Plant Health Care PLC Exercise of Options (3363S)

TIDMPHC

RNS Number : 3363S

Plant Health Care PLC

08 March 2023

Plant Health Care plc

("Plant Health Care" or "the Company")

Exercise of Options Director / PDMR Shareholding

Plant Health Care, a leading provider of novel patent-protected biological products to global agricultural markets, announce s that , on 7 March 202 3, a total of 3,547,070 new Ordinary Shares (the 'New Ordinary Shares') were issued pursuant to the exercise of options by employees under the Company's US Sub Plan of the 2017 Employee Share Option Plan (the ' Plan ').

On 10 March 2022, the Company awarded 3,547,070 Options (the ' Options ') to employees with an exercise price of 1p per ordinary share in the Company (the ' Ordinary Shares '). Senior employees and Executive Directors were required to accept these Options as a substitute for 50% of their annual cash bonus opportunity for 2022. Under the Plan the Options vest, inter alia, on the achievement of the performance targets during 2022 as set out in the table below.

 
      Goal         Summary of targets 
 
 1    Financials   Revenue of $ 10.6 million, gross margin 
                    of $6.7 million and LBITDA of $3.7 million. 
     -----------  ------------------------------------------------- 
 2    Commercial   Achieve on-ground sales targets in key 
                    markets. 
     -----------  ------------------------------------------------- 
 3    Commercial   Secure at least two significant new distribution 
                    agreements for Harpin or PREtec in row 
                    crop markets 
     -----------  ------------------------------------------------- 
 4.   Commercial   Step up engagement by newly appointed 
                    CEO with the investor community. 
     -----------  ------------------------------------------------- 
 

Following review by the Board of Plant Health Care, it has been determined that the performance criteria were met in full. Subsequently, all option holders have decided to exercise their Options in full prior to the IRS requirement to exercise prior to 15 March 2023.

Of the Options exercised, Jeffrey Tweedy, Chief Executive Officer, and Jeffrey Hovey, Chief Financial Officer, have each exercised 1,237,122 and 445,365 Options retrospectively. Mr Tweedy has sold 305,000 Ordinary Shares issued and Mr Hovey has sold 107,000 Ordinary Shares issued to cover their taxes due.

Following these transactions, Jeffrey Tweedy is interested in 1,888,548 Ordinary Shares representing 0.61 % of the issued share capital of the Company and Jeffrey Hovey is interested in 990,061 Ordinary Shares representing 0.32% of the issued share capital of the Company.

Application for admission of the New Ordinary Shares to trading on AIM ('Admission') has been made and dealings in the New Ordinary Shares are expected to commence on or around 8.00 a.m. on 10 March 2023. The New Ordinary Shares will rank pari-passu with the Company's existing issued Ordinary Shares.

Total voting rights

Following the issue of the New Ordinary Shares, the Company has 310,484,552 Ordinary Shares in issue with no shares held in treasury. This is the total number of voting rights in the Company and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or change to their interest in, the Company under the Financial Conduct Authority's Disclosure Guidance and Transparency Rules.

Enquiries

 
 Plant Health Care plc                       [phone] 
 Jeffrey Tweedy - Chief Executive Officer 
 Jeffrey Hovey - Chief Financial Officer 
 
 Cenkos Securities plc - Nomad and Joint 
  Broker 
  Neil McDonald / Peter Lynch                [phone] 
 SEC Newgate - Financial Communications      [phone] 
  Robin Tozer / Richard Bicknell / George     [e-mail] 
  Esmond 
 

Company website: www.planthealthcare.com

The information set out below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                      Jeffrey Tweedy 
     --------------------------------------------------------  ------------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                           Chief Executive Officer 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Initial notification/Amendment                            Initial notification 
     --------------------------------------------------------  ------------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                      Plant Health Care plc 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   LEI 
                                                                  213800KBQPJZ2FM8QH27 
     --------------------------------------------------------  ------------------------------------------------------- 
 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          Ordinary Shares of 1p each 
      instrument 
 
      Identification code                                        GB00B 01JC540 
     --------------------------------------------------------  ------------------------------------------------------- 
 b)   Nature of the transaction                                      1. Issue of Shares following exercise of options 
                                                                      2. Sale of Shares following exercise of options. 
     --------------------------------------------------------  ------------------------------------------------------- 
 c)   Price(s) and volume(s)                                     Price(s)         Volume(s) 
                                                                   1) GBP0.01       1) 1,237,122 
                                                                    2) GBP0.1105     2) 305,000 
                                                                                   ------------- 
     --------------------------------------------------------  ------------------------------------------------------- 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                   N/A 
     --------------------------------------------------------  ------------------------------------------------------- 
 e)   Date of the transaction                                   1) 07.03.2023 
                                                                 2) 08.03. 202 3 
     --------------------------------------------------------  ------------------------------------------------------- 
 f)   Place of the transaction                                  AIM, London Stock Exchange 
     --------------------------------------------------------  ------------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities/person closely associated 
 a)   Name                                                       Jeffrey Hovey 
     ---------------------------------------------------------  ------------------------------------------------------ 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Position/status                                            Chief Financial Officer 
     ---------------------------------------------------------  ------------------------------------------------------ 
 b)   Initial notification/Amendment                             Initial notification 
     ---------------------------------------------------------  ------------------------------------------------------ 
 3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
       or auction monitor 
     ----------------------------------------------------------------------------------------------------------------- 
 a)   Name                                                       Plant Health Care plc 
     ---------------------------------------------------------  ------------------------------------------------------ 
 b)   LEI 
                                                                   213800KBQPJZ2FM8QH27 
     ---------------------------------------------------------  ------------------------------------------------------ 
 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           Ordinary Shares of 1p each 
      instrument 
 
      Identification code                                         GB00B 01JC540 
     ---------------------------------------------------------  ------------------------------------------------------ 

 b)   Nature of the transaction                                       1. Issue of Shares following exercise of options 
                                                                       2. Sale of Shares following exercise of options 
     ---------------------------------------------------------  ------------------------------------------------------ 
 c)   Price(s) and volume(s) 
                                                                   Price(s)         Volume(s) 
                                                                    1) GBP0.01       1) 445,365 
                                                                     2) GBP0.1105     2) 107,000 
                                                                                    ------------ 
     ---------------------------------------------------------  ------------------------------------------------------ 
 d)   Aggregated information-  Aggregated volume 
       -  Price                                                    N/A 
     ---------------------------------------------------------  ------------------------------------------------------ 
 e)   Date of the transaction                                    1) 07.03.2023 
                                                                  2) 08.03. 202 3 
     ---------------------------------------------------------  ------------------------------------------------------ 
 f)   Place of the transaction                                   AIM, London Stock Exchange 
     ---------------------------------------------------------  ------------------------------------------------------ 
 

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March 08, 2023 09:45 ET (14:45 GMT)