AorTech International PLC New Share Option Scheme and Grant of Share Options (2396V)
02 Dicembre 2019 - 08:00AM
UK Regulatory
TIDMAOR
RNS Number : 2396V
AorTech International PLC
02 December 2019
2 December 2019
AorTech International PLC
("AorTech", the "Company" or the "Group")
Adoption of New Unapproved Share Option Scheme
and
Grant of Share Options
AorTech International plc (AIM: AOR.L), the licensor of the
world's leading long-term implantable biostable polymer
(Elast-Eon(TM) ) and developer of medical devices utilising the key
properties of Elast-Eon(TM) , announces that it has adopted a new
Unapproved Share Option Scheme and granted 360,000 share options
over ordinary shares of GBP0.05 (the "Options") to certain
Non-Executive Directors as follows:
David Richmond - 120,000 Options;
Geoff Berg - 120,000 Options; and
John Ely - 120,000 Options.
AorTech recognises the implications of granting share options to
the above Non-Executive Directors and that it might be seen as
prejudicing their independence. In addition to performing their
roles as Non-Executive Directors, each of David, Geoff and John has
become actively involved and is contributing significantly to the
design and development of AorTech's portfolio of medical devices.
In particular, David Richmond is contributing to the manufacturing
requirements and processes; Geoff Berg is advising on design and
related surgical requirements of the products; and John Ely is
guiding the products through the stringent regulatory
environment.
Having considered the risk to perceived independence against
that of retaining the services of the individuals, AorTech decided
that aligning the interests of the Non-Executive Directors with
those of shareholders was in the best interests of the Company.
Although implementing this scheme does not require shareholder
approval, as recommended under the QCA Corporate Governance Code,
the Board has consulted with the Company's major shareholders who
are supportive.
The exercise price of the Options is 92.5 pence per share,
representing the mid-market closing price of an AorTech share on 29
November 2019, the business day preceding this announcement.
The vesting terms of the Unapproved Share Option Scheme are in
similar terms to those of the EMI Share Option Plan as summarised
in Part IV of the Company's circular dated 22 May 2018 and approved
by shareholders at the Company's general meeting on 8 June 2018.
The key terms are that: 20 per cent of the Options granted vest
after 3 years; 30 per cent upon the Group receiving either CE
Marking or FDA approval for one of its devices in development; and
the balance of 50 per cent on the Company's share price being at
least GBP3.00 per share for ten consecutive trading days. As with
the EMI Share Option Plan, if the Optionholder ceases to be a
director of the Company after the relevant vesting date the Options
lapse 90 days after cessation unless the Board resolves to allow
exercise within that period.
For further information contact:
AorTech International plc Tel: +44 (0)7730 718296
Bill Brown, Chairman
Shore Capital Tel: +44 (0)20 7408 4080
Tom Griffiths/David Coaten
About AorTech:
AorTech has developed biostable, implantable polymers, including
Elast-Eon(TM) and ECSil(TM), the world's leading long-term
implantable co-polymers, now manufactured on its behalf by
Biomerics LLC in Utah, USA. Elast-Eon(TM) and ECSil(TM)'s
biostability is comparable to silicone while exhibiting excellent
mechanical, blood contacting and flex-fatigue properties. These
polymers can be processed using conventional thermoplastic
extrusion and moulding techniques. With over 6 million implants and
over 10 years of successful clinical use, AorTech polymers are
proven in long term life enabling applications.
In addition to continuing to exploit AorTech's Intellectual
Property related to the world class biomaterial - Elast-Eon(TM),
AorTech is now incorporating this material into a number of medical
devices of our own design. Elast-Eon(TM) has first class long term
blood contacting properties and, as a result, all of the initial
products being developed are for the cardio vascular field. Each
device is being designed to have improved clinical outcomes over
current device technology, eliminating the use of animal sourced
material whilst allowing procedures to remain the same, therefore
avoiding having to retrain surgeons in new ways of operating.
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END
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