TIDMAGL
RNS Number : 2034L
Angle PLC
21 December 2018
For immediate release 21 December 2018
ANGLE plc ("the Company")
Issue of LTIP Options and Share Options
ANGLE plc (AIM: AGL; OTCQX: ANPCY), a world-leading liquid
biopsy company, announces that, at the recommendation of certain of
its major shareholders, it has established a Long-Term Incentive
Plan ("LTIP") under the Remuneration Policy approved by the
shareholders at the Annual General Meeting on 30 October 2018.
The Remuneration Committee has approved the grant under the LTIP
of options (the "LTIP Options") over a maximum of 6,000,000
ordinary shares of GBP0.10 ("Ordinary Shares"), dependent on
certain strict performance conditions, to the Company's executive
directors. Separately the Remuneration Committee has also approved
the issue of up to 4,000,000 share options under its existing share
option plans to certain staff (the "Staff Share Options").
Following the issue of these options, the Company will have
outstanding options over a total of up to 20,555,806 Ordinary
Shares, representing approximately 12% of its issued and to be
issued share capital, which is within the approved limit of up to
16%.
The exercise price for the Staff Share Options is 38.5 pence per
Ordinary Share, representing the Company's closing mid-market share
price on 20 December 2018, being the latest practicable date prior
to this announcement. The Staff Share Options are subject to
certain service and/or performance conditions over a three year
period.
The LTIP Options have performance conditions as set out below, a
performance period of three years and an additional holding period
of two years. Subject to the rules of the LTIP, awards will vest
only to the extent that the performance conditions have been met at
the end of the performance period and the underlying shares may
only be traded once the holding period is completed. The LTIP
Options contain normal "good leaver", "bad leaver" and change of
control provisions, and malus and clawback provisions will apply
under certain circumstances.
The intention of the LTIP is to reward tangible increases in
shareholder value. The performance conditions for the LTIP Options
relate to the compound annual growth rate (CAGR) of the share price
over the three year performance period. As different levels of
performance are achieved the number of shares that vest increases
up to a maximum as set out below:
Allocation of LTIP options
-------------- ------------------------
Share price Multiple Proportion Andrew Newland Ian Griffiths Total
CAGR of share vesting
price
------------ ----------- --------------- -------------- ------------
< 40% < 2.7 0% 0 0 0
------------ ----------- --------------- -------------- ------------
> 40% > 2.7 20% 720,000 480,000 1,200,000
------------ ----------- --------------- -------------- ------------
> 55% > 3.7 50% 1,800,000 1,200,000 3,000,000
------------ ----------- --------------- -------------- ------------
> 75% > 5.4 100% 3,600,000 2,400,000 6,000,000
------------ ----------- --------------- -------------- ------------
The non-executive directors of the Company do not hold share
options.
As at 20 December 2018, the Company has 143,486,522 Ordinary
Shares in issue.
The below notification made in accordance with the requirements
of the EU Market Abuse Regulation, provides further detail.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Andrew Newland
-------------------------------- ----------------------------------------
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 ANGLE plc
-------------------------------- ----------------------------------------
b) LEI 213800BY11K6W3NMS374
-------------------------------- ----------------------------------------
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 Options over Ordinary shares of 10p
instrument, type of instrument each
Identification code
ISIN: GB0034330679
-------------------------------- ----------------------------------------
b) Nature of the transaction Grant of nil-cost LTIP options over
ordinary shares under the ANGLE plc
LTIP Scheme
-------------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil Up to 3,600,000 dependent
on performance
--------------------------
-------------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------------- ----------------------------------------
e) Date of the transaction 21 December 2018
-------------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- ----------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Ian Griffiths
-------------------------------- ----------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Finance Director
-------------------------------- ----------------------------------------
b) Initial notification /Amendment Initial notification
-------------------------------- ----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name ANGLE plc
-------------------------------- ----------------------------------------
b) LEI 213800BY11K6W3NMS374
-------------------------------- ----------------------------------------
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 Options over Ordinary shares of 10p
instrument, type of instrument each
Identification code
ISIN: GB0034330679
-------------------------------- ----------------------------------------
b) Nature of the transaction Grant of nil-cost LTIP options over
ordinary shares under the ANGLE plc
LTIP Scheme
-------------------------------- ----------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil Up to 2,400,000 dependent
on performance
--------------------------
-------------------------------- ----------------------------------------
d) Aggregated information
- Aggregated volume N/A
- Price
-------------------------------- ----------------------------------------
e) Date of the transaction 21 December 2018
-------------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------- ----------------------------------------
For further information ANGLE:
ANGLE plc +44 (0) 1483 343434
Andrew Newland, Chief Executive
Ian Griffiths, Finance Director
finnCap Ltd (NOMAD and Joint Broker)
Corporate Finance - Carl Holmes, Simon
Hicks, Max Bullen-Smith
ECM - Alice Lane +44 (0)20 7220 0500
WG Partners (Joint Broker)
Nigel Barnes, Nigel Birks, Andrew Craig,
Chris Lee +44 (0) 203 705 9330
FTI Consulting
Simon Conway, Mo Noonan, Stephanie Cuthbert +44 (0) 203 727 1000
Matthew Ventimiglia (US) +1 212 850 5612
For Frequently Used Terms, please see the Company's website on
http://www.angleplc.com/the-parsortix-system/glossary/
This announcement contains inside information.
Notes for editors
About ANGLE plc www.angleplc.com
ANGLE is a world leading liquid biopsy company with sample to
answer solutions. ANGLE's proven patent protected platforms include
an epitope-independent circulating tumor cell (CTC) harvesting
technology and a downstream analysis system for cost effective,
highly multiplexed analysis of nucleic acids and proteins.
ANGLE's cell separation technology is called the Parsortix(TM)
system and it enables a liquid biopsy (simple blood test) to be
used to provide the cells of interest. Parsortix is the subject of
granted patents in Europe, the United States, Canada, India, China,
Japan and Australia and three extensive families of patents are
being progressed worldwide. The system is based on a microfluidic
device that captures live cells based on a combination of their
size and compressibility. The Parsortix system has a CE Mark in
Europe for the indicated use and FDA clearance is in process for
the United States.
ANGLE's analysis technology for proteins and nucleic acids of
all types is called the Ziplex(R) platform and is based on a
patented flow through array technology. It provides for low cost,
highly multiplexed, rapid and sensitive capture of targets from a
wide variety of sample types. A proprietary chemistry approach
allows for the capture and amplification of over 100 biomarkers
simultaneously in a single reaction. The Ziplex system is ideal for
measuring gene expression and other markers directly from Parsortix
harvests.
ANGLE's proprietary technologies can be combined to provide
automated, sample to answer results in both centralised laboratory
and point -of-use cartridge formats.
Furthermore, ANGLE has established formal collaborations with
world-class cancer centres. These Key Opinion Leaders are working
to identify applications with medical utility (clear benefit to
patients), and to secure clinical data that demonstrates that
utility in patient studies. Details are available here
http://www.angleplc.com/the-company/collaborators/
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END
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