Grant of options

RNS Number : 3227P

Plant Health Care PLC

09 June 2020

 

9 June 2020

Plant Health Care plc

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

Grant of options

Plant Health Care®, a leading provider of novel patent-protected biological products to global agriculture markets, is pleased to announce changes to the long-term incentive package of key employees.

The Company's Remuneration Committee aims to incentivise and motivate key employees, to align interests with shareholders.  The Committee has reviewed existing long-term incentives and believes that they do not adequately achieve that aim.  The Committee has therefore decided that directors should be invited to surrender Options which have an exercise price of 20p or above per share and replace them with new options with an exercise price of 10p per share.  The new options are offered at the ratio of 80 shares in the Company under option for every 100 shares in the Company under option being surrendered. 

The Board has therefore agreed to accept the surrender of options over 7,695,733 ordinary shares of 1p in the Company (the "Existing Options") by certain directors, being Dr Christopher Richards, Chief Executive Officer, Dr Richard Webb, Non-executive Chairman, Jeffrey Hovey, Chief Financial Officer, and Jeffrey Tweedy, Chief Operating Officer.  These Existing Options, which have a weighted average exercise price of 29p, will be replaced by options over 6,156,586 ordinary shares of 1p (the "New Options"). The option grants have been made under the Plant Health Care plc 2017 Employee Share Option Plan and Plant Health Care plc 2017 Non-Employee Share Option Plan as appropriate.  The New Options have an exercise price of 10p per share and a 5-year life.

The table provides additional details:

			Existing Options surrendered (number of shares in the Company under option)						New Options (number of shares in the Company under option)
Name of Director			2004 Share Option Scheme	2015 Employee Share Plan		2017 Employee Share Plan			2017 Employee/Non-Employee Share Plan (as appropriate)
Christopher Richards			-	-		3,363,777			2,691,022
Richard Webb			128,205	-		1,945,522			1,658,981
Jeffrey Hovey			-	295,646		733,224			823,096
Jeffrey Tweedy			-	-		1,229,359			983,487
Plant Health Care plc Chris Richards - CEO Jeffrey Hovey - Chief Financial Officer						[phone]
Arden Partners plc - Nomad and Broker John Llewellyn-Lloyd / Dan Gee-Summons Company website: www.planthealthcare.com						[phone]
	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			Ordinary Shares of 1p each
		Identification code			GB00B01JC540
	b)	Nature of the transaction			Grant of options
	c)	Price(s) and volume(s)			Price	Volume
					10p	2,691,022
	d)	Aggregated information: · Aggregated volume · Price			2,691,022 As above
	e)	Date of the transaction			8 June 2020
	f)	Place of the transaction			Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Dr Richard Webb
2.	Reason for the Notification
a)	Position/status	Non-executive Chairman
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	Ordinary Shares of 1p each
	Identification code	GB00B01JC540
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price	Volume
		10p	1,658,981
d)	Aggregated information: · Aggregated volume · Price	1,658,981 As above
e)	Date of the transaction	8 June 2020
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mr 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	Ordinary Shares of 1p each
	Identification code	GB00B01JC540
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price	Volume
		10p	823,096
d)	Aggregated information: · Aggregated volume · Price	823,096 As above
e)	Date of the transaction	8 June 2020
f)	Place of the transaction	Outside a trading venue

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mr 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	Ordinary Shares of 1p each
	Identification code	GB00B01JC540
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price	Volume
		10p	983,487
d)	Aggregated information: · Aggregated volume · Price	983,487 As above
e)	Date of the transaction	8 June 2020
f)	Place of the transaction	Outside a trading venue

 

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