporate Finance) John Howes / Rob Rees (Corporate Broking)
MC Services (European IR)			Tel: [phone]
Raimund Gabriel
The Life Sciences Division (Financial Adviser)
Navid Malik, Director			Mob: [phone]
Alia Minhas, CEO			Mob: [phone]
Walbrook PR	Tel: [phone] or [e-mail]
Paul McManus / Anna Dunphy Helen Cresswell	Mob: [phone] [phone]

About Polarean (www.polarean.com)

The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue generating, medical drug-device combination companies operating in the high resolution medical imaging market.

The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas (¹²⁹Xe) as an imaging agent to visualise ventilation and gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.

The Group operates in an area of significant unmet medical need and the Group's technology provides a novel diagnostic approach, offering a non-invasive and radiation-free functional imaging platform which is more accurate and less harmful to the patient than current methods. The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.

The Group also develops and manufactures high performance MRI radiofrequency (RF) coils which are a required component for imaging ¹²⁹Xe in the MRI system. The development of these coils by the Group facilitates the adoption of the Xenon technology by providing application-specific RF coils which optimise the imaging of ¹²⁹Xe in MRI equipment for use as a medical diagnostic as well as a method of monitoring the efficacy of therapeutic intervention.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Names	(i)           Richard Morgan (ii)          Richard Hullihen (iii)         Ken West (iv)         Bastiaan Driehuys (v)          Robert Bertoldi (vi)         Juergen Laucht (vii)        William Patrick (viii)      Kiarash Emami    (ix)         Neil Wadehra
2	Reason for the notification
a)	Position/status	(i)           Non-Executive Chairman (ii)          Chief Executive Officer (iii)         Chief Operating Officer (iv)         Chief Technical Officer (v)          Non-Executive Director (vi)         Non-Executive Director (vii)        Chief Financial Officer (viii)      Vice President of Technology & Applications (ix)         Vice President of Operations
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Polarean Imaging Plc ("Polarean")
b)	LEI	213800DGR2BHXJ36OL37
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	Options over Polarean's ordinary shares of £0.0037p each (the "Options")
b)	Identification code	GB00BF3DT583
c)	Nature of the transaction	Grant of Options
d)	Price and volumes	Exercise Price - 15p per Option Volume of Options: (i)           534,400 (ii)          2,135,440 (iii)         1,646,018 (iv)         534,400 (v)          534,400 (vi)         534,400 (vii)        734,588 (viii)      734,588 (ix)         734,588
d)	Aggregated information  - Aggregated volume - Price	Volume: 9,619,200 Options  Price: Each Option has an exercise price of 15p
e)	Date of the transaction	17 April 2018
f)	Place of the transaction	London Stock Exchange, AIM Market

 

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