Lombard Medical Technologies PLC Share Option Grant (0356H)

TIDMLMT

RNS Number : 0356H

Lombard Medical Technologies PLC

14 June 2013

Lombard Medical Technologies PLC

("Lombard Medical" or the "Company")

Share Option Grant

London, UK, 14 June 2013 - Lombard Medical Technologies PLC (AIM:LMT), the specialist medical technology company focussed on innovative vascular products, announces that it has yesterday, under the Company's Share Option Plan (2005), granted 3,209,394 new share options over ordinary shares of 20p each in the Company, at an exercise price of 177.5 pence per share, to its Directors and employees. Following this grant, there will be 5,342,607 share options in issue, representing 11.9% of the Company's issued shares, calculated including the shares to be issued following the Placing, Subscription and Offer and conversion of Convertible Loan Notes announced on 24 May 2013; the share options in issue to the Directors will represent 7.4% of this issued shares figure.

The vesting of the share options will be subject to certain performance criteria that have been determined by the Company's Remuneration Committee to reflect the Company's current and future business plans and are based on the achievement by the Company of a majority of budgeted revenue.

In order to achieve the most tax efficient status, the share options have been granted ahead of the Company's General Meeting which will be held later today and at which shareholders will vote on resolutions supporting the fundraising announced on 24 May 2013. Given the timing of this grant, the share options will have an additional performance condition, being the passing by shareholders of resolutions 1 and 2 at the General Meeting.

The number of share options granted to each of the Directors is as shown in the table below:

 
 Director              Share options   Total share options              Total share 
                         the subject        held following             options held 
                       of this grant            this grant           following this 
                                                              grant as a percentage 
                                                                   of the Company's 
                                                                      issued shares 
 John Rush                   120,902               338,371                    0.76% 
                     ---------------  --------------------  ----------------------- 
 Simon Hubbert               787,847             1,342,295                    3.00% 
                     ---------------  --------------------  ----------------------- 
 Ian Ardill                  245,813               447,431                    1.00% 
                     ---------------  --------------------  ----------------------- 
 Peter Phillips              469,531               671,147                    1.50% 
                     ---------------  --------------------  ----------------------- 
 Simon Neathercoat            90,708               199,442                    0.45% 
                     ---------------  --------------------  ----------------------- 
 Craig Rennie                 76,513               157,160                    0.35% 
                     ---------------  --------------------  ----------------------- 
 Martin Rothman               76,513               157,160                    0.35% 
                     ---------------  --------------------  -----------------------

-Ends-

Enquiries:

 
 Lombard Medical Technologies PLC          Tel: 01235 750 800 
 Simon Hubbert, Chief Executive Officer 
 Ian Ardill, Chief Financial Officer 
 
 Canaccord Genuity Limited                 Tel: 020 7523 8000 
 Lucy Tilley / Henry Fitzgerald O'Connor 
  / Dr. Julian Feneley 
 
 FTI Consulting 
 Simon Conway / Susan Stuart / Victoria    Tel: 020 7831 3113 
  Foster Mitchell

About Lombard Medical

Lombard Medical Technologies PLC (AIM: LMT), is a medical device company focused on device solutions for the $1.2 billion dollar per annum abdominal aortic aneurysm (AAA) repair market. AAAs are a balloon-like enlargement of the aorta which, if left untreated, may rupture and cause death. Approximately 4.5 million people are living with AAAs in the developed world and each year 600,000 new cases are diagnosed. The market for endovascular stent grafts for this application is expected to grow to $1.6 billion by 2015. The Company's lead product, Aorfix(TM), is an endovascular stent graft which has been specifically designed to solve the problems that exist in treating complex tortuous anatomy which is often present in advanced AAA disease. Aorfix(TM) is currently being commercialised in the EU, and has been submitted to the FDA for approval in the U.S.

The Company is headquartered in Oxfordshire, with operations in Ayrshire and Phoenix, 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

MSCGGUBWQUPWPPW

Lombard Medical Technologies (LSE:LMT)
Historical Stock Chart
From Jul 2024 to Jul 2024