REG - Surgical Innovations - Grant of Options

Surgical InnovationsAnnouncement

10/11/2021 17:45

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RNS Number : 0063S  Surgical Innovations Group PLC  10 November 2021

Surgical Innovations Group plc

(the "Company", "SI" or the "Group")

 

Grant of Options

 

Surgical Innovations Group plc (AIM: SUN), the designer, manufacturer and
distributor of innovative technology for minimally invasive surgery, announces
that the Board has resolved to grant share options under the existing
Enterprise Management Incentive scheme to acquire a maximum of 19,000,000
ordinary shares in the Company (the "Options").

 

5,000,000 Options ("the A Options") were granted at an exercise price of 2.35
pence each.  Exercise of A Options is not subject to performance conditions
other than time-based vesting and the A Options are exercisable between 21
October 2024 and 21 October 2031. The A Options are designed to align Option
value directly with the performance of the Company's share price.

 

14,000,000 options ("the B Options") were granted at par value, and are
exercisable between 21 October 2024 and 21 October 2031 subject to performance
conditions linked to Adjusted Earnings per share(1) (AEPS) taken from the
latest audited financial statements. AEPS(1) must be at least 0.16p in year 3
with the target increasing 5% per annum as follows in the table below.

 

 For exercise  Prior Year          Reference

on or after

Year for AEPS(1)

21 October   AEPS(1) Condition
Performance

               (pence per share)

 2024          0.160               2023
 2025          0.168               2024
 2026          0.176               2025
 2027          0.185               2026
 2028          0.194               2027
 2029          0.204               2028
 2030          0.214               2029
 2031          0.225               2030

 

The Options have been granted to a number of key personnel, including an award
of 2,500,000 B Options to Charmaine Day, Company Secretary and Group Financial
Controller of the Company. Following this grant, the beneficial holding of
Charmaine Day in the Company is 805,343 ordinary shares (representing 0.09% of
the issued share capital) and 4,700,000 share options. Additional disclosures
under UK MAR relating to PDMR dealing are included below.

 

(1)Adjusted EPS is used as a measure to understand the underlying performance
of the business. Adjusted EPS adjusts the earnings attributable to
shareholders and adds back non-cash, non-recurring events, such as share based
payments, Amortisation of intangible acquisition costs, Exceptional items,
Impairment of product development intangibles and Impairment of Goodwill.

 

 

For further information please contact:

 

 Surgical Innovations Group plc                www sigroupplc com
 David Marsh, CEO                              Tel: 0113 230 7597
 Charmaine Day, Co Sec & GFC

 Singer Capital Markets (Nominated Adviser & Broker)                                             Tel: 020 7496 3000
 Aubrey Powell / Rachel Hayes / Kailey Aliyar

 Walbrook PR (Financial PR & Investor Relations)                           Tel: 020 7933 8780 or si@walbrookpr.com
 Paul McManus / Lianne Applegarth              Mob: 07980 541 893 / 07584 391 303

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely

    associated

 a)   Name                                                         Charmaine Day

 2    Reason for the notification

 a)   Position/status                                              Company Secretary and Group Financial Controlller, Surgical Innovations Group

                                                            plc

 b)   Initial notification /Amendment                              Initial Notification

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

    platform, auctioneer or auction monitor

 a)   Name                                                         Surgical Innovations Group plc

 b)   LEI                                                          2138004GHGUH3HUZE156

 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  Options over Ordinary Shares of 1p

      Identification code                                          GB0004016704

 b)   Nature of the transaction                                    Grant of Options

 c)   Price(s) and volume(s)

                                                                                         Price                   Volume(s)
                                                                                         1.00p (Exercise price)  2,500,000

 d)   Aggregated information

      - Aggregated volume                                          N/A - Single Transaction

      - Price

 e)   Date of the transaction                                      8 November 2021

 f)   Place of the transaction                                     Outside a trading venue

 

 

 

About Surgical Innovations Group plc

The Group specialises in the design, manufacture, sale and distribution of
innovative, high quality medical products, primarily for use in minimally
invasive surgery. Our product and business development is guided and supported
by a key group of nationally and internationally renowned surgeons across the
spectrum of minimally invasive surgical activity.

 

We design and manufacture and source our branded port access systems, surgical
instruments and retraction devices which are sold directly in the UK home
market through our subsidiary, Elemental Healthcare, and exported widely
through a global network of trusted distribution partners. Many of our
products in this field are based on a "resposable" concept, in which the
products are part re-usable, part disposable, offering a high quality and
environmentally responsible solution at a cost that is competitive against
fully disposable alternatives.

 

Elemental also has exclusive UK distribution for a select group of specialist
products employed in laparoscopy, bariatric and metabolic surgery, hernia
repair and breast reconstruction.

In addition, we design and develop medical devices for carefully selected OEM
partners and have also collaborated with a major UK industrial partner to
provide precision engineering solutions to complex problems outside the
medical arena.

 

We aim for our brands to be recognised and respected by healthcare
professionals in all major geographical markets in which we operate and
provide by development, partnership or acquisition a broad portfolio of cost
effective, procedure specific surgical instruments and implantable devices
that offer reliable solutions to genuine clinical needs in the operating
theatre environment.

 

The Group currently employs approximately 100 people across two sites in the
UK. Product design, engineering and manufacturing are carried out at the SI
site in Yorkshire. Commercial activities including marketing, UK distribution
and international sales and marketing are based at Elemental Healthcare in
Berkshire. internationally the Group sells into 47 countries with strong
markets In the North American and APAC regions

 

Further information

 

Further details of the Group's businesses and products are available on the
following websites:

 

www sigroupplc com

www surginno com

www elementalhealthcare co.uk

 

To receive regular updates by email, please contact si@walbrookpr.com.

 

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