REG - Biome Technologies - Notification of awards under the 2017 LTIP

Biome TechnologiesAnnouncement

13/02/2020 16:05

RNS Number : 9695C
Biome Technologies PLC
13 February 2020
 


 
 
13 February 2020
                   
Biome Technologies plc
("Biome", "the Company" or "the Group")
 
Notification of awards under the 2017 Long Term Incentive Plan ("2017 LTIP")
 
 
Biome announces that it has granted share options over a maximum of 83,739 ordinary shares in the Company under its previously announced 2017 LTIP. These share options have been granted to two senior employees of the Bioplastics division and are intended to closer align the rewards of senior members of the team with those of the Company's shareholders.
 
The performance awards will follow the criteria disclosed in the announcement regarding the set up of the 2017 LTIP released on 21 December 2017 with the exception of the following changes:
 
·    The exercise price will be 270 pence per ordinary share, the mid-market share price at the close of 12 February 2020; and
·    The value pool for these options will commence only when the Company's average closing share price, taken over a 56 day period commencing 63 days before the relevant vesting date, exceeds 270 pence per ordinary share.
 
 
The time criterion that restricts the value pool is as per the following vesting profile:
 
·    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)
 
 
 
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For further information please contact: Biome Technologies plc




 
Paul Mines, Chief Executive Officer




Declan Brown, Group Finance Director




www.biometechnologiesplc.com


Tel: +44 (0) 2380 867 100




 
Allenby Capital




David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Broker)




www.allenbycapital.com


Tel: +44 (0) 20 3328 5656




 




 




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