TIDMAGL
RNS Number : 3075S
Angle PLC
15 November 2021
For immediate release 15 November 2021
ANGLE plc ("the Company")
Issue of LTIP Options and Share Options and adjustment in
timescales for certain existing share options
ANGLE plc (AIM: AGL; OTCQX: ANPCY), a world-leading liquid
biopsy company, announces that, under the Remuneration Policy
approved by the shareholders at the Annual General Meeting on 30
June 2021 ("the Remuneration Policy"), the Remuneration Committee
has approved the grant under the Long-Term Incentive Plan (LTIP) of
options (the "LTIP Options") over a maximum of 3,000,000 ordinary
shares of GBP0.10 ("Ordinary Shares"), subject to the performance
conditions set out below, to the Company's executive directors.
Separately the Remuneration Committee has also approved the issue
of up to 4,942,500 share options under its existing share option
plans to staff (the "Staff Share Options") and , under the
discretion approved by the shareholders at the Annual General
Meeting on 30 June 2021 (Resolutions 4 and 5), approved the
adjustment in timescales to reflect COVID-19 related impacts in
relation to certain existing share options as set out below.
Following the issue of these options, the Company will have
outstanding options over a total of up to 32,406,146 Ordinary
Shares, representing approximately 12.1% of its issued and to be
issued share capital, which is within the Remuneration Policy
approved limit of up to 16%.
The exercise price for the Staff Share Options is GBP1.285 per
Ordinary Share, representing the Company's closing mid-market share
price on 12 November 2021, being the latest practicable date prior
to this announcement. The Staff Share Options are subject to
certain service and/or performance conditions over a three year
period.
The LTIP Options have performance conditions as set out below, a
performance period of three years and an additional holding period
of two years. Subject to the rules of the LTIP, awards will vest
only to the extent that the performance conditions have been met
during the performance period and the underlying shares may only be
traded once the holding period is completed. The LTIP Options
contain normal "good leaver", "bad leaver" and change of control
provisions, and malus and clawback provisions will apply under
certain circumstances.
The intention of the LTIP is to reward tangible increases in
shareholder value. The performance conditions for the LTIP Options
relate to the compound annual growth rate (CAGR) of the share price
over the three year performance period. As different levels of
performance are achieved the number of shares that vest increases
up to a maximum as set out below:
Allocation of LTIP options
-------------- ------------------------
Share price Multiple Proportion Andrew Newland Ian Griffiths Total
CAGR of share vesting
price
------------ ----------- --------------- -------------- ----------
< 20% < 1.73 0% 0 0 0
------------ ----------- --------------- -------------- ----------
> 20% > 1.73 20% 360,000 240,000 600,000
------------ ----------- --------------- -------------- ----------
> 25% > 1.95 50% 900,000 600,000 1,500,000
------------ ----------- --------------- -------------- ----------
> 30% > 2.20 100% 1,800,000 1,200,000 3,000,000
------------ ----------- --------------- -------------- ----------
The expiry date of share options expiring on 17 November 2021 is
extended to no later than 17 November 2022. Other than this change
in date, the performance conditions are unchanged. For share
options / LTIP awards issued on 20 December 2018, the performance
conditions remain unchanged but the timescales for their required
achievement is extended to no later than 20 December 2022. Other
than this change in date, the overall performance is unchanged. The
LTIP requirement for an overall five year period is unchanged. Full
details of the share options concerned are given in the Company's
Annual Report for the year ended 31 December 2020.
The non-executive directors of the Company do not hold share
options.
As at 12 November 2021, the Company has 234,942,051 Ordinary
Shares in issue.
The below notification made in accordance with the requirements
of the EU Market Abuse Regulation, provides further detail.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Newland
-------------------------------- ----------------------------------------
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 ANGLE plc
-------------------------------- ----------------------------------------
b) LEI 213800BY11K6W3NMS374
-------------------------------- ----------------------------------------
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 Options over Ordinary shares of GBP0.10
instrument, type of instrument each
Identification code
ISIN: GB0034330679
-------------------------------- ----------------------------------------
b) Nature of the transaction Grant of nil-cost LTIP options over
ordinary shares under the ANGLE plc
LTIP Scheme
-------------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil Up to 1,800,000 dependent
on performance
--------------------------
-------------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------------- ----------------------------------------
e) Date of the transaction 15 November 2021
-------------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- ----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ian Griffiths
-------------------------------- ----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Finance Director
-------------------------------- ----------------------------------------
b) Initial notification /Amendment Initial notification
-------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name ANGLE plc
-------------------------------- ----------------------------------------
b) LEI 213800BY11K6W3NMS374
-------------------------------- ----------------------------------------
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 Options over Ordinary shares of GBP0.10
instrument, type of instrument each
Identification code
ISIN: GB0034330679
-------------------------------- ----------------------------------------
b) Nature of the transaction Grant of nil-cost LTIP options over
ordinary shares under the ANGLE plc
LTIP Scheme
-------------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil Up to 1,200,000 dependent
on performance
--------------------------
-------------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------------- ----------------------------------------
e) Date of the transaction 15 November 2021
-------------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- ----------------------------------------
For further information ANGLE:
ANGLE plc +44 (0) 1483 343434
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
Andrew Holder, Head of Investor Relations
Berenberg (NOMAD and Joint Broker)
Toby Flaux, Jen Clarke, Milo Bonser,
Shiv Dave +44 (0) 20 3207 7800
Jefferies (Joint Broker)
Max Jones, Thomas Bective +44 (0) 20 7029 8000
FTI Consulting
Simon Conway, Ciara Martin +44 (0) 203 727 1000
Matthew Ventimiglia (US) +1 (212) 850 5624
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2015.
