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Cambridge Cognition Holdings PLC Grant of Options

17/04/2019 7:00am

UK Regulatory (RNS & others)


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RNS Number : 3877W

Cambridge Cognition Holdings PLC

17 April 2019

Cambridge Cognition Holdings Plc

('Cambridge Cognition' or the 'Company')

Grant of Options

The neuroscience technology company Cambridge Cognition Holdings plc (AIM: COG), which develops and markets neuroscience technologies to assess brain health, announces that on 16 April 2019, the Company granted options ("Options") over a total of 189,000 ordinary shares of 1 pence each in the capital of the Company ("Ordinary Shares") pursuant to the Company's EMI option scheme and the Company's unapproved option scheme.

Of these Options:

- 63,000 were granted to Persons Discharging Managerial Responsibilities ("PDMRs") on behalf of the Company; and

   -     126,000 were granted to other employees of the Company. 

60,000 of the Options granted to PDMRs together with 105,000 of the 126,000 Options granted to other employees are exercisable at a price of 72 pence per Ordinary Share from three years following the date of award until the tenth anniversary of the date of award, subject to satisfying the following performance criteria:

- 55% of the Options granted will vest if the average closing mid-market price of an Ordinary Share for the final 10 trading days of 2020 is greater than 150 pence per Ordinary Share. A pro rata sliding scale will apply if the average closing mid-market price of an Ordinary Share for the final 10 trading days of 2020 is between 110 pence and 150 pence per Ordinary Share; and

- 45% of the Options granted will vest if the profit after tax as reported in the audited statutory accounts of the Group for the two financial years ended 31 December 2019 and 31 December 2020 when added together is greater than GBPnil. Should this requirement not be met, 20% of the total shares granted will vest if the profit after tax as reported in the audited statutory accounts of the Group for the financial year ended 2020 is greater than GBPnil.

The remaining 24,000 Options (including 3,000 awarded to PDMRs) are exercisable at a price of 1 pence per Ordinary Share from two years following the date of award until the tenth anniversary of the date of award. All of these Options are granted over shares already in issue and held by Cambridge Cognition Trustees Limited on behalf of the Employee Benefit Trust.

Following the grant of Options, the total number of Options outstanding over unissued Ordinary Shares is 973,406, representing approximately 4.03% of the Company's issued share capital.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

 
            1.   Details of the person discharging managerial responsibilities 
                  / person closely associated 
 a)              Names                       Jennifer Barnett - Chief Scientific 
                                              Officer 
                                              Ricky Dolphin - Chief Technology Officer 
                                              Malcolm Gates - Director of Group 
                                              Finance 
                                              Mark Miller-Holliday - Director of 
                                              International Sales and Business Development 
                --------------------------  ---------------------------------------------- 
            2.   Reason for the Notification 
                -------------------------------------------------------------------------- 
 a)              Position/status             See 1(a) above for positions - all 
                                              classified as PDMRs of the Company 
                --------------------------  ---------------------------------------------- 
 b)              Initial notification/       Initial Notification 
                  Amendment 
                --------------------------  ---------------------------------------------- 
 3.              Details of the issuer, emission allowance market participant, 
                  auction platform, auctioneer or auction monitor 
                -------------------------------------------------------------------------- 
 a)              Name                        Cambridge Cognition Holdings Plc 
                --------------------------  ---------------------------------------------- 
 b)              LEI                         213800SZKDIN122EPA96 
                --------------------------  ---------------------------------------------- 
 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          In each case, the grant of Options 
                  Financial instrument,       over Ordinary Shares on 16 April 2019 
                  type of instrument 
                 Identification code         GB00B8DV9647 
                --------------------------  ---------------------------------------------- 
 b)              Nature of the transaction   Grant of Options over Ordinary Shares 
                --------------------------  ---------------------------------------------- 
 c)              Price(s) and volume(s)      Price: n/a 
                                              Volumes: 
                                              Jennifer Barnett - 25,000 Options 
                                              Ricky Dolphin - 10,000 Options 
                                              Malcolm Gates - 26,500 Options 
                                              Mark Miller-Holliday - 1,500 Options 
                --------------------------  ---------------------------------------------- 
 d)              Aggregated information:     n/a 
                   *    Aggregated volume 
 
 
                   *    Price 
                --------------------------  ---------------------------------------------- 
 e)              Date of the transaction     16 April 2019 
                --------------------------  ---------------------------------------------- 
 f)              Place of the transaction    Outside a trading venue 
                --------------------------  ---------------------------------------------- 
 

The information communicated in this announcement is inside information for the purposes of Article 7 of EU Regulation 596/2014

Enquiries

 
 Cambridge Cognition Holdings PLC 
 Steven Powell, Chief Executive Officer       Tel: 01223 810 700 
  Nick Walters, Chief Financial Officer 
 
 finnCap Ltd (NOMAD and Joint Broker)         Tel: 020 7220 0500 
 Geoff Nash / Simon Hicks                     (Corporate Finance) 
 Alice Lane/ Manasa Patil                     (ECM) 
 Dowgate Capital Limited (Joint Broker)       Tel: 020 3903 7715 
  David Poutney/ James Serjeant                (Corporate Broking) 
 
 IFC Advisory Limited (Financial PR and IR)   Tel: 020 3934 6630 
 Graham Herring/ Miles Nolan/ Zach Cohen 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

END

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