Polarean Imaging PLC Grant of Share Options (5385L)

TIDMPOLX

RNS Number : 5385L

Polarean Imaging PLC

20 April 2018

Polarean Imaging Plc

("Polarean" or the "Company")

Grant of Share Options

Polarean Imaging plc (AIM: POLX), the medical-imaging technology company, with a proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, announces that following the Company's recent admission to trading on AIM ("Admission") and upon the recommendation of the Company's remuneration committee, it has formally allocated to certain of its directors, persons discharging managerial responsibilities ("PDMRs") and employees the options over a total of 9,619,200 ordinary shares of 0.00037p each in the Company ("Ordinary Shares") that were granted at Admission pursuant to Polarean's Pre-Admission Share Option Scheme dated 12 December 2017 (the "Options").

The exercise price for the Options is 15 pence being the price at which Polarean's Ordinary Shares were placed at Admission. The Options will vest in equal portions on an annual basis on the anniversary of Admission, over a four year period from the date of Admission. The options term expires on 29 March 2028.

Options Granted to Directors and PDMRs

As per the table below, a total of 8,122,822 have been granted to Directors and PDMRs of Polarean:

 
 Director             Position                        Number of options 
                                                       granted 
-------------------  ------------------------------  ------------------ 
 Richard Morgan       Non-Executive Chairman          534,400 
-------------------  ------------------------------  ------------------ 
 Richard Hullihen     Chief Executive Officer         2,135,440 
-------------------  ------------------------------  ------------------ 
 Ken West             Chief Operating Officer         1,646,018 
-------------------  ------------------------------  ------------------ 
 Bastiaan Driehuys    Chief Technology Officer        534,400 
-------------------  ------------------------------  ------------------ 
 Robert Bertoldi      Non-Executive Director          534,400 
-------------------  ------------------------------  ------------------ 
 Juergen Laucht       Non-Executive Director          534,400 
-------------------  ------------------------------  ------------------ 
 PDMR                 Position                        Number of options 
                                                       granted 
-------------------  ------------------------------  ------------------ 
 William Patrick      Chief Financial Officer         734,588 
-------------------  ------------------------------  ------------------ 
                      Vice President of Technology 
 Kiarash Emami         & Applications                 734,588 
-------------------  ------------------------------  ------------------ 
 Neil Wadehra         Vice President of Operations    734,588 
-------------------  ------------------------------  ------------------ 
 

Following the formal grant of Options referred to above, there are 24,469,061 outstanding options and warrants over Polarean's Ordinary Shares, representing 25% of the Company's Ordinary Shares and total voting rights on a fully diluted basis.

Issue of Equity

In addition, Polarean has issued a total of 2,772 new Ordinary Shares to holders of convertible loan notes ("CLNs") that were issued in December 2017, when the Group undertook a pre-Admission fundraise, in lieu of interest payable on the CLNs (the "CLN Interest Shares").

Application will be made for CLN Interest Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and this is expected to occur at 8.00 a.m. on 24 April 2018.

Following the admission of the CLN Interest Shares, the total number of voting rights in the Company will be 73,409,464 Ordinary Shares. This number 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 a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

Enquiries:

 
 Polarean Imaging plc                                www.polarean-ir.com 
 Richard Hullihen, Chief Executive                       Via Walbrook PR 
  Officer 
 Richard Morgan, Chairman 
 
 Northland Capital Partners Limited                       Tel: +44 (0)20 
                                                               3861 6625 
 David Hignell / Gerry Beaney / 
  Jamie Spotswood (Corporate Finance) 
  John Howes / Rob Rees (Corporate 
  Broking) 
 
 MC Services (European IR)                                Tel: +49 (0)89 
                                                                210 2280 
 Raimund Gabriel 
 
 The Life Sciences Division (Financial 
  Adviser) 
 Navid Malik, Director                                    Mob: [phone] 
                                                                     730 
 Alia Minhas, CEO                                         Mob: [phone] 
                                                                     057 
 
 Walbrook PR                                    Tel: [phone] 
                                              or [e-mail] 
 Paul McManus / Anna                            Mob: [phone] 
  Dunphy                                           / [phone] 
  Helen Cresswell                                    [phone] 
 
 

About Polarean (www.polarean.com)

The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue generating, medical drug-device combination companies operating in the high resolution medical imaging market.

The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas ((129) Xe) as an imaging agent to visualise ventilation and gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.

The Group operates in an area of significant unmet medical need and the Group's technology provides a novel diagnostic approach, offering a non-invasive and radiation-free functional imaging platform which is more accurate and less harmful to the patient than current methods. The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.

The Group also develops and manufactures high performance MRI radiofrequency (RF) coils which are a required component for imaging (129) Xe in the MRI system. The development of these coils by the Group facilitates the adoption of the Xenon technology by providing application-specific RF coils which optimise the imaging of (129) Xe in MRI equipment for use as a medical diagnostic as well as a method of monitoring the efficacy of therapeutic intervention.

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                    (i) Richard Morgan 
                                (ii) Richard Hullihen 
                                (iii) Ken West 
                                (iv) Bastiaan Driehuys 
                                (v) Robert Bertoldi 
                                (vi) Juergen Laucht 
                                (vii) William Patrick 
                                (viii) Kiarash Emami 
                                (ix) Neil Wadehra 
---  -----------------------  ------------------------------------- 
 2    Reason for the notification 
---  -------------------------------------------------------------- 
 a)   Position/status          (i) Non-Executive Chairman 
                                (ii) Chief Executive Officer 
                                (iii) Chief Operating Officer 
                                (iv) Chief Technical Officer 
                                (v) Non-Executive Director 
                                (vi) Non-Executive Director 
                                (vii) Chief Financial Officer 
                                (viii) Vice President of Technology 
                                & Applications 
                                (ix) Vice President of Operations 
---  -----------------------  ------------------------------------- 
 b)   Initial notification     Initial Notification 
       /Amendment 
---  -----------------------  ------------------------------------- 
 3    Details of the issuer, emission allowance 
       market participant, auction platform, auctioneer 
       or auction monitor 
---  -------------------------------------------------------------- 
 a)   Name                     Polarean Imaging Plc ("Polarean") 
---  -----------------------  ------------------------------------- 
 b)   LEI                      213800DGR2BHXJ36OL37 
---  -----------------------  ------------------------------------- 
 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              Options over Polarean's ordinary 
       of the financial         shares of GBP0.0037p each 
       instrument,              (the "Options") 
       type of instrument 
---  -----------------------  ------------------------------------- 
 b)   Identification           GB00BF3DT583 
       code 
---  -----------------------  ------------------------------------- 
 c)   Nature of the            Grant of Options 
       transaction 

---  -----------------------  ------------------------------------- 
 d)   Price and volumes        Exercise Price - 15p per Option 
                                Volume of Options: 
                                (i) 534,400 
                                (ii) 2,135,440 
                                (iii) 1,646,018 
                                (iv) 534,400 
                                (v) 534,400 
                                (vi) 534,400 
                                (vii) 734,588 
                                (viii) 734,588 
                                (ix) 734,588 
---  -----------------------  ------------------------------------- 
 d)   Aggregated information    Volume: 9,619,200 Options 
       - Aggregated              Price: Each Option has an 
       volume                    exercise price of 15p 
       - Price 
---  -----------------------  ------------------------------------- 
 e)   Date of the              17 April 2018 
       transaction 
---  -----------------------  ------------------------------------- 
 f)   Place of the             London Stock Exchange, AIM 
       transaction              Market 
---  -----------------------  ------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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April 20, 2018 02:00 ET (06:00 GMT)