Grant of Share Options

Intelligent Ultrasound Group PLC

22 December 2023

 

Intelligent Ultrasound Group plc

("the Company")

Grant of Share Options

Intelligent Ultrasound Group plc (AIM: IUG), the ultrasound artificial intelligence (AI) software and simulation company, announces the grant of 2,649,015 share options to the Directors and 6,800,332 share options to other management and employees (together the "options") on 21 December 2023 at a price of 9.6 pence per share, representing the closing mid-market price on 20 December 2023, the date of approval by the Remuneration Committee.

Individual Director option grants

Director	New grant	Type
Stuart Gall	530,428	EMI
Stuart Gall	501,322	Non-EMI
Nicholas Sleep	450,297	Non-EMI
Nicholas Sleep	530,428	EMI
Helen Jones	334,409	Non-EMI
Helen Jones	302,131	EMI

Following the option grants above, the Directors hold the total number of share options as shown below:

Director	Number of options held
Stuart Gall	4,880,048
Nicholas Sleep	3,879,436
Helen Jones	2,298,806
	11,058,490
% of share capital on fully diluted basis	3.1%

Vesting criteria for all options

The share options vest equally over three years i.e. one third on the first, second and third anniversary of issue, subject to the grantee's continued service with the Group and will remain exercisable at any point up until the tenth anniversary of the date of grant.

Number of shares in respect of which the Option shall vest

1/3 vest after 12 months

1/3 vest after a further 12 months

1/3 vest after a further 12 months

Management and employee options

A total of 6,800,332 options have been issued to other management and employees. These option grants are under the Company's EMI scheme where the individual and the grant meets EMI criteria. Grants which do not qualify are under the same rules as the EMI scheme but will not benefit from EMI tax status.

The notification in Appendix 1 to this announcement, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

For further information, please contact:

Intelligent Ultrasound Group plc	www.intelligentultrasound.com
Stuart Gall, CEO	Tel: [phone]
Helen Jones, CFO
Cavendish Capital Markets Limited - Nominated Adviser and Broker
Giles Balleny/Dan Hodkinson (Corporate Finance)	Tel:  [phone]
Michael Johnson/Julian Morse (Sales)  Nigel Birks (ECM)
TB Cardew - PR Advisors Ed Orlebar	[e-mail] Tel: [phone]
Allison Connolly	Tel: [phone]
Emma Pascoe-Watson	Tel: [phone]

About Intelligent Ultrasound Group

Intelligent Ultrasound (AIM: IUG) is one of the world's leading 'classroom to clinic' ultrasound companies, specialising in real-time hi-fidelity virtual reality simulation for the ultrasound training market ('classroom') and artificial intelligence-based clinical image analysis software tools for the diagnostic medical ultrasound market ('clinic'). Based in Cardiff in the UK and Atlanta in the US, the Group has two revenue streams:

Simulation

Real-time hi-fidelity ultrasound education and training through simulation.  Our main products are the ScanTrainer obstetrics and gynaecology training simulator, the HeartWorks echocardiography training simulator, the BodyWorks Eve Point of Care and Emergency Medicine training simulator with Covid-19 module and the new BabyWorks Neonate and Paediatric training simulator. To date over 1,500 simulators have been sold to over 750 medical institutions around the world.

Clinical AI software

Deep learning-based algorithms to make ultrasound machines smarter and more accessible using our proprietary ScanNav ultrasound image analysis technology. Current products on the market utilising this technology are GE Healthcare's SonoLyst software that is incorporated in their Voluson Expert 22 and SWIFT ultrasound machines; ScanNav Anatomy PNB that simplifies ultrasound-guided needling by providing the user with real-time AI-based anatomy highlighting for a range of medical procedures; and NeedleTrainer that teaches real-time ultrasound-guided needling and incorporates ScanNav Anatomy PNB. 

www.intelligentultrasound.com

NOTE: ScanNav Anatomy PNB is CE approved and cleared for sale in the US by the FDA, but is not available for sale in any other territory requiring government approval for this type of product.

Appendix 1

The Company makes the following disclosures in accordance with article 19(3) of the Market Abuse Regulation:

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Stuart Gall
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)	Full name of the entity	Intelligent Ultrasound Group plc
b)	Legal entity identifier code	213800K4ZVWL4ZYQAZ70
4	Details of the transaction(s)
a)	Description of the financial instrument, type of instrument	Options over ordinary shares in Intelligent Ultrasound Group plc with a nominal value of 1 pence each
b)	Identification Code	ISIN: GB00BN791Q39
c)	Nature of the transaction	Grant of options over Ordinary Shares
d)	Currency	GBP - British pound
e)	Price(s) and Volume(s)	Price - 9.6 pence Volume - 1,031,750
f)	Aggregated information -       Price -       Volume -       Total	N/A
g)	Date of transaction	21 December 2023
h)	Place of transaction	Off market

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nicholas Sleep
2	Reason for the notification
a)	Position/status	Chief Technical Officer
b)	Initial notification/amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Full name of the entity	Intelligent Ultrasound Group plc
b)	Legal entity identifier code	213800K4ZVWL4ZYQAZ70
4	Details of the transaction(s)
a)	Description of the financial instrument, type of instrument	Options over ordinary shares in Intelligent Ultrasound Group plc with a nominal value of 1 pence each
b)	Identification Code	ISIN: GB00BN791Q39
c)	Nature of the transaction	Grant of options over Ordinary Shares
d)	Currency	GBP - British pound
e)	Price(s) and Volume(s)	Price - 9.6 pence Volume - 980,725
f)	Aggregated information -       Price -       Volume -       Total	N/A
g)	Date of transaction	21 December 2023
h)	Place of transaction	Off market

NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Helen Jones
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)	Full name of the entity	Intelligent Ultrasound Group plc
b)	Legal entity identifier code	213800K4ZVWL4ZYQAZ70
4	Details of the transaction(s)
a)	Description of the financial instrument, type of instrument	Options over ordinary shares in Intelligent Ultrasound Group plc with a nominal value of 1 pence each
b)	Identification Code	ISIN: GB00BN791Q39
c)	Nature of the transaction	Grant of options over Ordinary Shares
d)	Currency	GBP - British pound
e)	Price(s) and Volume(s)	Price - 9.6 pence Volume - 636,540
f)	Aggregated information -       Price -       Volume -       Total	N/A
g)	Date of transaction	21 December 2023
h)	Place of transaction	Off market

 

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