Shield Therapeutics PLC Grant of share options to the CEO (9982B)
16 June 2021 - 3:15AM
UK Regulatory
TIDMSTX
RNS Number : 9982B
Shield Therapeutics PLC
15 June 2021
Shield Therapeutics plc
("Shield" or the "Group" or the "Company")
Grant of share options to the Chief Executive Officer
London, UK, 15 June 2021: Shield Therapeutics plc (LSE: STX), a
commercial stage, pharmaceutical company with a focus on addressing
iron deficiency with its lead product Feraccru(R)/Accrufer(R)
(ferric maltol), announces that on 14 June 2021 it granted share
awards in the form of options over ordinary shares in the capital
of the Company ("Ordinary Shares") under Shield Therapeutics'
Retention and Performance Share Plan ("RPSP").
In accordance with the requirements of the EU Market Abuse
Regulations the following options have been granted to Greg Madison
who is deemed a PDMR:
Name Option Plan Number of Ordinary Shares under Option Vesting Date
Greg Madison RPSP 620,696 Dependent on performance conditions outlined
below, vesting occurs on 14 June 2024.
------------ --------------------------------------- ------------------------------------------------
Greg Madison RPSP 1,000,000 Vesting occurs on 1 June 2022 and is not
subject to performance conditions but is
subject
to Mr Madison remaining in office as at the
date of vesting.
------------ --------------------------------------- ------------------------------------------------
These awards are subject to the following performance
conditions:
1. The basis of the performance measurement in respect of the
620,696 options is based solely on the share price movement over
365 days following the date of grant. The baseline share price
("Baseline Share Price") has been set at GBP0.57 which is the
average of the closing prices of the Company's Ordinary Shares over
the 5 business days leading up to and including the 14 June 2021
date of grant. Therefore, the performance measurement will be
assessed on 14 June 2022. The share price measurement will be the
average of the closing prices of the Company's Ordinary Shares over
the 5 business days leading up to and including 14 June 2022 (the
performance measurement date). In normal circumstances the shares
will vest on 14 June 2024.
2. The proportion of the 620,696 options subject to performance
conditions (the "Performance Awards") that will Vest will be
subject to the following measurements:
a. Should the share price increase by 10% or less over the
Baseline Share Price then no Performance Awards will Vest.
b. Should the share price increase by more than 50% over the
Baseline Share Price then 100% of the Performance Awards will
Vest.
c. Should the share price increase by between 10% and 50% over
the Baseline Share Price then a proportional calculation will be
used to calculate the percentage of the Performance Awards that
will Vest.
d. Examples of this proportional Vesting is detailed below:
i. Should the share price increase by between 11% and 19% over
the Baseline Share Price, 2.5% of the Performance Awards will
Vest.
ii. Should the share price increase by between 20% and 29% over
the Baseline Share Price, 25% of the Performance Awards will
Vest.
iii. Should the share price increase by between 30% and 39% over
the Baseline Share Price, 50% of the Performance Awards will
Vest.
iv. Should the share price increase by between 40% and 49% over
the Baseline Share Price, 75% of the Performance Awards will
Vest.
Mr Madison does not currently hold any ordinary shares in the
Company.
1. Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated
with them ("PCA")
a) Name Greg Madison
---------------------------------------- -----------------------------------------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
---------------------------------------- -----------------------------------------------------------------------
b) Initial notification/ Initial Notification
amendment
---------------------------------------- -----------------------------------------------------------------------
3. Details of the Issuer
-----------------------------------------------------------------------------------------------------------------
a) Name Shield Therapeutics plc
---------------------------------------- -----------------------------------------------------------------------
b) LEI code 213800G74QWY15FC3W71
---------------------------------------- -----------------------------------------------------------------------
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 instrument Options over new Ordinary Shares
Identification code
ISIN: GB00BYV81293
---------------------------------------- -----------------------------------------------------------------------
b) Nature of the transaction Grant of awards over new Ordinary Shares under the Company's Retention
and Performance Share
Plan.
---------------------------------------- -----------------------------------------------------------------------
c) Price(s) and volumes(s) 2021 RPSP Award
Price (GBP) Volume
0.015 1,620,696
----------
---------------------------------------- -----------------------------------------------------------------------
d) Aggregated information
* Aggregate volume Awards granted over 1,620,696 shares in total
1.5p exercise price
* Price
---------------------------------------- -----------------------------------------------------------------------
e) Date of the transaction 14 June 2021
---------------------------------------- -----------------------------------------------------------------------
f) Place of the transaction Outside of trading venue
---------------------------------------- -----------------------------------------------------------------------
For further information please contact:
Shield Therapeutics plc www.shieldtherapeutics.com
Greg Madison, CEO +44 (0)19 1511 8500
Lucy Huntington-Bailey, Company
Secretary and General Counsel +44 (0)19 1511 8500
Nominated Adviser and Joint
Broker
Peel Hunt LLP
James Steel/Dr Christopher
Golden +44 (0)20 7418 8900
Joint Broker
finnCap Ltd
Geoff Nash/Matt Radley/Alice
Lane +44 (0)20 7220 0500
Financial PR & IR Advisor
Walbrook PR +44 (0)20 7933 8780 or shield@walbrookpr.com
+44 (0)7980 541 893 / +44 (0)7584 391
Paul McManus/Lianne Cawthorne 303
About Shield Therapeutics plc
Shield is a de-risked, specialty pharmaceutical company focused
on commercialising its lead product, Feraccru(R)/Accrufer(R), a
novel, stable, non-salt based oral therapy for adults with iron
deficiency with or without anaemia. Feraccru(R)/Accrufer(R) has
been approved for use in the United States, European Union, UK and
Switzerland and has exclusive IP rights until the mid-2030s.
Feraccru is commercialised in the UK and Europe by Norgine B.V. and
the Company is currently in the process of selecting a
commercialisation partner for the US market. Shield also has an
exclusive licence agreement with Beijing Aosaikang Pharmaceutical
Co., Ltd., for the development and commercialisation of
Feraccru(R)/Accrufer(R) in China, Hong Kong, Macau and Taiwan.
For more information, please visit www.shieldtherapeutics.com .
Follow Shield on Twitter @ShieldTx
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