TIDMEDEN
RNS Number : 8455D
Eden Research plc
28 June 2019
28 June 2019
Eden Research plc
("Eden" or "Company)
Grant of Awards under Long-Term Incentive Plan
Eden Research plc (AIM: EDEN), the AIM listed company that
develops and supplies breakthrough biopesticide products and
natural microencapsulation technologies to the global crop
protection, animal health and consumer products industries,
announces the grant of awards under the Company's Long Term
Incentive Plan ("LTIP") to Sean Smith, Chief Executive Officer, and
Alex Abrey, Chief Finance Officer (together the "Executives").
The Remuneration Committee has approved the award of options
over 5,391,111 ordinary shares of 1-pence each in the Company
("Ordinary Shares") under the LTIP. The awards are in respect of
management performance in the financial years ending 31 December
2017 and 31 December 2018.
Further details of the awards are set out below.
In respect of 2017:
-- To the CEO Sean Smith nil cost options over 1,775,556 ordinary shares.
-- To the CFO Alex Abrey nil cost options over 1,093,333 ordinary shares.
The vesting date of the options is 30 June 2021, and they only
become exercisable if the following share price performance
conditions are met: 50% of the options become exercisable if the
weighted average Ordinary Share price in the 45-day period ending
on the vesting date is GBP0.23 or above. Between weighted average
ordinary share prices of GBP0.23 and GBP0.345, vesting shall be
pro-rata and on a straight-line basis between 50% and 100%. Below
GBP0.23 the options are not exercisable and lapse in full.
In respect of 2018:
-- To the CEO Sean Smith nil cost options over 1,688,889 ordinary shares.
-- To the CFO Alex Abrey nil cost options over 1,333,333 ordinary shares.
The vesting date of the options is 30 June 2022, and they only
become exercisable if the following share price performance
conditions are met: 50% of the options become exercisable if the
weighted average Ordinary Share price in the 45-day period ending
on the vesting date is GBP0.25 or above. Between weighted average
Ordinary Share prices of GBP0.25 and GBP0.375, vesting shall be
pro-rata and on a straight-line basis between 50% and 100%. Below
GBP0.25 the options are not exercisable and lapse in full.
The notifications below, made in accordance with the
requirements of the EU Market Abuse Regulation, provide further
detail.
For further information contact:
Eden Research plc www.edenresearch.com
Sean Smith
Alex Abrey 01285 359 555
Shore Capital (Nomad) 020 7408 4090
Stephane Auton / Patrick Castle
Powerscourt (Financial PR) 020 7250 1446
Nick Dibden eden@powerscourt-group.com
Jana Tsiligiannis
1 Details of the person discharging managerial responsibilities / person closely associated
--- -----------------------------------------------------------------------------------------------
a) Name Sean Smith
--- ------------------------------------------------------------- --------------------------------
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 Eden Research plc
--- ------------------------------------------------------------- --------------------------------
b) LEI 213800ZWTYTVQQSM3J85
--- ------------------------------------------------------------- --------------------------------
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 1 pence each
Identification code
GB0001646941
--- ------------------------------------------------------------- --------------------------------
b) Nature of the transaction Grant of options
--- ------------------------------------------------------------- --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
nil cost 1,775,556
---------- ----------
nil cost 1,688,889
---------- ----------
--- ------------------------------------------------------------- --------------------------------
d) Aggregated information
- Aggregated volume
- Price N/A
--- ------------------------------------------------------------- --------------------------------
e) Date of the transaction 28 June 2019
--- ------------------------------------------------------------- --------------------------------
f) Place of the transaction Outside of trading venue
--- ------------------------------------------------------------- --------------------------------
1 Details of the person discharging managerial responsibilities / person closely associated
--- -----------------------------------------------------------------------------------------------
a) Name Alex Abrey
--- ------------------------------------------------------------- --------------------------------
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 Eden Research plc
--- ------------------------------------------------------------- --------------------------------
b) LEI 213800ZWTYTVQQSM3J85
--- ------------------------------------------------------------- --------------------------------
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 1 pence each
Identification code
GB0001646941
--- ------------------------------------------------------------- --------------------------------
b) Nature of the transaction Grant of options
--- ------------------------------------------------------------- --------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
---------- ----------
nil cost 1,093,333
---------- ----------
nil cost 1,333,333
---------- ----------
--- ------------------------------------------------------------- --------------------------------
d) Aggregated information
- Aggregated volume
- Price N/A
--- ------------------------------------------------------------- --------------------------------
e) Date of the transaction 28 June 2019
--- ------------------------------------------------------------- --------------------------------
f) Place of the transaction Outside of trading venue
--- ------------------------------------------------------------- --------------------------------
Notes:
Eden Research is a technology development and commercialisation
company with intellectual property and expertise in encapsulation,
terpenes and environmentally friendly technologies to provide
naturally occurring solutions for the global agrochemicals, animal
health, and consumer product industries.
Eden's encapsulation technology harnesses the biocidal efficacy
of naturally occurring chemicals produced by plants (terpenes) and
can also be used with both natural and synthetic compounds to
enhance their performance and ease-of-use. The technology uses
yeast cells that are a by-product of numerous commercial production
processes to deliver a slow release of natural compounds for
agricultural and non-agricultural uses. Terpenes are already widely
used in the food flavouring, cosmetics and pharmaceutical
industries.
Historically, terpenes have had limited commercial use in the
agrochemical sector due to their volatility, phytotoxicity and poor
solubility. Eden's platform encapsulation technology provides a
unique, environmentally friendly solution to these problems and
enables terpenes to be used as effective, low-risk
agrochemicals.
Eden is developing these technologies through innovative
research and a series of commercial production, marketing and
distribution partnerships.
The Company has a number of patents and a pipeline of products
at differing stages of development targeting specific areas of the
global agrochemicals industry. To date, the Company has invested in
the region of GBP13m in developing and protecting its intellectual
property and seeking regulatory approval for products that rely
upon the Company's technologies. Revenues earned by the Company
have been modest whilst the Company has concentrated on securing
patent protection for its intellectual property, gaining regulatory
approvals, identifying suitable industrial partners, and entering
into commercial agreements.
In May 2013, the three actives that comprise Eden's first
commercial product, Mevalone, were approved as new ingredients for
use in plant protection products. This represented a major
milestone in the commercialisation of Eden's technology and is a
significant accomplishment for any company. To illustrate this
point, one should note that in all of 2013, Eden's approvals
represented 3 of only 10 new active ingredients approved by the
EC.
Mevalone has been authorised for sale in Kenya, Malta, Greece,
Bulgaria, Spain, Italy, France, Cyprus, Albania, Portugal and
Macedonia.
Eden was admitted to trading on AIM on 11 May 2012 and trades
under the symbol EDEN.
For more information about Eden, please visit:
www.edenresearch.com.
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.
END
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