TIDMPHC
RNS Number : 8797G
Plant Health Care PLC
24 July 2023
24 July 2023
Plant Health Care plc
("Plant Health Care" or "the Company")
Grant of Options
Director/PDMR shareholding s
Plant Health Care ( AIM: PHC ) , a leading provider of novel
patent-protected biological products to global agricultural
markets, announce s that on 21 July 2023 the Company awarded
options to executive directors and certain employees under the
Company's 2017 Employee Share Option Plan (the ' Plan ').
The Company has awarded options in respect of a total of 1.955
million shares with an exercise price of 1p per share under the
Plan (the " Option Shares ") (representing 0.57% of the Company's
current issued share capital) that vest upon the earlier of: (a)
the date of a Change of Control; or (b) upon satisfaction of both
the Service-Based Requirement and the Performance-Based
Requirements set out below.
Performance-Based Requirements
50% of the Option Shares vest in accordance with the adjusted
2023 EBITDA as set out below:
25% of options vest for adjusted 2023 EBITDA growth equal to 90%
of budget
50% of options vest for adjusted 2023 EBITDA growth equal to the
2023 budget
75% of options vest for adjusted 2023 EBITDA growth equal to
105% of budget
100% of options vest for adjusted 2023 EBITDA growth equal to
110% of budget
Straight-line pro-rating between these targets.
50% of the Option Shares vest in accordance with the share price
as set out below:
25% of the options vest for a share price of 9p
50% of the options vest for a share price of 10p
75% of the options vest for a share price of 11p
100% of the options vest for a share price of 12p
Straight-line pro-rating between these targets.
Service-Based Requirement s :
F or all United States based employees no option shall be
exercised before the two-year anniversary of the date of grant.
The options will expire after five years from the date of grant.
The vesting criteria of the options can be modified at the
discretion of the Remuneration Committee of the Company.
The Option Shares include an award to Jeffrey Hovey and Jeffrey
Tweedy.
Name Position Number o f s hares s ubject
t o t he Option
Chief Executive
Jeffrey Tweedy Officer 1,150,000
================= ============================
Chief Financial
Jeffrey Hovey Officer 805,000
================= ============================
Bill Lewis, Chair of the Remuneration Committee , commented:
"As announced previously, the Company has noted the concern
raised by ISS in respect of the performance targets set on the
vesting of LTIP awards. At that time, we committed to reviewing the
LTIP plan and associated performance criteria, in order to align
with best practice. Our conclusion was to introduce EBITDA as a new
hurdle and give it equal weighting to the share price hurdle. We
believe that EBITDA is the measure of profit which management is
best placed to influence. We believe this change more closely
reflects the impact of management's actions on the success of the
company, while maintaining the strong link to shareholder value
creation as reflected in the share price. The targets we have set
are aligned to the mid-term financial targets previously shared
with the market. "
Enquiries
Plant Health Care plc
Jeffrey Tweedy - Chief Executive Office
Jeffrey Hovey - Chief Financial Officer +1 919 926 1600
Cenkos Securities plc - Nomad and Broker
Neil McDonald / Pete Lynch +44 (0) 20 7391 8900
SEC Newgate - Financial PR
Robin Tozer
George Esmond
Harry Handyside +44 (0) 7540 106 366
Company website: www.planthealthcare.com
The information set out below is provided in accordance with the
requirements of Article 19(3) of the EU Market Abuse Regulation No
596/2014.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jeffrey Hovey
-------------------------------------------------------- -------------------------------------------------------
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 Plant Health Care plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI
213800KBQPJZ2FM8QH27
-------------------------------------------------------- -------------------------------------------------------
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 Options over Ordinary Shares of 1p each
instrument
Identification code GB00B01JC540
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of 1p Options under the 2017 Employee Share
Option Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 805,000
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 805,000 ordinary shares of 1p per share par value
As above
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 21 July 2023
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jeffrey Tweedy
-------------------------------------------------------- -------------------------------------------------------
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 Plant Health Care plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI
213800KBQPJZ2FM8QH27
-------------------------------------------------------- -------------------------------------------------------
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 Options over Ordinary Shares of 1p each
instrument
Identification code GB00B01JC540
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of 1p options under the 2017 Employee Share
Option Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1p 1,150,000
----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 1,150,000 ordinary shares of 1p per share par value
As above
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 21 July 2023
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
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END
DSHSEMESDEDSEEW
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July 24, 2023 02:00 ET (06:00 GMT)
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