Share Options

RNS Number : 4112S

Angle PLC

21 November 2011

 



For immediate release

21 November 2011

ANGLE plc ("the Company")

Share Options

Following the success in validating the Parsortix separation device for the capture of both breast cancer and prostate cancer cells added to healthy blood, the Board believes there is a major opportunity in cancer diagnostics. 

To drive the future growth in the business, the Remuneration Committee has approved the issue of additional share options to the Company's executive directors and staff involved in Parsortix.  The executive directors have also formalised their previous waiver of salaries and agreed a reduction in their salaries. 

Following the issue of 1,910,000 new share options, the Company now has outstanding options issued to staff and directors over a total of 3,766,000 ordinary shares being 10.4% of the shares currently in issue.  There are also 271,587 share options outstanding to former staff.

The exercise price for the new share options is set at the current mid market price of 75.5 pence per share.  Vesting of the share options will be subject to the following performance conditions that:

(1) the Company's share price must have increased to £2 before any of the new share options vest; and

(2) the Parsortix separation device must have been demonstrated to successfully capture circulating tumour cells (CTCs) from cancer patient blood before any of the new share options vest.

Subject to the above conditions being satisfied, the share options will vest over a three year period and expire ten years after issue. 

Following the new issue of share options, the total number of share options held by the directors and senior management of the Company are:

Options (% issued)                           Before issue          After issue            Increase

Andrew Newland, Chief Executive       950,000 (2.6%)   1,950,000 (5.4%)   1,000,000 (2.8%)

Ian Griffiths, Finance Director             500,000 (1.4%)   1,000,000 (2.8%)     500,000 (1.4%)

Shane Booth, Parsortix CEO              250,000 (0.7%)     600,000 (1.7%)      350,000 (1.0%)

The non-executive directors do not hold share options.

ANGLE Chairman, Garth Selvey, commented:

"The new options incentivise the management team to drive forward the business both in terms of share price and key business milestones aligning the management's interests with shareholders."

For further information:

ANGLE plc	01483 685830
Garth Selvey, Chairman Andrew Newland, Chief Executive Ian Griffiths, Finance Director
Cenkos Securities Stephen Keys, Adrian Hargrave (Nominated adviser) Andy Roberts (Sales)	020 7397 8900
Buchanan Lisa Baderoon, Catherine Breen	020 7466 5000
Scott Harris Stephen Scott, James O'Shaughnessy, Harry Dee	0207 653 0030

 

END

 

 

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