Grant of Options

RNS Number : 0036R

Plant Health Care PLC

25 June 2020

 

25 June 2020

Plant Health Care plc

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

Grant of options in Lieu of Cash bonus

Plant Health Care®, a leading provider of novel patent-protected biological products to global agriculture markets, is pleased to announce an options grant to two Executive Directors on 24 June 2020. In line with previous years, these Directors alongside other senior management of the Company have agreed to receive 50% of their potential 2020 bonus in the form of stock options (the "Bonus Scheme"). As part of the Bonus Scheme, options over a total of 853,659 ordinary shares of 1p each were granted to Jeffrey Tweedy and Jeffrey Hovey, Executive Directors of the Company.  This is required to now be announced due to Jeffery Hovey and Jeffrey Tweedy being appointed to the Board on 1 November 2019.

The Company aims to reduce cash burn as much as possible to shorten the runway to cash break even, and the Bonus Scheme will help reduce the cash burn of the Company significantly over the next twelve months.

The options will be issued under the 2017 Employee Share Option Plan and were made in accordance with the terms of a share option agreement approved by the Company's Remuneration Committee, under which the options have an exercise price of £0.10, have a 10-year life and are subject to performance conditions. These awards will only vest if the Company achieves a certain financial result and if, in addition, specific annual objectives are met as a result the final awards under the Bonus Scheme to the Directors may be less.

Plant Health Care plc Chris Richards - CEO Jeffrey Hovey - Chief Financial Officer						[phone]
Arden Partners plc John Llewellyn-Lloyd / Dan Gee-Summons						[phone]
	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
					10.0p	325,203
	d)	Aggregated information: · Aggregated volume · Price			325,203 As above
	e)	Date of the transaction			24 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
		10.0p	528,455
d)	Aggregated information: · Aggregated volume · Price	528,455 As above
e)	Date of the transaction	24 June 2020
f)	Place of the transaction	Outside a trading venue

 

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