For Frequently Used Terms, please see the Company's website on
https://angleplc.com/investor-relations/glossary/
Notes for editors
About ANGLE plc www.angleplc.com
ANGLE is a world leading liquid biopsy company with
sample-to-answer solutions. ANGLE's proven patent protected
platforms include a circulating tumor cell (CTC) harvesting
technology and a downstream analysis system for cost effective,
highly multiplexed analysis of nucleic acids and proteins.
ANGLE's cell separation technology is called the Parsortix(R)
system, and it enables a liquid biopsy (a simple blood test) to be
used to provide the cells of interest to the user in a format
suitable for multiple types of downstream analyses. The system is
based on a microfluidic device that captures cells based on a
combination of their size and compressibility. The system is
epitope independent and can capture all types of CTCs as well as
CTC clusters in a viable form (alive). CTCs enable the complete
picture of a cancer to be seen; as being an intact cell they allow
DNA, RNA and protein analysis and may provide comparable analysis
to a tissue biopsy. Because CTC analysis is a non-invasive process,
unlike tissue biopsy, it can be repeated as often as needed. This
is important because cancer develops and changes over time and
there is a clear medical need for up-to-date information on the
status of a patient's tumor. In addition, the live CTCs harvested
by the Parsortix system can be cultured, which offers the potential
for testing tumor response to drugs outside the patient.
The Parsortix technology is the subject of 26 granted patents in
Europe, the United States, China, Australia, Canada, India, Japan
and Mexico with three extensive families of patents are being
progressed worldwide.
The Parsortix system has a CE Mark in Europe for the indicated
use and, in the United States, a De Novo Submission has been made
to FDA for the Parsortix(R) PC1 system seeking FDA clearance with
Class II Classification for use with metastatic breast cancer
patients. FDA clearance is seen as the global standard. ANGLE is
seeking to be the first ever FDA cleared system for harvesting CTCs
for subsequent analysis.
ANGLE has also completed two separate 200 subject clinical
studies under a program designed to develop an ovarian cancer
pelvic mass triage test, with the results showing best in class
accuracy (AUC-ROC) of 95.1%. The pelvic mass triage assay has
undergone further refinement and optimisation and a 200 patient
clinical verification study has now completed enrolment.
ANGLE's technology for the multiplex evaluation of proteins and
nucleic acids of all types is called the HyCEAD(TM) platform and is
based on a patented flow through array technology. It provides for
low cost, highly multiplexed, rapid and sensitive capture of
targets from a wide variety of sample types. A proprietary
chemistry approach (the HyCEAD method) allows for the capture and
amplification of over 100 biomarkers simultaneously in a single
reaction. The HyCEAD system is extremely sensitive and is ideal for
measuring gene expression and other markers directly from Parsortix
harvests and was used in the ovarian cancer pelvic mass triage test
to achieve best in class accuracy (AUC-ROC) of 95.1%.
ANGLE's proprietary technologies can be combined to provide
automated, sample-to-answer results in both centralised laboratory
and point-of-use cartridge formats.
ANGLE has established formal collaborations with world-class
cancer centres and major corporates such as Abbott, Philips and
QIAGEN, and works closely with leading CTC translational research
customers. These Key Opinion Leaders (KOLs) are working to identify
applications with medical utility (clear benefit to patients), and
to secure clinical data that demonstrates that utility in patient
studies. The body of evidence as to the benefits of the Parsortix
system is growing rapidly from our own clinical studies in
metastatic breast cancer and ovarian cancer and also from KOLs with
49 peer-reviewed publications and numerous publicly available
posters, available on our website.
ANGLE has established clinical services laboratories in the UK
and USA to accelerate commercialisation of the Parsortix system and
act as demonstrators to support product development. The
laboratories offer services to pharmaceutical and biotech customers
for use of Parsortix in cancer drug trials and, once the
laboratories are accredited and tests validated, will provide
Laboratory Developed Tests (LDTs) for patient management.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
DSHGPGBGGUPGGBC
(END) Dow Jones Newswires
November 15, 2021 02:00 ET (07:00 GMT)
Angle (LSE:AGL)
Historical Stock Chart
From Feb 2024 to Mar 2024
Angle (LSE:AGL)
Historical Stock Chart
From Mar 2023 to Mar 2024