Director/PDMR Shareholding
January 29 2009 - 8:10AM
UK Regulatory
TIDMLMT
RNS Number : 4701M
Lombard Medical Technologies PLC
29 January 2009
Press information
Lombard Medical Technologies PLC
("Lombard" or "Company")
Share Option Grant
London, UK, 29 January 2009 - Lombard Medical Technologies PLC (AIM: LMT), the
specialist medical device company, announces that it granted 80.4 million share
options to its Directors and employees on 28 January 2008. These share options
may be exercised in whole or in part after three years provided that the
Company's share price attains the following targets.
+------------------------------------+------------------------------------+
| Share price on 3rd anniversary of | Percentage of options vesting |
| grant | |
+------------------------------------+------------------------------------+
| Equal or greater than 2 pence | 50% |
+------------------------------------+------------------------------------+
| Equal or greater than 3 pence | 80% |
+------------------------------------+------------------------------------+
| Equal or greater than 4 pence | 90% |
+------------------------------------+------------------------------------+
| Equal or greater than 5 pence | 100% |
+------------------------------------+------------------------------------+
The exercise price of the options is 1.125 pence being the average of the
closing prices over the three business days prior to grant in accordance with
the rules of the Company's share option scheme.
The Company regards share options as an important tool to retain and motivate
management and staff over the next few years. The share options granted to
Directors and employees prior to today do not fulfil this function as they
currently have no realistic chance of being of value and as such the Company is
announcing its intention to cancel those options.
Following the grant and cancellation of share options noted above the number of
options in issue will be 82.8 million representing 10.5% of the share capital of
the Company after the issue in February 2009 of 67 million shares pursuant to
the conversion of the 2009 Convertible Loan Notes.
The number of options to be granted and cancelled for each of the Directors is
shown in the table below.
+-------------------------+---------------+---------------+---------------+
| | Number of | Number of | Number of |
| | options | options | options held |
| | cancelled | granted | |
+-------------------------+---------------+---------------+---------------+
| Simon Neathercoat | 1,029,114 | 5,600,000 | 5,600,000 |
+-------------------------+---------------+---------------+---------------+
| Brian Howlett | 2,630,207 | 14,000,000 | 14,000,000 |
+-------------------------+---------------+---------------+---------------+
| Tim Hall | 2,006,779 | 10,000,000 | 10,000,000 |
+-------------------------+---------------+---------------+---------------+
| Tim Cook | 200,000 | 1,000,000 | 1,000,000 |
+-------------------------+---------------+---------------+---------------+
| Richard Johnston | 408,987 | 1,800,000 | 1,800,000 |
+-------------------------+---------------+---------------+---------------+
| Craig Rennie | 200,000 | 1,000,000 | 1,000,000 |
+-------------------------+---------------+---------------+---------------+
| Martin Rothman | 1,315,232 | 6,000,000 | 6,000,000 |
+-------------------------+---------------+---------------+---------------+
| Michael Stevens | 471,022 | 2,000,000 | 2,000,000 |
+-------------------------+---------------+---------------+---------------+
| Total | 8,261,341 | 41,400,000 | 41,400,000 |
+-------------------------+---------------+---------------+---------------+
- Ends -
Enquiries:
+---------------------------------------+-------------------------------+
| Lombard Medical Technologies PLC | Tel: +44 (0) 1235 750 800 |
+---------------------------------------+-------------------------------+
| Simon Neathercoat, Non-executive | |
| Chairman | |
+---------------------------------------+-------------------------------+
| Brian Howlett, Chief Executive | |
| Officer | |
+---------------------------------------+-------------------------------+
| Tim Hall, Finance Director | |
+---------------------------------------+-------------------------------+
| | |
+---------------------------------------+-------------------------------+
| Financial Dynamics | Tel: +44 (0) 20 7831 3113 |
+---------------------------------------+-------------------------------+
| David Yates / Susan Quigley | |
+---------------------------------------+-------------------------------+
| | |
+---------------------------------------+-------------------------------+
| Nomura Code Securities Limited | Tel: +44 (0) 20 7776 1200 |
+---------------------------------------+-------------------------------+
| Juliet Thompson / Richard Potts | |
+---------------------------------------+-------------------------------+
Notes to editors
About Lombard Medical
Lombard Medical Technologies PLC is a medical devices group developing stent
grafts and other medical products for use in the treatment of vascular disease.
The Company's lead product, Aorfix(TM), is an endovascular stent graft for the
treatment of abdominal aortic aneurysms (AAAs), a balloon-like enlargement of
the aorta which, if untreated, may rupture and cause death. Approximately 1.7
million people have AAAs in the US where it is the 13th largest cause of death.
The market for endovascular stent grafts for the treatment of AAA is currently
worth over $600 million and is expected to grow to around a $1 billion by 2010.
Aorfix(TM) is currently being commercialised in the EU, with a pivotal clinical
trial ongoing in the USA.
The Company's Polymer Coatings Division has developed a novel hydrophilic
surface treatment to reduce friction on catheters called GlideMax(TM), which is
available for licensing, and is using its polymer coating technology in a number
of research collaborations developing novel products for the $5 billion
drug-eluting stent market.
The Company headquartered in Oxfordshire, with operations in Yorkshire, Ayrshire
and Boston, USA.
Further background on the Company can be found at www.lombardmedical.com.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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