TIDMBIOM
RNS Number : 9978Z
Biome Technologies PLC
21 December 2017
The information contained within this announcement is deemed by
the Company to constitute inside information as stipulated under
the Market Abuse Regulation (EU) No. 596/2014 ("MAR")
21 December 2017
Biome Technologies plc
("Biome", "the Company" or "the Group")
New Long Term Incentive Plan (the "2017 LTIP") and Notification
of awards under the 2017 LTIP
Notification of transactions by directors/persons discharging
managerial responsibilities
The Company announces that it has set up a new long-term
incentive plan for its employees to replace the expired 2014 EMI
Share Option Plan. This plan is intended to align Biome's
shareholder and management interests over the next four years and
to the maximum extent possible these have been issued as Enterprise
Management Incentive (EMI) options.
The Company further announces that on 20 December 2017, the
Company granted the following share options under the 2017
LTIP:
Name of Individual Maximum number of Exercise price per
shares under option share
------------------------- ---------------------- ---------------------
Paul Mines (Director) 148,150 215 pence
------------------------- ---------------------- ---------------------
Declan Brown (Director) 69,136 215 pence
------------------------- ---------------------- ---------------------
Other Employees 88,890 215 pence
------------------------- ---------------------- ---------------------
Total 306,176
------------------------- ---------------------- ---------------------
The total number of share options available to vest are
restricted by criteria of both time and performance allowing for
the creation of a "value pool" that may become available to
participants.
The time criterion restricts the value pool as per the following
vesting profile:
-- 10 December 2018 40% of the value pool
-- 10 June 2019 50% of the value pool (less any amounts awarded
under previous vestings)
-- 10 December 2019 60% of the value pool (less any amounts
awarded under previous vestings)
-- 10 June 2020 70% of the value pool (less any amounts awarded
under previous vestings)
-- 10 December 2020 80% of the value pool (less any amounts
awarded under previous vestings)
-- 10 June 2021 90% of the value pool (less any amounts awarded
under previous vestings)
-- 10 December 2021 100% of the value pool (less any amounts
awarded under previous vestings)
The performance criterion is designed to reward sustainable
increases in the share price and is calculated as follows.
The total number of ordinary shares in respect of which options
may be exercised will be determined by reference to the market
value of the Group's shares on the vesting dates listed above. If
the Company's average closing share price, taken over a 56 day
period commencing 63 days before the relevant vesting date, exceeds
250p a value pool equal to a percentage of the Company's actual
market capitalisation in excess of the market capitalisation as of
19 December 2017 based on a closing share price of 215p price will
be created using the following mechanism:
-- above 215p (up to and including 250p) the value pool percentage will be 13.2%
-- above 250p (up to and including 500p) the additional value pool percentage will be 14.9%
-- above 500p (up to and including 700p) the additional value pool percentage will be 19.9%
-- above 700p (up to and including 800p) the additional value pool percentage will be 16.6%
-- above 800p the additional value pool percentage will be 9.9%
95% of this value pool will be used to derive the proportion of
share options that vest for each 2017 LTIP plan participant,
subject to the individual maximums described above.
By way of example, assuming a 56 day average closing share
price, as described above, before the first and second vesting
dates of 400p, this would have resulted in an increase in the
market capitalisation of the Company of GBP4,342,942 over a market
capitalisation based on the 215p share price. Under this scenario
the number of share options capable of exercise would be as
follows:
-- First vesting
o The LTIP value pool would be GBP633,130, being the sum of (i)
the increase in market capitalisation of the Company from GBP2.15
per share to GBP2.50 per share at a valuation pool percentage of
13.2% giving a value of GBP108,456; and (ii) the increase in market
capitalisation of the Company from GBP2.50 per share to GBP4.00 per
share at a valuation pool percentage of 14.9% giving a value of
GBP524,674.
o 95% of this value pool is used to derive the value to be
distributed to the participants, in this example GBP601,473.
o On the first vesting date, the value of share options which
are capable of vesting is 40% of this figure, which in this example
is GBP240,589.
o The number of shares options capable of vesting is 130,048,
being GBP240,589 divided by GBP1.85 (the GBP4.00 per share market
value assumed in this example, less the GBP2.15 per share exercise
price).
