REG - MicroSalt PLC - Shareholder Circular and Notice of General Meeting

MicroSaltAnnouncement

10/12/2024 07:00

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RNS Number : 4093P  MicroSalt PLC  09 December 2024

9 December 2024

 

MicroSalt plc

("MicroSalt" or the "Company")

 

Shareholder Circular and Notice of General Meeting

MicroSalt plc (AIM: SALT), a leading provider of full-flavour, natural salt
with approximately 50% less sodium, announces that a circular (the "Circular")
has been posted to shareholders to convene a general meeting to be held on
Monday 6 January 2025 at 14:00 (GMT) to seek shareholder approval in
connection with the adoption by the Company of a long term incentive plan
("LTIP") for employees as well as an addendum to the LTIP to enable options to
be granted to US participants and others (the "General Meeting").

At the time of admission of the Company's ordinary shares to trading on AIM
("Admission"), the Company had not adopted a formal share option plan but
certain share options had been granted as a result of existing share-based
remuneration schemes that the Company and its subsidiaries (the "Group") had
operated prior to Admission. Following Admission, the board of directors of
the Company, with particular support from the Remuneration Committee, has
undertaken an extensive review of the Company's incentive arrangements and the
options available to the Group with regard to implementing an incentive-based
remuneration scheme which will assist in incentivising the employees of the
Group and retaining those individuals who are key to the Group's future
success.

Further details of the LTIP are set out in the Circular, but in summary:

-     Options to be granted under the LTIP shall not exceed 10 per cent.
of the issued share capital of the Company;

-     Financial and non-financial vesting criteria will be attached to
options granted; and

-     Participants not to receive options having a market value in excess
of 200% of their annual base salary for the financial year

The Circular and Notice of General Meeting will be sent to shareholders today
and will also be made available on the Company's website shortly.

Shareholders are reminded to review carefully the actions to be taken by them
in connection with the General Meeting, which are detailed in the Circular.
The procedures and timings for shareholders to vote on the resolutions
proposed at the General Meeting are set out in the notes to the notice of the
General Meeting in the Circular.

About MicroSalt plc

MicroSalt® is dedicated to innovating food technology solutions that enable
people to live longer, healthier, and happier lives. Its patented low-sodium
salt delivers natural salt with approximately 50% less sodium and may be used
by both consumers and food manufacturers to decrease the amount of sodium in
their food. SaltMe! chips are produced using MicroSalt®, a patented
innovative salt technology which is 100% natural, non-GMO, gluten free, and
Kosher certified, that does not contain any potassium chloride. To learn more
about MicroSalt Inc. and MicroSalt® products, please
visit https://microsalt.co (https://microsalt.co/) , follow on X
@microSaltPLC or contact:

 

 MicroSalt plc                                                           Via Flagstaff
 Rick Guiney, CEO

 Zeus (Nominated Adviser and                                             +44 (0)20 3829 5000
 Broker)

 David Foreman / James Edis (Investment Banking)

 Flagstaff PR (Financial IR/FPR)                                         +44 (0)20 7129 1474
 Tim Thompson / Alison Allfrey / Anna Probert

 microsalt@flagstaffcomms.com

 

Notes to Editors

MicroSalt® produces a patented full-flavour, low-sodium salt for food
manufacturers and consumers.

MicroSalt is a major potential disruptor in the food market, thanks to its
micron sized particles which deliver the same sense of saltiness to a wide
range of foods but with approximately 50% less sodium. Excess sodium
consumption is a significant contributor to cardiovascular disease and
MicroSalt's solution meets the rising demand for healthier alternatives to
traditional salt. The WHO has set a target for reducing global sodium intake
by 30% by 2025, which it estimates will save 7 million lives by 2030.

Each year, cardiovascular disease costs the UK £19 billion - if the average
salt intake was reduced by one gram per day, it has been estimated that 4,147
lives and £288 million would be saved each year in the UK. As a nation, the
UK consumes 183 million kilograms of salt each year, and 70% of the typical
person's sodium intake is hidden in processed foods.

Operational since 2018, MicroSalt uses a patent-protected technology which
helps create high barriers to entry within the reduced-sodium salt market.

The Directors believe that MicroSalt is well positioned to capture growth in
the low sodium market, which is expected to grow exponentially, and that there
is also scope to enter the larger salt market.

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