Itaconix PLC Grant of options (8894G)

TIDMITX

RNS Number : 8894G

Itaconix PLC

01 June 2017

1 June 2017

Itaconix plc ("Itaconix" or "the Group")

Award under Long Term Incentive Plan

Itaconix (AIM: ITX) announces the grant of awards under the Itaconix plc Long Term Incentive Plan ("LTIP") to its executive directors Kevin Matthews and Robin Cridland.

The LTIP was adopted by the board of directors of Itaconix (the "Board") on 29 June 2012 and its Remuneration Committee has approved the following grants on 31 May 2017:

   --      To the CEO Kevin Matthews a nil cost option over 1,402,340 ordinary shares 
   --      To the CFO Robin Cridland a nil cost option over 863,830 ordinary shares. 

The vesting date of these awards is 31 May 2020, and they only become exercisable if the following share price performance conditions are met: 50% of the grant becomes exercisable if the weighted average ordinary share price in the 180 day period ending on the vesting date is GBP0.40 or above. Between weighted average ordinary share prices of GBP0.40 and GBP0.55, vesting shall be pro-rata and on a straight line basis between 50% and 100%. Below GBP0.40 the grants are not exercisable and lapse in full. LTIP awards with the same performance conditions were also granted to senior management over 1,412,329 ordinary shares.

Also on 31 May 2017, the executive directors Kevin Matthews and Robin Cridland surrendered the LTIP awards granted on 30 April 2015 over 567,568 and 349,550 ordinary shares respectively.

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

Ends

For further information please contact:

 
                                        [phone] 
Company                                  500 
Kevin Matthews / Rob Cridland 
                                        [phone] 
N+1 Singer                               3000 
Richard Lindley / Liz Yong (Corporate 
 Finance) 
 Nick Owen (Corporate Broking) 
 

About Itaconix

Itaconix is an AIM quoted company whose objective is to be a leader in functional polymers that improve the safety, performance or sustainability of its customers' products in the delivery and controlled release of actives, surface modification and water quality improvement for the Homecare & Industrial and Personal Care & Consumer Healthcare markets.

www.itaconix.com

 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
---  ---------------------------------------------------- 
 a)   Name                Kevin Matthews 
---  ------------------  -------------------------------- 
 2    Reason for the notification 
---  ---------------------------------------------------- 
 a)   Position/status     Chief Executive Officer 
---  ------------------  -------------------------------- 
 b)   Initial             Initial Notification 
       notification 
       /Amendment 
---  ------------------  -------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ---------------------------------------------------- 
 a)   Name                Itaconix plc 
---  ------------------  -------------------------------- 
 b)   LEI                 213800OKA3GOCK2ZA496 
---  ------------------  -------------------------------- 
 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         Ordinary shares of 1 pence each 
       of the financial 
       instrument, 
       type of             GB00B84LVH87 
       instrument 
       Identification 
       code 
---  ------------------  -------------------------------- 
 b)   Nature of           Grant of options 
       the transaction 
---  ------------------  -------------------------------- 
 c)   Price(s)             Price(s)    Volume(s) 
       and volume(s)       ----------  ---------- 
                            nil cost    1,402,340 
---  ------------------  -------------------------------- 
 d)   Aggregated 
       information 
       - Aggregated         N/A 
       volume 
       - Price 
---  ------------------  -------------------------------- 
 e)   Date of             31 May 2017 
       the transaction 
---  ------------------  -------------------------------- 
 f)   Place of            Outside of trading venue 
       the transaction 
---  ------------------  -------------------------------- 
 
 
 1    Details of the person discharging managerial 
       responsibilities / person closely associated 
---  ---------------------------------------------------- 
 a)   Name                Robin Cridland 
---  ------------------  -------------------------------- 
 2    Reason for the notification 
---  ---------------------------------------------------- 
 a)   Position/status     Chief Financial Officer 
---  ------------------  -------------------------------- 
 b)   Initial             Initial Notification 
       notification 
       /Amendment 
---  ------------------  -------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  ---------------------------------------------------- 
 a)   Name                Itaconix plc 
---  ------------------  -------------------------------- 
 b)   LEI                 213800OKA3GOCK2ZA496 
---  ------------------  -------------------------------- 
 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         Ordinary shares of 1 pence each 
       of the financial 
       instrument, 
       type of             GB00B84LVH87 
       instrument 
       Identification 
       code 
---  ------------------  -------------------------------- 
 b)   Nature of           Grant of options 
       the transaction 
---  ------------------  -------------------------------- 
 c)   Price(s)             Price(s)    Volume(s) 
       and volume(s)       ----------  ---------- 
                            nil cost    863,830 
---  ------------------  -------------------------------- 
 d)   Aggregated 
       information 
       - Aggregated         N/A 
       volume 
       - Price 
---  ------------------  -------------------------------- 
 e)   Date of             31 May 2017 
       the transaction 
---  ------------------  -------------------------------- 
 f)   Place of            Outside of trading venue 
       the transaction 
---  ------------------  -------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 01, 2017 08:19 ET (12:19 GMT)