Advanced Oncotherapy PLC Replacement: Grant of LTIP Options (1593B)
October 06 2020 - 2:00AM
UK Regulatory
TIDMAVO
RNS Number : 1593B
Advanced Oncotherapy PLC
06 October 2020
The following announcement replaces the announcement released on
5 October 2020 at 07.00 a.m. under RNS number 0264B which contained
two typographical errors in the number of options outstanding and
the percentage of issued share capital represented by those options
(penultimate sentence of the announcement). All other details
remain unchanged and the corrected announcement is set out
below.
ADVANCED ONCOTHERAPY PLC
("Advanced Oncotherapy" or the "Company")
Grant of LTIP Options
Advanced Oncotherapy (AIM: AVO), the developer of
next-generation proton therapy systems for cancer treatment, today
announces that its Remuneration Committee has approved the grant of
share options (the "Options") over a total of 24,000,000 new
ordinary shares of 25 pence each ("Ordinary Shares") to members of
the management team.
The Options granted include 13,500,000 Options that have been
granted to the Executive Directors. 6,500,000 have been awarded to
Nicolas Serandour (Chief Executive Officer), 5,500,000 to Dr
Michael Sinclair (Executive Chairman) and 1,500,000 to Prof. Steve
Myers (Executive Director and ADAM Executive Chairman). A further
10,500,000 Options have been granted to other employees of the
Company (including two persons discharging managerial
responsibilities ("PDMRs").
The Options have been granted at an exercise price of 50 pence
per share, a premium of c.61.9% to the weighted average share price
over the past 30 days and a premium of 100% to the issue price of
the fundraising completed by the Company in May 2020. The Options
have a five-year term, expiring on 5 October 2025 and will vest at
the discretion of the Remuneration Committee, based on the
achievement of the following vesting conditions:
-- the LIGHT system is fully operational at 230MeV;
-- the first patient has been treated;
-- the LIGHT system has been certified; and
-- the Company's share price has been in excess of GBP1.00 for 30 consecutive calendar days.
The award of the Options is consistent with the Remuneration
Committee's policy of aligning the interests of key personnel and
shareholders through appropriate incentive schemes, including the
award of shares and share options. The vesting of the Options is
subject to the continued employment of employees. Any shares that
are issued by the Company as a result of the exercise of vested
Options will be required to be held by the optionholders until 5
October 2023.
Following the grant of the Options, the Company has options
outstanding over 29,924,324 new Ordinary Shares, which represents
approximately 9.8 per cent. of the Company's issued ordinary share
capital.
Details of the Option grants to PDMRs (including the Executive
Directors) are set out in the requisite disclosure forms at the end
of this announcement.
- ENDS -
Advanced Oncotherapy plc www.avoplc.com
Dr. Michael Sinclair, Executive Chairman Tel: +44 (0) 20 3617 8728
Nicolas Serandour, CEO
Allenby Capital Limited (Nomad and Joint Broker)
Nick Athanas / Liz Kirchner (Corporate Finance) Tel: +44 (0) 20 3328 5656
Amrit Nahal / Matt Butlin (Sales & Broking)
SI Capital Ltd (Joint Broker)
Nick Emerson Tel: +44 (0) 1483 413 500
Jon Levinson Tel: +44 (0) 20 3871 4066
FTI Consulting (Financial PR & IR) advancedoncotherapy@fticonsulting.com
Simon Conway / Rob Winder Tel: +44 (0) 20 3727 1000
Notes for Editors
About Advanced Oncotherapy Plc www.avoplc.com
Advanced Oncotherapy, a UK headquartered company with offices in
London, Geneva, The Netherlands and in the USA, is a provider of
particle therapy with protons that harnesses the best in modern
technology. Advanced Oncotherapy's team "ADAM," based in Geneva,
focuses on the development of a proprietary proton accelerator
called, Linac Image Guided Hadron Technology (LIGHT). LIGHT's
compact configuration delivers proton beams in a way that
facilitates greater precision and electronic control.
Advanced Oncotherapy will offer healthcare providers affordable
systems that will enable them to treat cancer with innovative
technology as well as expected lower treatment-related side
effects.
Advanced Oncotherapy continually monitors the market for any
emerging improvements in delivering proton therapy and actively
seeks working relationships with providers of these innovative
technologies. Through these relationships, the Company will remain
the prime provider of an innovative and cost-effective system for
particle therapy with protons.
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 Michael Sinclair (Director)
Nicolas Serandour (Director)
Steve Myers (Director)
Ed Lee (PDMR)
Bérengère Pons-Chabord (PDMR)
-------------------------------- -------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status See 1 a) above
-------------------------------- -------------------------------------------------
b) Initial notification /Amendment Initial notification
-------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Advanced Oncotherapy plc
-------------------------------- -------------------------------------------------
b) LEI 213800LUDHZOG3YT6C82
-------------------------------- -------------------------------------------------
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 Ordinary shares of 25p each in Advanced
instrument, type of instrument Oncotherapy plc
Identification code
Identification code (ISIN) for Advanced
Oncotherapy plc ordinary shares: GB00BD6SX109
-------------------------------- -------------------------------------------------
b) Nature of the transaction Grant of options over new ordinary shares
Price: 50p
-------------------------------- -------------------------------------------------
c) Price(s) and volume(s) PDMR Volume(s)
Michael Sinclair (Director)
5,500,000
Nicolas Serandour (Director)
6,500,000
Steve Myers (Director)
1,500,000
Ed Lee (PDMR)
2,500,000
Bérengère Pons-Chabord
(PDMR) 1,000,000
-----------
-------------------------------- -------------------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price
-------------------------------- -------------------------------------------------
e) Date of the transaction 5 October 2020
-------------------------------- -------------------------------------------------
f) Place of the transaction outside of a trading venue - grant of
options
-------------------------------- -------------------------------------------------
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END
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