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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Plant Impact | LSE:PIM | London | Ordinary Share | GB00B1F4K366 | ORD 1P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 10.45 | 0.00 | 01:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
0 | 0 | N/A | 0 |
TIDMPIM
RNS Number : 6574Y
Plant Impact PLC
19 May 2016
For Immediate Release 19 May 2016
Plant Impact plc
Option Grant to Recently Appointed Chief Financial Officer
Plant Impact plc (AIM: PIM) ("Company" or the "Group"), an agricultural bioscience company that develops and markets crop enhancement and speciality nutrition products, announces that on 18 May 2016, the Company granted an Option ("VCP-Option") over 2,400,000 ordinary shares in the Company to Richard Amos, following his appointment as Chief Financial Officer and Executive Director on 10 May 2016. The extent to which the VCP-Option will actually vest and may be exercised by Mr Amos will be determined by the level of achievement of certain performance conditions, which are set out below ("Performance Conditions") and within the scope and terms of the "Value Creation Plan" which was approved by the Company's shareholders under Resolution 7 at the 20 November 2014 Annual General Meeting ("2014 AGM").
Consistent with the approval from shareholders via Resolution 7 at the 2014 AGM, the actual vesting of the VCP-Option will be subject to the achievement of the Performance Conditions designed to ensure that the VCP-Option does not vest unless there has been significant growth in the Company's share price ("Share Price") as well as significant growth in the Company's gross profit ("Gross Profit").
The VCP-Option issued to Mr Amos is over a maximum of 2,400,000 Shares and will vest on a date which is the later of: (1) a pre-determined contractual vesting date ("Vesting Date"), being three or more years from 18 May 2016; (2) the date on which the Share Price achieves a certain level ("Share Price Hurdle"); and (3) the date on which the Gross Profit, per the Group's most recently published audited annual accounts, exceeds certain thresholds.
The Share Price at close yesterday was 55.0 pence and the average closing price over the previous 12 months was 56.5 pence. The Company's most recently published Gross Profit was GBP3.5 million for the year to 31 July 2015.
The earliest Vesting Dates, Share Price Hurdles and Gross Profit levels which determine the potential vesting of Mr Amos's VCP-Option are set out in the following table:
Number of Earliest Share Price Gross Profit Shares subject Vesting Date Hurdle Threshold to the VCP-Option (each a "Tranche") -------------------- -------------- ------------- -------------- 480,000 18 May 2019 at least 70 GBP4 million pence -------------------- -------------- ------------- -------------- 480,000 18 May 2019 at least 90 GBP8 million pence -------------------- -------------- ------------- -------------- 480,000 18 May 2019 at least 110 GBP8 million pence -------------------- -------------- ------------- -------------- 480,000 18 May 2019 at least 130 GBP12 million pence -------------------- -------------- ------------- -------------- 480,000 18 May 2019 at least 150 GBP12 million pence -------------------- -------------- ------------- --------------
However, notwithstanding the vesting of the VCP-Option, it may not generally be exercised until the expiry of the period of two years following the date of vesting, and if at the expiry of that two year period, the Share Price has declined more than 30% below the Share Price Hurdle which triggered the vesting of a particular Tranche of the VCP-Option, vesting of that Tranche shall be delayed until such time as the Share Price again achieves that Share Price Hurdle for at least 20 consecutive dealing days.
In no circumstances will a VCP-Option vest later than ten years from the date of grant.
It has been agreed with Mr Amos that in the event that he leaves the Company as a good leaver (broadly, any circumstances other than voluntary resignation or dismissal for cause), any Tranche of his VCP-Option will be permitted to vest and/or to be exercised to the extent that the relevant Share Price Hurdle and Gross Profit performance condition applicable to that Tranche as referred to in the table above have actually been achieved at the date of leaving.
For further information, contact:
Plant Impact
David Jones, Chairman Tel: +44 (0) 1582 465 540
John Brubaker, Chief Executive www.plantimpact.com
Peel Hunt - Nominated Advisor and Broker
Dan Webster Tel: +44 (0) 207 418 8900
Adrian Trimmings
George Sellar
Buchanan
Charles Ryland Tel: +44 (0) 207 466 5000
Sophie Cowles
Jane Glover
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCLLFFREFITLIR
(END) Dow Jones Newswires
May 19, 2016 02:01 ET (06:01 GMT)
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