Awards made under Performance Share Plan

RNS Number : 7763L

e-Therapeutics plc

09 July 2014

 



e-Therapeutics plc ("e-Therapeutics" or the "Company")

Awards made under the e-Therapeutics Performance Share Plan 2013 
(the "Performance Share Plan")

Oxford and Newcastle, UK, 9 July 2014 - e-Therapeutics (AIM:ETX) announces that various awards were made to Directors and other employees on 8 July 2014 under the Performance Share Plan, as set out in the tables below.  All awards (which are either basic or supplementary awards) take the form of options to acquire, at par, ordinary shares of 0.1p each ("Shares"), with vesting subject to certain performance criteria.  

Vesting of all awards under the Performance Share Plan is based on the extent to which the average closing share price of a Share during the 20 dealing days ending on the third anniversary of the Effective Date (as set out below) or, in the event of an earlier change of control of the Company, the price offered by the party acquiring control of the Company (in each case the "Closing Price"), exceeds the average closing share price of a Share during the 20 dealing days prior to the Effective Date (the "Opening Price").  Vested awards may only be exercised on or after the earlier of (a) the third anniversary of the making of the awards (i.e. 8 July 2017) and (b) a change of control of the Company.

For basic awards, 25% of Shares the subject of awards will vest if the Closing Price exceeds the Opening Price by 25%, and vesting will increase pro-rata up to 100% of the award where the Closing Price exceeds the Opening Price by 100% or more.  For supplementary awards, vesting will occur only if the Closing Price exceeds the Opening Price by 150% or more.

The third table below indicates the relevant Closing Prices.

Directors' Awards:

Name of Director	Effective Date (for performance measures)						Total Number
	17 October 2013		7 April 2014		24 June 2014		(as % of Issued Share Capital)
	Basic Award	Supplementary Award	Basic Award	Supplementary  Award	Basic Award	Supplementary Award	Total Options after this grant	Total Shares held
Malcolm Young	0	0	0	0	627,272	627,272	1,938,934 (0.73%)	20,644,958 (7.82%)
Stephen Self	310,000	310,000	0	0	363,636	363,636	2,756,432* (1.04%)	273,577 (0.10%)
Steve Medlicott	0	0	250,000	250,000	272,727	272,727	1,045,454 (0.40%)	100,000 (0.04%)

* includes an interest in 113,049 options in issue held by Mr Self's wife, who is an employee of the Company.

Awards to Other Employees:

Effective Date
17 October 2013		24 June 2014
Basic Award	Supplementary Award	Basic Award	Supplementary Award
654,763	327,375	819,128	409,558

As at the date of this announcement, and following the above, there are outstanding options, awards and warrants over 10,914,757 Shares, amounting to approximately 3.50% of the Company's current issued share capital.

Opening Prices and Closing Prices for vesting against performance criteria:

Effective Date	Opening Price	Basic award		Supplementary award
		Closing Price exceeds Opening Price by 25%	Closing Price exceeds Opening Price by 100%	Closing Price exceeds Opening Price by 150%
17 October 2013	32.2875 pence	40.359375 pence	64.75 pence	80.71875 pence
7 April 2014	21.8375 pence	27.296875 pence	43.765 pence	54.59375 pence
24 June 2014	28.075 pence	35.09375 pence	56.15 pence	70.1875 pence

-Ends-

Contacts:

e-Therapeutics plc

Steve Medlicott, Finance Director

Tel: [phone]

www.etherapeutics.co.uk 

N+1 Singer

Aubrey Powell / Jen Boorer

Tel: [phone]

www.n1singer.com 

Instinctif Partners

Melanie Toyne-Sewell / Emma Barlow

Tel: [phone]

Email: [e-mail]

About e-Therapeutics plc

e-Therapeutics is an AIM-quoted drug discovery and development company with a proprietary platform in network pharmacology, an innovative new approach to drug discovery based on advances in network science and chemical biology. The Company's discovery and development activity is currently focused in cancer and disorders of the nervous system.

e-Therapeutics is based at sites in Oxford and Newcastle, UK. For more information about the Company, please visit www.etherapeutics.co.uk.

 

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