-- Second vesting
o The value pool as per the above is GBP633,130.
o 95% of this value pool is used to derive the value to be
distributed to the participants, in this example GBP601,473.
o On the second vesting date, the value of share options which
are capable of vesting is 50% of this figure, which in this example
is GBP300,736.
o The number of share options capable of vesting is 162,560,
being GBP300,736 divided by GBP1.85 (the GBP4.00 per share market
value assumed in this example, less the GBP2.15 per share exercise
price).
o The number of shares previously vested, in this example
130,048 shares, is then deducted from the number of shares capable
of vesting, being 162,560, to give 32,512 shares options capable of
vesting on the second vesting date
All vested share options must be exercised by 19 December 2022
under the rules of the plan.
In addition, on 20 December 2017 the Company granted an award to
John Standen, non-executive Chairman, subject to the 2017 LTIP
performance conditions described above. If these performance
conditions are met, John Standen will be paid a cash sum equal to
5% of the value pool created on the same basis that value can be
made available under the 2017 LTIP. This award may, if the board of
directors of the Company see fit, be settled in shares instead of
cash. This award replaces the award made on 6 May 2014 which has
expired.
The FCA notification, made in accordance with the requirements
of the EU Market Abuse Regulation is appended below and gives
further details on the option grants for directors and persons
discharging managerial responsibilities (PDMRs).
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1 Details of the person discharging managerial responsibilities
/ person closely associated
--- ------------------------------------------------------------------------------
a) Name Paul Mines
--- -------------------------------- --------------------------------------------
2 Reason for the notification
--- ------------------------------------------------------------------------------
a) Position/status Director - 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 Biome Technologies plc
--- -------------------------------- --------------------------------------------
b) LEI 213800B9QI14B12TAO51
--- -------------------------------- --------------------------------------------
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 Ordinary shares of 5p in Biome Technologies
instrument, type of instrument plc. Identification code (ISIN)
Identification code for Biome Technologies plc ordinary
shares: GB00B9Z1M820
--- -------------------------------- --------------------------------------------
b) Nature of the transaction Grant of option over ordinary shares
of 5p in Biome Technologies plc,
pursuant to the company's 2017 Long
Term Incentive Plan
--- -------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------------
215 pence Option to
acquire a
maximum of
148,150 shares
---------- ----------------
--- -------------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume Single transaction as in 4 c) above.
- Price An option to acquire a maximum of
148,150 shares in Biome Technologies
plc at 215 pence per share was granted
pursuant to the company's 2017 Long
Term Incentive Plan.
--- -------------------------------- --------------------------------------------
e) Date of the transaction 20 December 2017
--- -------------------------------- --------------------------------------------
f) Place of the transaction Outside of trading venue
--- -------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
--- ------------------------------------------------------------------------------
a) Name Declan Brown
--- -------------------------------- --------------------------------------------
2 Reason for the notification
--- ------------------------------------------------------------------------------
a) Position/status Director - Group 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 Biome Technologies plc
--- -------------------------------- --------------------------------------------
b) LEI 213800B9QI14B12TAO51
--- -------------------------------- --------------------------------------------
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 Ordinary shares of 5p in Biome Technologies
instrument, type of instrument plc. Identification code (ISIN)
Identification code for Biome Technologies plc ordinary
shares: GB00B9Z1M820
--- -------------------------------- --------------------------------------------
b) Nature of the transaction Grant of option over ordinary shares
of 5p in Biome Technologies plc,
pursuant to the company's 2017 Long
Term Incentive Plan
--- -------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ---------------
215 pence Option to
acquire a
maximum of
69,136 shares
---------- ---------------
--- -------------------------------- --------------------------------------------
d) Aggregated information
- Aggregated volume Single transaction as in 4 c) above.
- Price An option to acquire a maximum of
69,136 shares in Biome Technologies
plc at 215 pence per share was granted
pursuant to the company's 2017 Long
Term Incentive Plan.
--- -------------------------------- --------------------------------------------
e) Date of the transaction 20 December 2017
--- -------------------------------- --------------------------------------------
f) Place of the transaction Outside of trading venue
--- -------------------------------- --------------------------------------------
-Ends-
For further information please contact: Biome
Technologies plc
Donna Simpson-Strange, Company Secretary
www.biometechnologiesplc.com Tel: +44 (0) 2380 867
100
Allenby Capital
David Hart/Alex Brearley (Nominated Adviser)
Chris Crawford/Kelly Gardiner (Broker)
www.allenbycapital.com Tel: +44 (0) 20 3328
5656
This information is provided by RNS
The company news service from the London Stock Exchange
END
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