Angle PLC Issue of Share Options (5245W)
10 November 2014 - 6:01PM
UK Regulatory
TIDMAGL
RNS Number : 5245W
Angle PLC
10 November 2014
For immediate release 10 November 2014
ANGLE plc
("ANGLE" or the "Company")
ISSUE OF SHARE OPTIONS
ANGLE plc (AIM: AGL; OTCQX: ANPCY), the specialist medtech
company, announces that, as described in the Remuneration Report of
the Company's 2014 Annual Report, it has finalised share option
arrangements to take the place of the Proceeds of Realised
Investments Bonus Plan ("the PORI").
The PORI, which has been in operation since 1 May 2010,
allocated 10% of all cash realisations to a bonus pool for
executive directors and staff. The Company has changed
significantly since 2010 and is now a specialist medtech operating
company. Consequently the Remuneration Committee determined that
the PORI is no longer appropriate and has decided to replace it
with a standard share option scheme.
In relation to closure of the PORI, the Remuneration Committee
has approved the issue of 1,500,000 share options to the Company's
executive directors. The Remuneration Committee has also approved
the issue of 1,000,000 share options to certain new and existing
staff. Following the issue of the new share options, the Company
will have outstanding options over a total of 6,906,000 ordinary
shares being 12.8% of the issued and to be issued share capital.
This leaves c. 1,700,000 options unallocated within the approved
limit of up to 16% of the issued and to be issued share capital
from time to time.
The exercise price for the new share options is set at the
current mid market price of 86.25 pence per share and the options
are subject to service and/or performance conditions.
The new share options granted to the executive directors have a
term of ten years and are, subject to a performance condition that
the target share price has been attained, exercisable after five
years or on the sale of Parsortix, whichever is the earlier event.
Each quarter of the allocation will have a target share price of
GBP2.00, GBP2.25, GBP2.50 and GBP2.75 respectively. The
Remuneration Committee will, from time to time, consider the issue
of further share options as long as they remain within the 16%
option pool limit. To the extent these are issued to the executive
directors, they will be subject to the performance condition that
the share price has risen by at least 50% from the share price when
the option is issued.
Following the issue of the new share options, the total number
of share options held by the executive directors of the Company
will be:
Options Before issue After issue Increase
Andrew Newland, Chief Executive 1,950,000 2,950,000 1,000,000
Ian Griffiths, Finance Director 1,000,000 1,500,000 500,000
The non-executive directors do not hold share options.
ANGLE Chairman, Garth Selvey, commented:
"The new remuneration structure reflects the changed
circumstances of the business and is now conventional for a
business of this type providing very real incentives for the
executive and management team. At the same time, bonus amounts and
option numbers are capped and provision also exists for executive
bonus payments to be discharged in the form of share options within
those limits. This ensures that the Company is focused on achieving
its goals and investors, both existing and new, have clear
information on which to base their decision processes."
For further information:
ANGLE plc 01483 685830
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Cenkos Securities
Stephen Keys, Dr Christopher Golden
(Nominated adviser)
Andy Roberts, Christian Hobart (Sales) 020 7397 8900
Buchanan
Mark Court, Sophie Cowles 020 7466 5000
This information is provided by RNS
The company news service from the London Stock Exchange
END
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