Collagen Solutions PLC Executive Share Options Alignment (4914Z)
September 03 2018 - 1:00AM
UK Regulatory
TIDMCOS
RNS Number : 4914Z
Collagen Solutions PLC
03 September 2018
Collagen Solutions Plc
(the "Company" or the "Group")
Executive Share Options Alignment
Collagen Solutions plc (AIM: COS), the developer and
manufacturer of biomaterials and regenerative medicines for the
enhancement and extension of human life, announces an amendment to
the terms of certain options issued under its existing share option
scheme.
The Remuneration Committee has agreed to the equalisation of the
performance conditions of certain outstanding share options in the
Company issued to the senior management team. The performance
conditions required for these options to vest will be adjusted to
the attainment of a target closing share mid-price of 10p and the
achievement of sustainable positive cash flows from operations
(sustained for a period of at least six consecutive monthly
periods), bringing them in line with the performance conditions
attached to those options granted to the senior management team
since July 2017. The change impacts the vesting criteria on the
following options:
Existing Vesting criterion
Share price
Grant at grant
Date Who Number date Share Price Condition EPS
24/11/2014 Gill Black 1,000,000 7.75p 27p OR 1p
01/04/2015 Tom Hyland 500,000 9.625p 27p OR 1p
15/12/2015 Jamal Rushdy 1,100,000 8.89p 27p OR 1p
15/12/2015 Jamal Rushdy 1,100,000 8.89p 58p N/A N/A
15/12/2015 Jamal Rushdy 1,100,000 8.89p Note 1
14/07/2016 Jamal Rushdy 2,700,000 8.125p 30p N/A N/A
15/02/2017 Kevin Darlling 500,000 5.625p 27p OR 1p
07/03/2017 Brad Selman 500,000 5.75p 27p OR 1p
Note 1: Existing vesting criteria relate to non-market based
performance conditions relating to the creation and realisation of
value in the ChondroMimetic(R) business.
The expiration date on all options is 10 years from Grant Date.
Vesting conditions under all other options remain unchanged.
David Evans Non-Executive Chairman said "As a result of the
changes to the management team and Board over time there was a
significant mis-alignment in option incentivisation between the
newer appointees and those appointed earlier. The Remuneration
Committee is aware of the need to provide a balance between
potential shareholder returns with adequate incentivisation and is
of the view that that the new targets set in relation to cash flow
positivity and share price enhancement strike the right balance for
the business going forward."
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014
Enquiries:
Collagen Solutions Plc
Jamal Rushdy, CEO Via Walbrook
Hilary Spence, CFO
Cenkos Securities Plc (Nominated
Adviser and Broker)
Steve Cox (Corporate Finance) Tel: 0207 397 8900
Stephen Keys
Walbrook PR Ltd Tel: 020 7933 8780 or collagen@walbrookpr.com
Anna Dunphy Mob: 07876 741 001
Helen Cresswell Mob: 07841 917 679
About Collagen Solutions:
Collagen Solutions Plc is a global supplier, developer, and
manufacturer of medical grade collagen, tissues, and related
medical devices and components for use in regenerative medicine,
medical devices and in-vitro diagnostics and research. The Company
is also expanding its range of biomaterials-based finished medical
devices based on its internal and acquired intellectual property
for commercialisation with partners via licensing and distribution
arrangements, including ChondroMimetic(R). The Company's products
are used in a wide variety of applications including orthopaedics,
cardiovascular, dental, plastic surgery, wound healing, neurology
and urology.
For more information go to: www.collagensolutions.com.
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contact rns@lseg.com or visit www.rns.com.
END
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