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Itaconix Plc RNS Release

Grant of options


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 £0.40 or above. Between weighted average ordinary share prices of £0.40 and £0.55, vesting shall be pro-rata and on a straight line basis between 50% and 100%. Below £0.40 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:

Company

+44 (0) 1244 283 500

Kevin Matthews / Rob Cridland


N+1 Singer

+44 (0) 207 496 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 notification /Amendment

 

Initial Notification

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 of the financial instrument, type of instrument

Identification code

 

Ordinary shares of 1 pence each

 

 

GB00B84LVH87

b)

 

Nature of the transaction

 

Grant of options

c)

 

Price(s) and volume(s)

 

Price(s)

 

Volume(s)

nil cost

1,402,340



d)

 

Aggregated information

- Aggregated volume

- Price

 

 

 

N/A

e)

 

Date of the transaction

 

31 May 2017

f)

 

Place of the transaction

 

Outside of trading venue

 

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 notification /Amendment

 

Initial Notification

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 of the financial instrument, type of instrument

Identification code

 

Ordinary shares of 1 pence each

 

 

GB00B84LVH87

b)

 

Nature of the transaction

 

Grant of options

c)

 

Price(s) and volume(s)

 

Price(s)

 

Volume(s)

nil cost

863,830



d)

 

Aggregated information

- Aggregated volume

- Price

 

 

 

N/A

e)

 

Date of the transaction

 

31 May 2017

f)

 

Place of the transaction

 

Outside of trading venue

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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