Biome Technologies PLC 2017 Long Term Incentive Plan - First Vesting (0038K)

TIDMBIOM

RNS Number : 0038K

Biome Technologies PLC

10 December 2018

10 December 2018

Biome Technologies plc

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

Long Term Incentive Plan (the "2017 LTIP") First Vesting

Biome Technologies plc, a leading bioplastics and radio frequency technology business, announces that pursuant to the Company's 2017 LTIP, the first vesting of options has occurred.

The 2017 LTIP was announced on 21 December 2017 setting share performance hurdles to achieve the vesting of options thereby further aligning the interests of the Company's management with Biome's shareholders. Details of the first vesting under the 2017 LTIP, which occurred on 10 December 2018, can be found below, with the following options now having vested and are available to be exercised under the terms of the rules of the scheme.

 
 
   Name of Individual         Options vested and         Exercise price per 
                              available for exercise     share 
 Paul Mines (Director)      57,588                     215 pence 
                           -------------------------  --------------------- 
 Declan Brown (Director)    26,874                     215 pence 
                           -------------------------  --------------------- 
 Other Employees            34,553                     215 pence 
                           -------------------------  --------------------- 
 Total                      119,015 
                           -------------------------  --------------------- 
 

The Company also announced on 21 December 2017 that an award had been made to John Standen, subject to the same performance criteria as the 2017 LTIP. Under this scheme, a gross amount of GBP25,339 less tax deductions has become payable. Of the net amount payable to John Standen of GBP15,203, Mr Standen has elected to receive GBP10,900 of this sum by way of the issue of 2,000 new ordinary shares in the Company (based on the closing mid-market price of the Company's ordinary shares on 7 December 2018) with the remainder being paid in cash.

Application has been made to the London Stock Exchange for admission of the 2,000 new ordinary shares to trading on AIM ("Admission") and subject to issue and allotment of these shares, dealings on AIM are expected to occur on or around 14 December 2018. Following the issue and allotment of these shares the total issued share capital and voting rights of the Company will be 2,365,188 ordinary shares with voting rights.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the requirements of the EU Market Abuse Regulation can be found below.

 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                           John Standen 
     -----------------------------  ------------------------------------------- 
 2    Reason for the notification 
     -------------------------------------------------------------------------- 
 a)   Position/status                Director - Non-Executive Chairman 
     -----------------------------  ------------------------------------------- 
 b)   Initial notification           Initial notification 
       /Amendment 
     -----------------------------  ------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------- 
 a)   Name                           Biome Technologies plc 
     -----------------------------  ------------------------------------------- 
 b)   LEI                            213800B9QI14B12TAO51 
     -----------------------------  ------------------------------------------- 
 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   Ordinary shares of 5p in Biome 
       instrument, type of            Technologies plc. Identification 
       instrument                     code (ISIN) for Biome Technologies 
       Identification code            plc ordinary shares: GB00B9Z1M820 
     -----------------------------  ------------------------------------------- 
 b)   Nature of the transaction      Shares issued in lieu of cash remuneration 
                                      award 
     -----------------------------  ------------------------------------------- 
 c)   Price(s) and volume(s)          Price(s)        Volume(s) 
                                       545 pence       2,000 ordinary 
                                        per ordinary    shares 
                                        share 
                                                      --------------- 
     -----------------------------  ------------------------------------------- 
 d)   Aggregated information         Single transaction as in 4 c) above. 
       - Aggregated volume            2,000 ordinary shares were issued 
       - Price                        at 545 pence per ordinary share 
     -----------------------------  ------------------------------------------- 
 e)   Date of the transaction        10 December 2018 
     -----------------------------  ------------------------------------------- 
 f)   Place of the transaction       Outside of trading venue - issue 
                                      of new ordinary shares 
     -----------------------------  ------------------------------------------- 
 

-Ends-

 
 For further information please contact: Biome 
  Technologies plc 
 
   Paul Mines, Chief Executive Officer 
 Declan Brown, Group Finance Director 
 www.biometechnologiesplc.com   Tel: [phone] 
                                 100 
 
   Allenby Capital 
 David Hart/Alex Brearley (Nominated Adviser) 
  Kelly Gardiner (Broker) 
 www.allenbycapital.com         Tel: [phone] 
                                 5656 
 
 
 

About Biome

Biome Technologies plc is an AIM listed, growth-orientated, commercially driven technology group. Our strategy is founded on building market-leading positions based on patented technology and serving international customers in valuable market sectors. We have chosen to do this by developing products in application areas where the value-added pricing can be justified and that are not reliant on government legislation. These products are driven by customer requirements and are compatible with existing manufacturing processes. They are market rather than technology-led.

The Group comprises two divisions, Biome Bioplastics Limited and Stanelco RF Technologies Limited. Biome Bioplastics is a leading developer of highly-functional, bio-based and biodegradable plastics. The company's mission is to produce bioplastics that challenge the dominance of oil-based polymers. Stanelco RF Technologies designs, builds and services advanced radio frequency (RF) systems. Dielectric and induction heating products are at the core of a product offering that ranges from portable sealing devices to large furnaces for the fibre optics markets.

In 2018, the Board has adopted the following three high level KPIs for the next three years to continue its ambitious momentum:

-- Compound revenue growth of 25% per annum across the Group and 40% compound revenue growth in the Bioplastics division

-- Diversify the Group's turnover by product and market to ensure that no one product or end customer contributes more than 15% of revenues by 2020

-- Increase investment in the Group's next generation of products by spending significantly more per annum on average than the GBP0.3m per annum average spend over the previous strategic objective cycle

www.biometechnologiesplc.com

www.biomebioplastics.com and www.thinkbioplastic.com

www.stanelcorftechnologies.com

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December 10, 2018 09:35 ET (14:35 GMT)