Avacta Group PLC Director/PDMR Shareholding (3868V)
January 30 2017 - 2:01AM
UK Regulatory
TIDMAVCT
RNS Number : 3868V
Avacta Group PLC
30 January 2017
30 January 2017
Avacta Group plc
("Avacta" or "the Group" or "the Company")
Director/PDMR Shareholding
Avacta Group plc (AIM: AVCT), the developer of Affimer(R)
biotherapeutics and research reagents, announces the following
changes to the equity incentives of its Chief Executive Officer,
Alastair Smith and its Chief Financial Officer, Tony Gardiner.
The two Directors have waived their right to participate in the
annual performance bonus awards in respect of the year ended 31
July 2017 and have instead been granted share options under the
Avacta Group plc Executive Share Option Scheme.
The number of options which have been granted at 72.5p are as
follows:
-- Alastair Smith - 520,550 options over Ordinary Shares
-- Tony Gardiner - 306,000 options over Ordinary Shares
They will vest on the third anniversary of the grant at a level
of 50% if the share price is in excess of GBP2.00 or at a level of
100% if the share price is in excess of GBP2.50 based on a 30-day
average of the closing mid-market share price.
Trevor Nicholls, Avacta Group Chairman and Chairman of the
Remuneration Committee said:
"As we stated in our Trading Update on 20 January the Company
has made substantial progress with its Affimer technology, but that
has not yet been reflected in the share price. The Board
unanimously felt that it is right to strongly align the executives'
rewards with those of shareholders. Therefore, the executive
directors have waived their involvement in the annual performance
bonus awards in favour of longer term equity driven value. This
reflects the confidence we have in the future value of the Affimer
technology and the team's commitment to delivering it to
shareholders."
Enquiries:
Avacta Group plc Tel: +44 (0)
Alastair Smith, Chief Executive 844 414 0452
Officer www.avacta.com
Tony Gardiner, Chief Financial
Officer
finnCap Ltd Tel: +44 (0)
Geoff Nash / Giles Rolls - Nominated 207 220 0500
Adviser www.finncap.com
Tim Redfern / Alice Lane - Corporate
Broking
Tel: +44 (0)
WG Partners 203 705 9318
David Wilson Tel: +44 (0)
Nigel Barnes 203 705 9217
Claes Spang www.wgpartners.co.uk
Media Enquiries Tel: +44 (0)
FTI Consulting 203 727 1000
Simon Conway / Natalie Garland-Collins avacta@fticonsulting.com
Notes to Editors
Avacta Group plc (www.avacta.com)
Avacta's principal focus is on its proprietary Affimer(R)
technology which is a novel engineered alternative to antibodies
that has wide application in Life Sciences for diagnostics,
therapeutics and general research and development.
Antibodies dominate markets worth in excess of $50bn despite
their shortcomings. Affimer technology has been designed to address
many of these negative performance issues, principally; the time
taken to generate new antibodies, the reliance on an animal's
immune response, poor specificity in many cases, and batch to batch
variability. Affimer technology is based on a small protein that
can be quickly generated to bind with high specificity and affinity
to a wide range of protein targets.
Avacta has a pre-clinical biotech development programme with an
in-house focus on immuno-oncology and bleeding disorders as well as
partnered development programmes. Avacta is commercialising
non-therapeutic Affimer reagents through licensing to developers of
life sciences research tools and diagnostics.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
1. Details of the person discharging managerial
responsibilities / person closely associated
------- -----------------------------------------------------------------------------------------------------------------------------
a) Name Alastair Smith
------- ---------------------------- -----------------------------------------------------------------------------------------------
2. Reason for the Notification
------- -----------------------------------------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
------- ---------------------------- -----------------------------------------------------------------------------------------------
b) Initial Initial notification
notification/Amendment
------- ---------------------------- -----------------------------------------------------------------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------- -----------------------------------------------------------------------------------------------------------------------------
a) Name Avacta Group Plc
------- ---------------------------- -----------------------------------------------------------------------------------------------
b) LEI n/a
------- ---------------------------- -----------------------------------------------------------------------------------------------
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 Ordinary shares
the Financial of 10p
instrument, type
of instrument
-------
Identification GB00BYYW9G87
code
------- ---------------------------- -----------------------------------------------------------------------------------------------
b) Nature of the Grant of share options under the Avacta Group plc Executive Share Option Scheme as
transaction follows:
520,550 options over Ordinary shares of 10p each
The share options will vest:
- 50% if the share price on the third anniversary of the grant is in excess of GBP2
per share;
- 50% if the share price on the third anniversary of the grant is in excess of
GBP2.50 per
share
and are exercisable upon payment of 72.5p per share.
------- ---------------------------- -----------------------------------------------------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------------- --------------
72.5 pence 520,550
---------------- --------------
------- ---------------------------- -----------------------------------------------------------------------------------------------
d) Aggregated information:
* Aggregated volume See above
* Price
------- ---------------------------- -----------------------------------------------------------------------------------------------
e) Date of the transaction 27 January 2017
------- ---------------------------- -----------------------------------------------------------------------------------------------
f) Place of the Outside a trading venue
transaction
------- ---------------------------- -----------------------------------------------------------------------------------------------
1. Details of the person discharging managerial
responsibilities / person closely associated
------- -----------------------------------------------------------------------------------------------------------------------------
a) Name Tony Gardiner
------- ---------------------------- -----------------------------------------------------------------------------------------------
2. Reason for the Notification
------- -----------------------------------------------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
------- ---------------------------- -----------------------------------------------------------------------------------------------
b) Initial Initial notification
notification/Amendment
------- ---------------------------- -----------------------------------------------------------------------------------------------
3. Details of the issuer, emission allowance
market participant, auction platform, auctioneer
or auction monitor
------- -----------------------------------------------------------------------------------------------------------------------------
a) Name Avacta Group Plc
------- ---------------------------- -----------------------------------------------------------------------------------------------
b) LEI n/a
------- ---------------------------- -----------------------------------------------------------------------------------------------
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 Ordinary shares
the Financial of 10p
instrument, type
of instrument
-------
Identification GB00BYYW9G87
code
------- ---------------------------- -----------------------------------------------------------------------------------------------
b) Nature of the Grant of share options under the Avacta Group plc Executive Share Option Scheme as
transaction follows:
306,000 options over Ordinary shares of 10p each
The share options will vest:
- 50% if the share price on the third anniversary of the grant is in excess of GBP2
per share;
- 50% if the share price on the third anniversary of the grant is in excess of
GBP2.50 per
share
and are exercisable upon payment of 72.5p per share.
------- ---------------------------- -----------------------------------------------------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------------- --------------
72.5 pence 306,000
---------------- --------------
------- ---------------------------- -----------------------------------------------------------------------------------------------
d) Aggregated information:
* Aggregated volume See above
* Price
------- ---------------------------- -----------------------------------------------------------------------------------------------
e) Date of the transaction 27 January 2017
------- ---------------------------- -----------------------------------------------------------------------------------------------
f) Place of the Outside a trading venue
transaction
------- ---------------------------- -----------------------------------------------------------------------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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