Award of Options under new LTIP Scheme

RNS Number : 0738K

Abingdon Health PLC

19 December 2022

 

Abingdon Health plc

("Abingdon" or "the Company")

Award of Options under new LTIP Scheme

York, U.K. 19 December 2022: Abingdon Health plc (AIM: ABDX), a leading international developer and manufacturer of high quality, rapid diagnostic tests, announces the establishment of a new Long Term Incentive Plan ("LTIP" or the "Plan") for certain directors and senior management in order to incentivise and encourage retention in a manner that aligns with the interests of the Company's shareholders. The new LTIP replaces the long term incentive plan established at the time of the Company's admission to AIM ("Existing Options") which has lapsed.

New Long Term Incentive Plan

Under the terms of the new LTIP, the Company has awarded share options ("Options") over a total of 4,119,285 ordinary shares of 0.025 pence each ("Ordinary Shares") to certain directors and senior management. There will be a three-year vesting period and options may be exercised at a price of 7 pence per Ordinary Share (being an 86 per cent. premium to the closing price on 16 December 2022). Vesting of the Options is conditional upon the business achieving certain revenue and adj. EBITDA performance criteria. The Options will become exercisable between 19 December 2025 and 19 December 2032.

The following individuals (each a person discharging managerial responsibilities ("PDMR")) have been awarded options:

PDMR	Role	No. of options awarded	No. of Existing Options Lapsed
Chris Yates	Chief Executive Officer	1,285,714	390,625
Melanie Ross	Chief Financial Officer	914,286	-
Chris Hand	Non-Executive Chairman	428,571	-
Mark Jones	Chief Operating Officer	600,000	-
Nina Garrett	R&D Director	515,000	-
Candice Vendetuolli	Head of QARA	285,714	-
Natalie Thrush	Head of HR	90,000	-

Concert Party

Both Chris Yates and Chris Hand are deemed to be part of a concert party comprising certain directors, employees, former employees and other shareholders (the "Concert Party"). Where a Rule 9 Mandatory Offer would be required as a result of any future exercise, Chris Hand and Chris Yates have each confirmed in such circumstances that they would be prepared to irrevocably commit to immediately sell any new shares created ahead of exercise. In such circumstances, this would mean that their interests and the interest of the wider Concert Party in the Company would reduce as a result of the dilution created from the new shares issued, thereby meaning that a Mandatory Offer under Rule 9 would not be required. The Company has consulted with the Takeover Panel prior to implementation of the new LTIP.

As a result of these changes, the Company now has outstanding options over 4,333,858 Ordinary Shares equal to approximately 3.5 per cent. of the Company's issued share capital.

Enquiries:

Abingdon Health plc		www.abingdonhealth.com/investors/
Chris Yates, Chief Executive Officer		Via Walbrook PR
Melanie Ross , Chief Financial Officer
Chris Hand, Non-Executive Chairman
Singer Capital Markets (Sole Broker and Nominated Adviser)		Tel: [phone]
Peter Steel, Alex Bond, Sam Butcher
Walbrook PR Limited	Tel: [phone] or [e-mail]
Paul McManus / Phillip Marriage Alice Woodings	Mob: [phone] [phone]

About Abingdon Health plc

Abingdon Health is a world leading  developer and manufacturer of high-quality lateral flow rapid tests  across all industry sectors, including healthcare and COVID-19. Abingdon is the partner of choice for a growing global customer base and takes projects from initial concept through to routine and large-scale manufacturing and has also developed and marketed its own labelled tests.

The Company offers product development, regulatory support, technology transfer and manufacturing services for customers looking to develop new assays or transfer existing laboratory-based assays to a lateral flow format. Abingdon Health aims to support the increase in need for rapid results across many industries and locations and produces lateral flow tests in areas such as infectious disease, clinical testing including companion diagnostics, animal health and environmental testing. Faster access to results allows for rapid decision making, targeted intervention and can support better outcomes. This ability has a significant role to play in improving life across the world. To support this aim Abingdon Health has also developed AppDx^®, a customisable image capturing technology that transforms a smartphone into a self-sufficient, standalone lateral-flow reader.

Founded in 2008, Abingdon Health is headquartered in York, England.

For more information visit:  www.abingdonhealth.com

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Chris Yates
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	Abingdon Health plc
b)	LEI	213800XFI4WV3FBILO20
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 instrument, type of instrument	Ordinary Shares of 0.025 pence each
	Identification code	GB00BLF79J41
b)	Nature of the transaction	Award of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price: 7.0p	1,285,714
d)	Aggregated information	N/A single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	19 December 2022
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Melanie Ross
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Abingdon Health plc
b)	LEI	213800XFI4WV3FBILO20
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 instrument, type of instrument	Ordinary Shares of 0.025 pence each
	Identification code	GB00BLF79J41
b)	Nature of the transaction	Award of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price: 7.0p	914,286
d)	Aggregated information	N/A single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	19 December 2022
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Chris Hand
2	Reason for the notification
a)	Position/status	Non-Executive Chairman
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Abingdon Health plc
b)	LEI	213800XFI4WV3FBILO20
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 instrument, type of instrument	Ordinary Shares of 0.025 pence each
	Identification code	GB00BLF79J41
b)	Nature of the transaction	Award of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price: 7.0p	428,571
d)	Aggregated information	N/A single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	19 December 2022
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Jones
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Abingdon Health plc
b)	LEI	213800XFI4WV3FBILO20
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 instrument, type of instrument	Ordinary Shares of 0.025 pence each
	Identification code	GB00BLF79J41
b)	Nature of the transaction	Award of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price: 7.0p	600,000
d)	Aggregated information	N/A single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	19 December 2022
f)	Place of the transaction	Outside a trading venue
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nina Garrett
2	Reason for the notification
a)	Position/status	R&D Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Abingdon Health plc
b)	LEI	213800XFI4WV3FBILO20
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 instrument, type of instrument	Ordinary Shares of 0.025 pence each
	Identification code	GB00BLF79J41
b)	Nature of the transaction	Award of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price: 7.0p	515,000
d)	Aggregated information	N/A single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	19 December 2022
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Candice Vendetoulli
2	Reason for the notification
a)	Position/status	Head of QARA
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Abingdon Health plc
b)	LEI	213800XFI4WV3FBILO20
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 instrument, type of instrument	Ordinary Shares of 0.025 pence each
	Identification code	GB00BLF79J41
b)	Nature of the transaction	Award of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price: 7.0p	285,714
d)	Aggregated information	N/A single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	19 December 2022
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Natalie Thursh
2	Reason for the notification
a)	Position/status	Head of HR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Abingdon Health plc
b)	LEI	213800XFI4WV3FBILO20
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 instrument, type of instrument	Ordinary Shares of 0.025 pence each
	Identification code	GB00BLF79J41
b)	Nature of the transaction	Award of Options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Exercise price: 7.0p	90,000
d)	Aggregated information	N/A single transaction
	- Aggregated volume
	- Price
e)	Date of the transaction	19 December 2022
f)	Place of the transaction	Outside a trading venue

 

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