Polarean Imaging
Plc
("Polarean" or the "Company")
Repricing of Options and
Grant of Options
Polarean Imaging
plc (AIM: POLX), a commercial-stage medical device leader in
advanced Magnetic Resonance Imaging ("MRI") of lung
function,
announces that upon the recommendation of the Company's
Remuneration Committee, it has repriced existing options
over ordinary shares of £0.00037 each in the
capital of the Company ("Ordinary Shares")
("Share
Options") over an aggregate of 19,849,965 Ordinary Shares and
granted Share Options over an aggregate 121,022,451 Ordinary Shares
to certain Directors, employees, and consultants of the
Company.
The Company's
Remuneration Committee recognises the importance of share options
to appropriately incentivise and retain Directors and employees as
well as to ensure their interests are aligned with that of Company
and its shareholders. Following a review of incentive plans, the
Remuneration Committee of the Board recommended that, given the
reduction in the Company's share price and the changes in the share
capital following the recent fundraising, the existing awards of
share options were no longer a reasonable incentive and should be
amended to re-align the option scheme with the current share price
and share capital.
The
Company contracted with a third-party compensation firm to perform
a benchmarking analysis of Share Options at comparable companies.
The Remuneration Committee and Board used the third-party report in
determining the number of new Share Options to be
issued.
The
repricing and granting of Share Options is pursuant to the terms of
the Company's existing Stock Option Plan. 25% of the new Share
Options will vest on 26 July 2025 with the remaining Share Options
vesting in equal portions on the last day of each calendar month
over the period of 36 months starting on 31 August 2025. The Share
Options will be exercisable at a price of 1.83p each per Ordinary
Share, being the share price as at close of business on Friday 26
July 2024. The repriced Share Options retain their original vesting
and expiration terms.
17,462,194 Share Options have been repriced
and 104,810,222 Share Options were granted to the 11 PDMRs listed
in the table below. 2,387,771 Share Options have been repriced
and 16,212,229 new Share Options were granted, to non-PDMR
employees and a consultant.
|
Name
|
Share Options Repriced
|
Share Options Granted
|
Total no. of options over ordinary
shares now held
|
|
Christopher von Jako
|
5,325,000
|
24,368,006
|
29,693,006
|
|
Bastiaan Driehuys
|
1,686,000
|
20,040,590
|
21,726,590
|
|
Kenneth West
|
2,263,218
|
15,842,273
|
18,105,491
|
|
Charles Osborne
|
1,700,000
|
7,956,262
|
9,656,262
|
|
Cyrille Petit
|
500,000
|
4,448,834
|
4,948,834
|
|
Juergen Laucht
|
884,400
|
4,064,434
|
4,948,834
|
|
Frank Schulkes
|
500,000
|
2,879,691
|
3,379,691
|
|
Daniel Brague
|
500,000
|
2,879,691
|
3,379,691
|
|
Alexander Dusek
|
1,500,000
|
8,156,262
|
9,656,262
|
|
Neil Wadehra
|
1,568,988
|
7,242,351
|
8,811,339
|
|
Kiarash Emami
|
1,034,588
|
6,931,828
|
7,966,416
|
|
Total
|
17,462,194
|
104,810,222
|
122,272,416
|
|
Non-PDMR Employees and
Consultant
|
2,387,771
|
17,412,229
|
19,800,000
|
|
Total (PDMR, Non-PDMR Employees and
Consultant)
|
19,849,965
|
122,222,451
|
142,072,416
|
The award and repricing of Share
Options to the Directors of the Company are deemed to be Related
Party Transactions under Rule 13 of the AIM Rules. As there are no
Directors independent of the transactions to provide a fair and
reasonable statement because all of the Directors are participating
in the award of Options, Stifel (in its capacity as nominated
adviser for the purposes of the AIM Rules) considers the Directors'
participation to be fair and reasonable insofar as Shareholders are
concerned.
Following the grant of Share Options
referred above, there are 143,473,216 outstanding Share Options
over Polarean's Ordinary Shares, representing 11.9% of the
Company's total voting rights.
Enquiries:
|
Polarean Imaging
plc
|
www.polarean.com /
www.polarean-ir.com
|
|
Christopher von Jako, PhD, Chief
Executive Officer
Charles Osborne, Chief Financial
Officer
|
Via Walbrook
PR
|
|
|
|
|
Stifel Nicolaus Europe Limited (NOMAD and Sole Corporate
Broker)
|
+44 (0)20
7710 7600
|
|
Nicholas Moore / Samira Essebiyea /
Kate Hanshaw (Healthcare Investment Banking)
|
|
|
Nick Harland (Corporate
Broking)
|
|
|
|
|
|
Walbrook PR
|
Tel: +44
(0)20 7933 8780 or polarean@walbrookpr.com
|
|
Anna Dunphy / Phillip
Marriage
|
Mob: +44 (0)7876 741 001 /
+44 (0)7867 984 082
|
|
|
|
|
|
|
| |
About Polarean
Polarean is a revenue-generating
medical imaging technology company revolutionising pulmonary
medicine through direct visualisation of lung function by
introducing the power and safety of MRI to the respiratory
healthcare community. This community is in desperate need of modern
solutions to accurately assess lung function. The Company strives
to optimise lung health and prevent avoidable loss by illuminating
hidden disease, addressing the global unmet medical needs of more
than 500 million patients worldwide suffering from chronic
respiratory disease. Polarean is a leader in the field of
hyperpolarisation science and has successfully developed the first
and only hyperpolarised Xenon MRI inhaled contrast agent,
XENOVIEW™, which is now FDA-approved in the United States. Polarean
is dedicated to researching, developing, and commercialising
innovative imaging solutions with its non-invasive and
radiation-free pulmonary functional MRI platform. This
comprehensive drug-device platform encompasses the proprietary
Xenon gas blend, gas hyperpolarisation system, as well as software
and accessories, facilitating fully integrated modern respiratory
imaging operations. Founded in 2012, with offices in Durham, NC,
and London, United Kingdom, Polarean is committed to increasing
global awareness of and broad access to its XENOVIEW MRI technology
platform. For the latest news and information about Polarean,
please visit www.polarean.com.