TIDMEDEN
RNS Number : 1713S
Eden Research plc
29 September 2017
29 September 2017
Eden Research plc
("Eden" or "Company")
Adoption of New Long-Term Incentive Plan and Grant of Awards
Eden Research plc (AIM: EDEN), the AIM listed company that
provides breakthrough natural microencapsulation technologies to
the global agrochemicals, animal health and consumer products
industries, announces the implementation of a new Long Term
Incentive Plan ("LTIP") that has been adopted by the Board,
together with grant of awards under the LTIP to Sean Smith, Chief
Executive Officer, and Alex Abrey, Chief Finance Officer (together
the "Executives").
Background
The LTIP has been established to incentivise the Executives to
deliver long-term value creation for shareholders and ensure
alignment with shareholder interests. Awards will be made annually
and will be subject to continued service and challenging
performance conditions over a three year period. The performance
conditions are reviewed on an annual basis to ensure they remain
appropriate and are currently based on increasing shareholder
value. Awards are structured as nil cost options with a seven year
life after vesting.
Other than in exceptional circumstances, an award would be up to
100% of salary in any one year and would be granted subject to
achieving challenging performance conditions set at the date of the
grant. A percentage of the award will vest for "Threshold"
performance with full vesting taking place for equalling or
exceeding the performance "Target". In between the Threshold and
Target there may be pro rata vesting. The Remuneration Committee
retains the ability to amend the performance conditions for future
grants to ensure that such grants achieve the stated purpose.
The LTIP was adopted by the board of directors of Eden (the
"Board") on 28 September 2017.
Grant of Awards
The Remuneration Committee has approved the award of options
over 4,016,680 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
2016 and 31 December 2015, the latter being a "catch up" award
following the later than planned implementation of the LTIP.
Further details of the awards are set out below.
In respect of 2015:
-- To the CEO Sean Smith nil cost options over 1,098,680 ordinary shares.
-- To the CFO Alex Abrey nil cost options over 810,000 ordinary shares.
The vesting date of the options is 30 September 2019, 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 GBP0.20 or above. Between weighted average
ordinary share prices of GBP0.20 and GBP0.30, vesting shall be
pro-rata and on a straight line basis between 50% and 100%. Below
GBP0.20 the options are not exercisable and lapse in full.
In respect of 2016:
-- To the CEO Sean Smith nil cost options over 1,148,000 ordinary shares.
-- To the CFO Alex Abrey nil cost options over 960,000 ordinary shares.
The vesting date of the options is 30 September 2020, 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 GBP0.24 or above. Between weighted average
Ordinary Share prices of GBP0.24 and GBP0.36, vesting shall be
pro-rata and on a straight line basis between 50% and 100%. Below
GBP0.24 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, please 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 020 7250 1446
Samantha Trillwood
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 1,098,680
---------- ----------
nil cost 1,148,000
---------- ----------
--- ------------------------------------------------------------- --------------------------------
d) Aggregated information
- Aggregated volume
- Price N/A
--- ------------------------------------------------------------- --------------------------------
e) Date of the transaction 29 September 2017
--- ------------------------------------------------------------- --------------------------------
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 810,000
---------- ----------
nil cost 960,000
---------- ----------
--- ------------------------------------------------------------- --------------------------------
d) Aggregated information
- Aggregated volume
- Price N/A
--- ------------------------------------------------------------- --------------------------------
e) Date of the transaction 29 September 2017
--- ------------------------------------------------------------- --------------------------------
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 GBP12m 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, 3AEY, 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.
3AEY has been authorised for sale in Kenya, Malta, Greece,
Bulgaria, Spain, Italy, France, Cyprus, Albania and Portugal.
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 company news service from the London Stock Exchange
END
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