REG - Creo Medical Group - LTIP Awards

Creo MedicalAnnouncement

11/03/2024 14:00

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RNS Number : 3715G  Creo Medical Group PLC  11 March 2024

11 March 2024

Creo Medical Group plc

("Creo" the "Company" or the "Group")

 

LTIP Awards

 

Creo Medical Group plc (AIM: CREO), the medical device company focused on the
emerging field of minimally invasive surgical endoscopy for pre-cancer and
cancer patients, announces that, pursuant to the Company's Long Term Incentive
Plan ("LTIP"), the Directors set out below ("Participants") were granted an
interest over an aggregate of 6,633,898 ordinary shares ("LTIP Shares") of 0.1
pence each in the capital of the Company ("Ordinary Shares").  The grant
comprises 3,091,525 LTIP Shares in respect of each Participant's 2022
performance (the "2022 LTIP grant") and 3,542,373 LTIP Shares based on future
performance conditions, measured over a three-year period commencing on 1
January 2023 (the "2023 LTIP grant").

 

Background

 

As detailed in the Remuneration Report in the Company's 2022 annual report and
accounts, LTIP awards have been historically based on pre-grant performance
conditions on the same basis as the annual bonus. In the same report, the
Remuneration Committee set out its intention to incorporate, in addition to
continued service, forward-looking performance targets as conditions for
vesting. This change reflects feedback received from shareholders and
represents a natural evolution of the LTIP plan as the Company enters a full
commercial phase. 2023 represents a transition year in the implementation of
the new LTIP criteria. As such, the 2022 LTIP grant is being made in respect
of the Participant's performance against objectives in 2022 and represents 95%
of salary. The 2023 LTIP is a forward-looking award equivalent to 100% of
salary in line with the Company's policy, which will vest subject to
performance conditions from threshold target levels to stretch target levels
in respect of revenue, cashflow and TSR measured over a three-year period
commencing 1 January 2023.

 

Ordinary shares held by the trustee ("Trustee") of the Company's Employee
Benefit Trust ("EBT") will be used to satisfy the exercise of these LTIP
Shares.

 

 Director         Position                   Aggregate LTIP Shares
 Craig Gulliford  Chief Executive Officer    2,020,339
 Chris Hancock    Chief Technology Officer   1,426,949
 Richard Rees     Chief Finance Officer      1,441,525

 David Woods      Chief Commercial Officer   1,745,085

The LTIP is structured as a joint share ownership plan whereby the Participant
and the Trustee jointly own the beneficial interest of the LTIP Shares. The
Participant is entitled to any value above the hurdle price of £0.90 per
share and the Trustee entitled to all value below the hurdle price. The
Participant has also been granted an option to acquire the Trustee's
beneficial interest in the LTIP Shares, which is exercisable three years and
three months after the acquisition date (subject to remaining in eligible
employment) and followed by a three-month holding period.

 

Enquiries:

 

 Creo Medical Group plc                             www.creomedical.com (http://www.creomedical.com)
 Richard Rees (CFO)                                 +44 (0)1291 606 005

 Cavendish Capital Markets Limited                  +44 (0)20 7397 8900
 Stephen Keys / Camilla Hume (NOMAD)
 Michael Johnson (Sales)

 Deutsche Numis (Joint Broker)                      +44 (0)20 7260 1000

 Freddie Barnfield / Duncan Monteith / Euan Brown

 Walbrook PR                                        Tel: +44 (0)20 7933 8780 or creo@walbrookpr.com
 Paul McManus / Sam Allen                           Mob: +44 (0)7980 541 893 / +44 (0)7502 558 258

 Phillip Marriage                                   +44 (0)7867 984 082

 

 

About Creo Medical

Creo Medical is a medical device company focused on the development and
commercialisation of minimally invasive electrosurgical devices, bringing
advanced energy to endoscopy.

 

The Company's vision is to improve patient outcomes through the development
and commercialisation of a suite of electrosurgical medical devices, each
enabled by CROMA, powered by Kamaptive. The Group has developed the CROMA
powered by Kamaptive full-spectrum adaptive technology to optimise surgical
capability and patient outcomes. Kamaptive is a seamless, intuitive
integration of multi-modal energy sources, optimised to dynamically adapt to
patient tissue during procedures such as resection, dissection, coagulation
and ablation of tissue. Kamaptive technology provides clinicians with
increased flexibility, precision and controlled surgical solutions. CROMA
currently delivers bipolar radiofrequency ("RF") energy for precise localised
cutting and focused high frequency microwave ("MW") energy for controlled
coagulation and ablation via a single accessory port. This technology,
combined with the Group's range of patented electrosurgical devices, is
designed to provide clinicians with flexible, accurate and controlled clinical
solutions. The Directors believe the Company's technology can impact the
landscape of surgery and endoscopy by providing a safer, less-invasive and
more cost-efficient option for procedures.

 

For more information, please refer to the website www.creomedical.com
(http://www.creomedical.com)

 

 

 

The following notifications are intended to satisfy the Company's obligations
under Article 19(3) of EU Regulation No 596/2014 (the Market Abuse
Regulation).

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         1.    Craig Gulliford

                                                                   2.    Chris Hancock

                                                                   3.    Richard Rees

                                                                   4.    David Woods

 2    Reason for the notification
 a)   Position/status                                              1.    Chief Executive Officer

                                                                   2.    Chief Technology Officer

                                                                   3.    Chief Finance Officer

                                                                   4.    Chief Commercial Officer

 b)   Initial notification /Amendment                              Initial notification

 3    Details of the issuer, emission allowance market participant, auction

    platform, auctioneer or auction monitor

 a)   Name                                                         Creo Medical Group plc
 b)   LEI                                                          213800H188ZDCWWXFA21
 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, type of instrument  Ordinary shares of £0.001 each

      Identification code                                          GB00BZ1BLL44

 b)   Nature of the transaction                                    Allocation of Ordinary Shares under the Creo Medical Group plc LTIP 2022 and
                                                                   2023

 c)   Price(s) and volume(s)

                                                                                         Price(s) pence        Volume(s)
                                                                                         1.    nil             1.    2,020,339

                                                                                         2.    nil             2.    1,426,949

                                                                                         3.    nil             3.    1,441,525

                                                                                         4.    nil             4.    1,745,085

 d)   Aggregated information

      - Aggregated volume                                          N/A - single transaction

      - Price

 e)   Date of the transaction                                      11 March 2024
 f)   Place of the transaction                                     Off market

 

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