TIDMODX

RNS Number : 4084O

Omega Diagnostics Group PLC

10 June 2022

OMEGA DIAGNOSTICS GROUP PLC

("Omega" or the "Company" or the "Group")

Grant of share incentive awards to Directors and senior managers

   1.   Establishment and operation of the Company's new Long Term Incentive Plan 

Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Health & Nutrition and Global Health products, announces that, on 8 June 2022, it granted awards ("Awards") over ordinary shares of 4 pence each in the capital of the Company ("Ordinary Shares") to Executive Directors pursuant to the terms of its newly established Long Term Incentive Plan (the "LTIP"), details of which are set out below:

 
 Director      Board Position    Number of          Number of          Total number 
                                  Ordinary Shares    Ordinary Shares    of Ordinary 
                                  over which         over which         Shares over 
                                  "Performance       "Retention         which Awards 
                                  Awards" granted    Awards" granted    granted 
 Jag Grewal    CEO                  4,700,715          1,200,000         5,900,715 
              ----------------  -----------------  -----------------  -------------- 
 Chris Lea     CFO                  4,339,121          1,000,000         5,339,121 
              ----------------  -----------------  -----------------  -------------- 
 

The LTIP has been established in order to incentivise Executive Directors and certain senior managers to deliver long term value for shareholders, align their interests with the various stakeholders and retain these key individuals within the business. No consideration was paid for the grant of the Awards, which have been structured as "nil cost" options.

The Performance Awards detailed in the above table will normally vest on the third anniversary of grant but only if, at that time, the Company's share price (averaged over a 90day period) is equal to or greater than 12 pence per Ordinary Share. Vesting will normally be dependent on the continued employment of the participant within the Group.

The vesting of the Retention Awards is dependent solely on continued employment over the period of three years from grant (or, in the case of Chris Lea, the period of three years from 30 August 2021, being the date on which he was originally appointed as an Executive Director).

Once the Awards have vested, they will generally be available to be exercised until the tenth anniversary of their original grant.

In addition, Awards over an aggregate of 3,000,000 Ordinary Shares were also granted on 8 June 2022 to certain other senior managers in the business. These Awards are all Performance Awards with the same vesting criteria as detailed above.

Further information in relation to the LTIP will be included in Omega's next annual report and financial statements.

   2.   Grant of stand-alone option to Chairman 

Omega also announces that, on 9 June 2022, it granted the following conditional option over Ordinary Shares (with an exercise price of 4 pence per share) to the Company's Chairman:

 
 Director         Board Position            Number of Ordinary 
                                             Shares over which 
                                             conditional option 
                                             granted 
 Simon Douglas    Non-Executive Chairman          200,000 
                 ------------------------  -------------------- 
 

The terms of the above option are set out in a stand-alone agreement entered into between the Company and Simon Douglas. Subject to continued appointment as a Director, it will normally vest and become exercisable on the third anniversary of its grant. For the avoidance of doubt, no consideration was paid for the grant of this option.

   3.   Release of previous options 

In advance of the grant of the Awards and options detailed above, both Jag Grewal and Simon Douglas released all existing rights to acquire Ordinary Shares that had previously been granted to them under Omega's various share incentive arrangements.

   4.   Overview of options held by Omega's Directors 

Following the transactions described above, the position of those directors being granted options can be summarised as follows:

 
 Director         Board Position                 Previous          Current           Combined 
                                                  number of         number of         interest 
                                      Ordinary    Ordinary          Ordinary          of equity 
                                      shares      Shares subject    Shares subject    held and 
                                      held        to Awards         to Awards         options 
                                                  / options         / options         as a percentage 
                                                                                      of issued 
                                                                                      share capital 
                  Non-Executive 
 Simon Douglas     Chairman           500,000        200,000           200,000              0.3% 
                 ----------------  -----------  ----------------  ----------------  ----------------- 
 
 Jag Grewal       CEO                 735,746       1,200,000         5,900,715             2.8% 
                 ----------------  -----------  ----------------  ----------------  ----------------- 
 
 Chris Lea        CFO                 500,000           0             5,339,121             2.4% 
                 ----------------  -----------  ----------------  ----------------  ----------------- 
 

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.

Contacts:

 
 Omega Diagnostics Group PLC                                           www.omegadx.com 
 Jag Grewal, Chief Executive Officer                                   via Walbrook PR 
 Chris Lea, Chief Financial Officer 
 
 finnCap Ltd                                                        Tel: 020 7220 0500 
 Geoff Nash/Edward Whiley/George Dollemore (Corporate 
  Finance) 
 Alice Lane/ Harriet Ward (ECM) 
 
 Walbrook PR Limited                        Tel: 020 7933 8780 or omega@walbrookpr.com 
 Paul McManus                                                       Mob: 07980 541 893 
 Lianne Applegarth                                                  Mob: 07584 391 303 
 Sam Allen                                                          Mob: 07502 558 258 
 
 

About Omega Diagnostics Group PLC

Omega manufactures and distributes high quality in-vitro diagnostic products for use in hospitals, clinics, laboratories and healthcare practitioners in over 70 countries and specialise in the areas of health and nutrition and global health.

www.omegadx.com

Notification of transactions of persons discharging managerial responsibilities and persons closely associated with them

