Grant of Options

RNS Number : 1893G

Plant Health Care PLC

23 July 2021

 

The information communicated in this announcement contains inside information for the purposes of Article 7 of Regulation 596/2014.

Plant Health Care plc

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

Grant of Options

Director/PDMR shareholding s

 
Plant Health Care, a leading provider of novel patent-protected biological products to global agriculturalmarkets,  announce s that on 23 July 2021  the Company awarded options to executive directors and   certain employees under the Company's 2017 Employee Share Option Plan (the ' Plan ').  

The Company has awarded 6millionoptions with an exercise price of 1p per share under the Plan (representing 1.98% of the Company's current issued share capital) that vestupon the earlier of: (a) the date of a Change of Control; or (b) upon satisfaction ofthe Performance-Based Requirement and in addition, for United States employees, the Service-Based Requirement.

Performance-Based Requirement:

(i)  In respect of 70% of the options (rounded to the nearest whole number) no option may be exercised until the date on which the arithmetic mean closing price of the Company's shares over 30 consecutive trading dates after the date of grant has exceeded 22p per share; and

(ii)  In respect of the balance of the options, no options may be exercised until the date on which the arithmetic mean closing price of the Company'sshares over 30 consecutive trading days after the date of grant has exceeded 33p per share.  

Service-Based Requirement: for all United States employees no option shall be exercised before the two-year anniversary of the date of grant.

The options will expire after five years from the date of grant. The vesting criteria of the options can be modified at the discretion of the Remuneration Committee of the Company.

Of the options granted, the following awards have been made to the executive directors, beingChris Richards, Jeffrey Hovey and Jeffrey Tweedy.

Name	Position	Number o f s hares s ubject t o t he Option
Christopher Richards	Chief Executive Officer	3,000,000
Jeffrey Hovey	Chief Financial Officer	700,000
Jeffrey Tweedy	Chief Operating Officer	1,000,000

Related Party Transactions

The award of the options to Chris Richards, Jeffrey Hovey and Jeffrey Tweedy , as set out above, constitute related party transactions pursuant to Rule 13 of the AIM Rules for Companies . The i ndependent d irectors , being all Directors save for Chris Richards, Jeffrey Hovey and Jeffrey Tweedy , consider, having consulted with the Company's nominated adviser, Arden, that the award of the options to Chris Richards, Jeffrey Hovey and Jeffrey Tweedy are fair and reasonable insofar as the Company's shareholders are concerned.

Bill Lewis, Chair of the Remuneration Committee, commented: 

" The annual award of options to Management are, as in previous years, linked to a sustained share price which seeks to continue to align the incentives of senior management to shareholder value ."

Enquiries

Plant Health Care plc
Chris Richards - CEO Jeffrey Hovey - Chief Financial Officer	[phone]
Arden Partners plc - Nomad and Broker John Llewellyn-Lloyd / Antonio Bossi	[phone]

Company website: www.planthealthcare.com  

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

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 Identification code	Options over Ordinary Shares of 1p each GB00B 01JC540
b)	Nature of the transaction	Grant of 1p options u nder the 2017 Employee Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 3,000,000
d)	Aggregated information - Aggregated volume - Price	3,000,000 ordinary shares of 1p per share par value As above
e)	Date of the transaction	23 July 2021
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	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 Identification code	Options over Ordinary Shares of 1p each GB00B 01JC540
b)	Nature of the transaction	Grant of 1p Options under the 2017 Employee Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 700,000
d)	Aggregated information - Aggregated volume - Price	700,000 ordinary shares of 1p per share par value As above
e)	Date of the transaction	23 July 2021
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	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 Identification code	Options over Ordinary Shares of 1p each GB00B 01JC540
b)	Nature of the transaction	Grant of 1p options under the 2017 Employee Share Option Plan
c)	Price(s) and volume(s)	Price(s) Volume(s) 1p 1,000,000
d)	Aggregated information - Aggregated volume - Price	1,000,000 ordinary shares of 1p per share par value As above
e)	Date of the transaction	23 July 2021
f)	Place of the transaction	Outside a trading venue

 

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