11 March
2024
Creo Medical Group
plc
("Creo"
the "Company" or the "Group")
LTIP
Awards
Creo Medical Group plc (AIM: CREO),
the medical device company focused on the emerging field of
minimally invasive surgical endoscopy for pre-cancer and cancer
patients, announces that, pursuant to the
Company's Long Term Incentive Plan ("LTIP"), the Directors set out below
("Participants") were
granted an interest over an aggregate of
6,633,898 ordinary shares ("LTIP Shares")
of 0.1 pence each in the capital of the Company ("Ordinary Shares"). The grant
comprises 3,091,525 LTIP Shares in respect of each Participant's
2022 performance (the "2022 LTIP
grant") and 3,542,373 LTIP Shares based on future
performance conditions, measured over a
three-year period commencing on 1 January 2023 (the "2023 LTIP grant").
Background
As detailed in the Remuneration
Report in the Company's 2022 annual report and accounts, LTIP
awards have been historically based on pre-grant performance
conditions on the same basis as the annual bonus. In the same
report, the Remuneration Committee set out its intention to
incorporate, in addition to continued service, forward-looking
performance targets as conditions for vesting. This change reflects
feedback received from shareholders and represents a natural
evolution of the LTIP plan as the Company enters a full commercial
phase. 2023 represents a transition year in the implementation of
the new LTIP criteria. As such, the 2022 LTIP grant is being made
in respect of the Participant's performance against objectives in
2022 and represents 95% of salary. The 2023 LTIP is a
forward-looking award equivalent to 100% of salary in line with the
Company's policy, which will vest subject to performance conditions
from threshold target levels to stretch target levels in respect of
revenue, cashflow and TSR measured over a three-year period
commencing 1 January 2023.
Ordinary shares held by the trustee
("Trustee") of the
Company's Employee Benefit Trust ("EBT") will be used to satisfy the
exercise of these LTIP Shares.
|
Director
|
Position
|
Aggregate LTIP
Shares
|
|
Craig Gulliford
|
Chief Executive Officer
|
2,020,339
|
|
Chris Hancock
|
Chief Technology Officer
|
1,426,949
|
|
Richard Rees
David Woods
|
Chief Finance Officer
Chief Commercial Officer
|
1,441,525
1,745,085
|
The LTIP is structured as a joint
share ownership plan whereby the Participant and the Trustee
jointly own the beneficial interest of the LTIP Shares. The
Participant is entitled to any value above the hurdle price of
£0.90 per share and the Trustee entitled to all value below the
hurdle price. The Participant has also been granted an option to
acquire the Trustee's beneficial interest in the LTIP Shares, which
is exercisable three years and three months after the acquisition
date (subject to remaining in eligible employment) and followed by
a three-month holding period.
Enquiries:
|
Creo Medical
Group plc
|
www.creomedical.com
|
|
Richard Rees (CFO)
|
+44 (0)1291 606
005
|
|
|
|
|
Cavendish
Capital Markets Limited
|
+44 (0)20 7397
8900
|
|
Stephen Keys / Camilla Hume (NOMAD)
|
|
|
Michael Johnson (Sales)
|
|
|
|
|
|
Deutsche Numis
(Joint Broker)
Freddie Barnfield / Duncan Monteith / Euan
Brown
|
+44 (0)20
7260 1000
|
|
|
|
|
Walbrook
PR
|
Tel: +44
(0)20 7933 8780 or
creo@walbrookpr.com
|
|
Paul McManus / Sam Allen
Phillip Marriage
|
Mob: +44 (0)7980 541
893 / +44 (0)7502 558 258
+44
(0)7867 984 082
|
About Creo
Medical
Creo Medical is a medical device company
focused on the development and commercialisation of minimally
invasive electrosurgical devices, bringing advanced energy to
endoscopy.
The Company's vision is to improve patient
outcomes through the development and commercialisation of a suite
of electrosurgical medical devices, each enabled by CROMA, powered
by Kamaptive. The Group has developed the CROMA powered by
Kamaptive full-spectrum adaptive technology to optimise surgical
capability and patient outcomes. Kamaptive is a seamless, intuitive
integration of multi-modal energy sources, optimised to dynamically
adapt to patient tissue during procedures such as resection,
dissection, coagulation and ablation of tissue. Kamaptive
technology provides clinicians with increased flexibility,
precision and controlled surgical solutions. CROMA currently
delivers bipolar radiofrequency ("RF") energy for precise localised
cutting and focused high frequency microwave ("MW") energy for
controlled coagulation and ablation via a single accessory port.
This technology, combined with the Group's range of patented
electrosurgical devices, is designed to provide clinicians with
flexible, accurate and controlled clinical solutions. The Directors
believe the Company's technology can impact the landscape of
surgery and endoscopy by providing a safer, less-invasive and more
cost-efficient option for procedures.
For more information, please refer to the
website www.creomedical.com
The following notifications are
intended to satisfy the Company's obligations under Article 19(3)
of EU Regulation No 596/2014 (the Market Abuse
Regulation).
|
1
|
Details of the person discharging managerial responsibilities
/ person closely associated
|
|
a)
|
Name
|
1. Craig Gulliford
2. Chris Hancock
3. Richard Rees
4. David Woods
|
|
2
|
Reason for the notification
|
|
a)
|
Position/status
|
1. Chief Executive
Officer
2. Chief Technology
Officer
3. Chief Finance
Officer
4. Chief Commercial
Officer
|
|
b)
|
Initial notification
/Amendment
|
Initial notification
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Creo Medical Group plc
|
|
b)
|
LEI
|
213800H188ZDCWWXFA21
|
|
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
|
Ordinary shares of £0.001
each
|
|
|
|
|
Identification code
|
GB00BZ1BLL44
|
|
|
|
|
b)
|
Nature of the transaction
|
Allocation of Ordinary Shares under the Creo
Medical Group plc LTIP 2022 and 2023
|
|
c)
|
Price(s) and volume(s)
|
|
|
|
|
|
|
|
Price(s) pence
|
Volume(s)
|
|
|
|
|
1. nil
2. nil
3. nil
4.
nil
|
1. 2,020,339
2. 1,426,949
3. 1,441,525
4. 1,745,085
|
|
|
|
|
|
|
|
|
d)
|
Aggregated information
|
|
|
|
|
|
- Aggregated volume
|
N/A - single transaction
|
|
|
|
|
- Price
|
|
|
|
|
|
e)
|
Date of the transaction
|
11 March 2024
|
|
f)
|
Place of the transaction
|
Off market
|