TIDMPOLX
RNS Number : 5385L
Polarean Imaging PLC
20 April 2018
Polarean Imaging Plc
("Polarean" or the "Company")
Grant of Share Options
Polarean Imaging plc (AIM: POLX), the medical-imaging technology
company, with a proprietary drug-device combination product for the
magnetic resonance imaging (MRI) market, announces that following
the Company's recent admission to trading on AIM ("Admission") and
upon the recommendation of the Company's remuneration committee, it
has formally allocated to certain of its directors, persons
discharging managerial responsibilities ("PDMRs") and employees the
options over a total of 9,619,200 ordinary shares of 0.00037p each
in the Company ("Ordinary Shares") that were granted at Admission
pursuant to Polarean's Pre-Admission Share Option Scheme dated 12
December 2017 (the "Options").
The exercise price for the Options is 15 pence being the price
at which Polarean's Ordinary Shares were placed at Admission. The
Options will vest in equal portions on an annual basis on the
anniversary of Admission, over a four year period from the date of
Admission. The options term expires on 29 March 2028.
Options Granted to Directors and PDMRs
As per the table below, a total of 8,122,822 have been granted
to Directors and PDMRs of Polarean:
Director Position Number of options
granted
------------------- ------------------------------ ------------------
Richard Morgan Non-Executive Chairman 534,400
------------------- ------------------------------ ------------------
Richard Hullihen Chief Executive Officer 2,135,440
------------------- ------------------------------ ------------------
Ken West Chief Operating Officer 1,646,018
------------------- ------------------------------ ------------------
Bastiaan Driehuys Chief Technology Officer 534,400
------------------- ------------------------------ ------------------
Robert Bertoldi Non-Executive Director 534,400
------------------- ------------------------------ ------------------
Juergen Laucht Non-Executive Director 534,400
------------------- ------------------------------ ------------------
PDMR Position Number of options
granted
------------------- ------------------------------ ------------------
William Patrick Chief Financial Officer 734,588
------------------- ------------------------------ ------------------
Vice President of Technology
Kiarash Emami & Applications 734,588
------------------- ------------------------------ ------------------
Neil Wadehra Vice President of Operations 734,588
------------------- ------------------------------ ------------------
Following the formal grant of Options referred to above, there
are 24,469,061 outstanding options and warrants over Polarean's
Ordinary Shares, representing 25% of the Company's Ordinary Shares
and total voting rights on a fully diluted basis.
Issue of Equity
In addition, Polarean has issued a total of 2,772 new Ordinary
Shares to holders of convertible loan notes ("CLNs") that were
issued in December 2017, when the Group undertook a pre-Admission
fundraise, in lieu of interest payable on the CLNs (the "CLN
Interest Shares").
Application will be made for CLN Interest Shares, which will
rank pari passu with the existing Ordinary Shares, to be admitted
to trading on AIM and this is expected to occur at 8.00 a.m. on 24
April 2018.
Following the admission of the CLN Interest Shares, the total
number of voting rights in the Company will be 73,409,464 Ordinary
Shares. This number may be used by shareholders as the denominator
for the calculations by which they will determine if they are
required to notify their interest in, or a change to their interest
in, the Company under the FCA's Disclosure Guidance and
Transparency Rules.
Enquiries:
Polarean Imaging plc www.polarean-ir.com
Richard Hullihen, Chief Executive Via Walbrook PR
Officer
Richard Morgan, Chairman
Northland Capital Partners Limited Tel: +44 (0)20
3861 6625
David Hignell / Gerry Beaney /
Jamie Spotswood (Corporate Finance)
John Howes / Rob Rees (Corporate
Broking)
MC Services (European IR) Tel: +49 (0)89
210 2280
Raimund Gabriel
The Life Sciences Division (Financial
Adviser)
Navid Malik, Director Mob: 07957 224
730
Alia Minhas, CEO Mob: 07590 696
057
Walbrook PR Tel: +44 (0)20 7933 8780
or polarean@walbrookpr.com
Paul McManus / Anna Mob: +44 (0)7980 541 893
Dunphy / +44 (0)7879 741 001
Helen Cresswell +44 (0)7841 917 679
About Polarean (www.polarean.com)
The Company and its wholly owned subsidiary, Polarean, Inc.
(together the "Group") are revenue generating, medical drug-device
combination companies operating in the high resolution medical
imaging market.
The Group develops equipment that enables existing MRI systems
to achieve an improved level of pulmonary function imaging and
specialises in the use of hyperpolarised Xenon gas ((129) Xe) as an
imaging agent to visualise ventilation and gas exchange regionally
in the smallest airways of the lungs, the tissue barrier between
the lung and the bloodstream and in the pulmonary vasculature.
Xenon gas exhibits solubility and signal properties that enable it
to be imaged within other tissues and organs.
The Group operates in an area of significant unmet medical need
and the Group's technology provides a novel diagnostic approach,
offering a non-invasive and radiation-free functional imaging
platform which is more accurate and less harmful to the patient
than current methods. The annual burden of pulmonary disease in the
US is estimated to be over US$150 billion.
The Group also develops and manufactures high performance MRI
radiofrequency (RF) coils which are a required component for
imaging (129) Xe in the MRI system. The development of these coils
by the Group facilitates the adoption of the Xenon technology by
providing application-specific RF coils which optimise the imaging
of (129) Xe in MRI equipment for use as a medical diagnostic as
well as a method of monitoring the efficacy of therapeutic
intervention.
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) Names (i) Richard Morgan
(ii) Richard Hullihen
(iii) Ken West
(iv) Bastiaan Driehuys
(v) Robert Bertoldi
(vi) Juergen Laucht
(vii) William Patrick
(viii) Kiarash Emami
(ix) Neil Wadehra
--- ----------------------- -------------------------------------
2 Reason for the notification
--- --------------------------------------------------------------
a) Position/status (i) Non-Executive Chairman
(ii) Chief Executive Officer
(iii) Chief Operating Officer
(iv) Chief Technical Officer
(v) Non-Executive Director
(vi) Non-Executive Director
(vii) Chief Financial Officer
(viii) Vice President of Technology
& Applications
(ix) Vice President of Operations
--- ----------------------- -------------------------------------
b) Initial notification Initial Notification
/Amendment
--- ----------------------- -------------------------------------
3 Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
--- --------------------------------------------------------------
a) Name Polarean Imaging Plc ("Polarean")
--- ----------------------- -------------------------------------
b) LEI 213800DGR2BHXJ36OL37
--- ----------------------- -------------------------------------
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 Options over Polarean's ordinary
of the financial shares of GBP0.0037p each
instrument, (the "Options")
type of instrument
--- ----------------------- -------------------------------------
b) Identification GB00BF3DT583
code
--- ----------------------- -------------------------------------
c) Nature of the Grant of Options
transaction
--- ----------------------- -------------------------------------
d) Price and volumes Exercise Price - 15p per Option
Volume of Options:
(i) 534,400
(ii) 2,135,440
(iii) 1,646,018
(iv) 534,400
(v) 534,400
(vi) 534,400
(vii) 734,588
(viii) 734,588
(ix) 734,588
--- ----------------------- -------------------------------------
d) Aggregated information Volume: 9,619,200 Options
- Aggregated Price: Each Option has an
volume exercise price of 15p
- Price
--- ----------------------- -------------------------------------
e) Date of the 17 April 2018
transaction
--- ----------------------- -------------------------------------
f) Place of the London Stock Exchange, AIM
transaction Market
--- ----------------------- -------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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