 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                   Jag Grewal 
     ---------------------  ---------------------------------------------------- 
      Reason for the notification 
  2 
     --------------------------------------------------------------------------- 
 a)   Position/status        Chief Executive Officer 
     ---------------------  ---------------------------------------------------- 
 b)   Initial notification   Initial Notification 
       /Amendment 
     ---------------------  ---------------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------------- 
 a)   Name                   Omega Diagnostics Group PLC 
     ---------------------  ---------------------------------------------------- 
 b)   LEI                    2138007U9P4BTZTYIR92 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Grant of "Retention Award" (in the form of a 
       the transaction        nil cost option) over Ordinary Shares pursuant 
                              to the Omega Diagnostics Group PLC Long Term 
                              Incentive Plan 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                   Price(s)          Volume(s) 
       volume(s)                                       ---------- 
                                Nil (exercise price)    1,200,000 
                               ----------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            8 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Grant of "Performance Award" (in the form of 
       the transaction        a nil cost option) over Ordinary Shares pursuant 
                              to the Omega Diagnostics Group PLC Long Term 
                              Incentive Plan 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                   Price(s)          Volume(s) 
       volume(s)                                       ---------- 
                                Nil (exercise price)    4,700,715 
                               ----------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            8 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Release of option over Ordinary Shares originally 
       the transaction        granted on 5 July 2012 pursuant to the Omega 
                              Diagnostics Group PLC EMI Option Scheme 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                    Price(s)           Volume(s) 
       volume(s)                                         ---------- 
                                14.5p (exercise price)     90,000 
                               ------------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            7 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Release of option over Ordinary Shares originally 
       the transaction        granted on 25 February 2014 pursuant to the Omega 
                              Diagnostics Group PLC EMI Option Scheme 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                    Price(s)           Volume(s) 
       volume(s)                                         ---------- 
                                30.5p (exercise price)     610,000 
                               ------------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            7 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Release of option over Ordinary Shares originally 
       the transaction        granted on 23 January 2020 pursuant to the Omega 
                              EMI Plan 2020 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                    Price(s)           Volume(s) 
       volume(s)                                         ---------- 
                                15.4p (exercise price)     500,000 
                               ------------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            7 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
 
 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                   Chris Lea 
     ---------------------  ---------------------------------------------------- 
      Reason for the notification 
  2 
     --------------------------------------------------------------------------- 
 a)   Position/status        Chief Financial Officer 
     ---------------------  ---------------------------------------------------- 
 b)   Initial notification   Initial Notification 
       /Amendment 
     ---------------------  ---------------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------------- 
 a)   Name                   Omega Diagnostics Group PLC 
     ---------------------  ---------------------------------------------------- 
 b)   LEI                    2138007U9P4BTZTYIR92 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Grant of "Retention Award" (in the form of a 
       the transaction        nil cost option) over Ordinary Shares pursuant 
                              to the Omega Diagnostics Group PLC Long Term 
                              Incentive Plan 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                   Price(s)          Volume(s) 
       volume(s)                                       ---------- 
                                Nil (exercise price)    1,000,000 
                               ----------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            8 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Grant of "Performance Award" (in the form of 
       the transaction        a nil cost option) over Ordinary Shares pursuant 
                              to the Omega Diagnostics Group PLC Long Term 
                              Incentive Plan 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                   Price(s)          Volume(s) 
       volume(s)                                       ---------- 
                                Nil (exercise price)    4,339,121 
                               ----------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            8 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
 
 
      Details of the person discharging managerial responsibilities 
  1    / person closely associated 
 a)   Name                   Simon Douglas 
     ---------------------  ---------------------------------------------------- 
      Reason for the notification 
  2 
     --------------------------------------------------------------------------- 
 a)   Position/status        Non-Executive Chairman 
     ---------------------  ---------------------------------------------------- 
 b)   Initial notification   Initial Notification 
       /Amendment 
     ---------------------  ---------------------------------------------------- 
      Details of the issuer, emission allowance market participant, 
  3    auction platform, auctioneer or auction monitor 
     --------------------------------------------------------------------------- 
 a)   Name                   Omega Diagnostics Group PLC 
     ---------------------  ---------------------------------------------------- 
 b)   LEI                    2138007U9P4BTZTYIR92 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Grant of option over Ordinary Shares 
       the transaction 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                   Price(s)         Volume(s) 
       volume(s)                                      ---------- 
                                4p (exercise price)     200,000 
                               ---------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            9 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
      Details of the transaction(s): section to be repeated for 
  4    (i) each type of instrument; (ii) each type of transaction; 
       (iii) each date; and (iv) each place where transactions have 
       been conducted 
     --------------------------------------------------------------------------- 
 a)   Description            Ordinary Shares of 4 pence each ("Ordinary Shares") 
       of the financial 
       instrument, 
       type of instrument 
                              ISIN: GB00B1VCP282 
       Identification 
       code 
     ---------------------  ---------------------------------------------------- 
 b)   Nature of              Release of option over Ordinary Shares originally 
       the transaction        granted on 5 March 2021 pursuant to the Omega 
                              Diagnostics Group PLC Third Unapproved Option 
                              Scheme 
     ---------------------  ---------------------------------------------------- 
 c)   Price(s) and                   Price(s)          Volume(s) 
       volume(s)                                       ---------- 
                                89p (exercise price)     200,000 
                               ----------------------  ---------- 
     ---------------------  ---------------------------------------------------- 
 d)   Aggregated             Not applicable 
       information 
 
 
       -Aggregated 
       volume 
 
 
       - Price 
     ---------------------  ---------------------------------------------------- 
 e)   Date of the            8 June 2022 
       transaction 
     ---------------------  ---------------------------------------------------- 
 f)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ---------------------------------------------------- 
 

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