Midatech Pharma PLC Announces Grant of Options
ABINGDON, OXFORDSHIRE ACCESSWIRE / June, 17, 2020 / Midatech Pharma PLC (AIM:MTPH.L)(NASDAQ:MTP), a drug delivery technology company focused on improving the bio-delivery and bio-distribution of medicines announces that options over a total of 1,401,000 ordinary shares of 0.1 pence each in the capital Company have been granted to employees under the 2014 Midatech Pharma plc Enterprise Management Incentive Scheme (“Options”).
Of these Options, 500,000 in aggregate have been granted to two executives designated as PDMRs; Stephen Stamp, Chief Executive Officer, Chief Financial Officer and director of the Company and Steve Damment, Executive Vice President of R&D resulting in them having the following interests in the Company:
|
Director |
Award of Options |
Resulting interest in options |
Current shareholding in the Company |
|
Stephen Stamp – Chief Executive Officer, Chief Financial Officer |
300,000 |
350,000 |
50,000 |
|
Steve Damment – Executive Vice President, R&D |
200,000 |
222,890 |
2,000 |
The Options have an exercise price of 20.2 pence per share. The Options will vest 25% upon the one year anniversary of grant, with the remainder vesting in 12 equal tranches quarterly over the following three years. Once vested, the options will be exercisable until 16 June 2030.
The Options granted represent 3.6 per cent. of the issued share capital.
In addition to the Options, in order to incentivise and retain certain employees during the ongoing Strategic Review, the Remuneration Committee has agreed that a cash bonus would become payable upon the successful sale of the Company or a sale of all or substantially all the assets of Midatech, or upon the solvent winding up of the Company, based on the value of such exit event.
|
1 |
Details of the person discharging managerial responsibilities / person closely associated |
||||
|
a) |
Name |
Stephen Stamp |
|||
|
2 |
Reason for the notification |
||||
|
a) |
Position/status |
Chief Executive Officer, 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 |
Midatech Pharma plc |
|||
|
b) |
LEI |
549300GKR2G40H3QFY57 |
|||
|
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 |
Options over Ordinary shares of 0.1 pence each in Midatech Pharma plc |
|||
|
Identification code |
GB00BKT14T00 |
||||
|
b) |
Nature of the transaction |
Grant of Options over Ordinary shares |
|||
|
c) |
Price(s) and volume(s) |
||||
|
Price(s) |
Volume(s) |
||||
|
20.2 p |
300,000 |
||||
|
d) |
Aggregated information |
||||
|
– Aggregated volume |
As above |
||||
|
– Price |
|||||
|
e) |
Date of the transaction |
17 June 2020 |
|||
|
f) |
Place of the transaction |
Off market transaction |
|||
|
1 |
Details of the person discharging managerial responsibilities / person closely associated |
||||
|
a) |
Name |
Steve Damment |
|||
|
2 |
Reason for the notification |
||||
|
a) |
Position/status |
Executive Vice President, R&D |
|||
|
b) |
Initial notification /Amendment |
Initial notification |
|||
|
3 |
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor |
||||
|
a) |
Name |
Midatech Pharma plc |
|||
|
b) |
LEI |
549300GKR2G40H3QFY57 |
|||
|
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 |
Options over Ordinary shares of 0.1 pence each in Midatech Pharma plc |
|||
|
Identification code |
GB00BKT14T00 |
||||
|
b) |
Nature of the transaction |
Grant of Options over Ordinary shares |
|||
|
c) |
Price(s) and volume(s) |
||||
|
Price(s) |
Volume(s) |
||||
|
20.2 p |
200,000 |
||||
|
d) |
Aggregated information |
||||
|
– Aggregated volume |
As above |
||||
|
– Price |
|||||
|
e) |
Date of the transaction |
17 June 2020 |
|||
|
f) |
Place of the transaction |
Off market transaction |
|||
For more information, please contact:
|
Midatech Pharma PLC |
|
Stephen Stamp, CEO, CFO |
|
Tel: +44 (0)1235 888300 |
|
Panmure Gordon (UK) Limited (Nominated Adviser and Broker) |
|
Freddy Crossley, Emma Earl (Corporate Finance) |
|
James Stearns (Corporate Broking) |
|
Turner Pope Investments (TPI) Limited (Joint Broker) |
|
Andrew Thacker (Corporate Broking) |
|
Tel: +44(0)20 3657 0050 |
|
IFC Advisory Limited (Financial PR and UK Investor Relations) |
|
Tim Metcalfe / Graham Herring |
|
Tel: +44 (0)20 3934 6630 |
|
Edison Group (US Investor Relations) Joseph Green/ Laine Yonker Tel: (646) 653-7030/ 7035 |
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
SOURCE: Midatech Pharma PLC
View source version on accesswire.com:
https://www.accesswire.com/594141/Midatech-Pharma-PLC-Announces-Grant-of-Options
