Grant of Share Options

RNS Number : 5385L
Polarean Imaging PLC
20 April 2018
 

Polarean Imaging Plc 

("Polarean" or the "Company")

 

Grant of Share Options

 

Polarean Imaging plc (AIM: POLX), the medical-imaging technology company, with a proprietary drug-device combination product for the magnetic resonance imaging (MRI) market, announces that following the Company's recent admission to trading on AIM ("Admission") and upon the recommendation of the Company's remuneration committee, it has formally allocated to certain of its directors, persons discharging managerial responsibilities ("PDMRs") and employees the options over a total of 9,619,200 ordinary shares of 0.00037p each in the Company ("Ordinary Shares") that were granted at Admission pursuant to Polarean's Pre-Admission Share Option Scheme dated 12 December 2017 (the "Options"). 

 

The exercise price for the Options is 15 pence being the price at which Polarean's Ordinary Shares were placed at Admission.  The Options will vest in equal portions on an annual basis on the anniversary of Admission, over a four year period from the date of Admission. The options term expires on 29 March 2028.

 

Options Granted to Directors and PDMRs

As per the table below, a total of 8,122,822 have been granted to Directors and PDMRs of Polarean:

 

Director

Position

Number of options granted

Richard Morgan              

Non-Executive Chairman

534,400

Richard Hullihen         

Chief Executive Officer

2,135,440

Ken West                       

Chief Operating Officer

1,646,018

Bastiaan Driehuys          

Chief Technology Officer

534,400

Robert Bertoldi               

Non-Executive Director

534,400

Juergen Laucht               

Non-Executive Director

534,400

PDMR

Position

Number of options granted

William Patrick                 

Chief Financial Officer

734,588

Kiarash Emami                  

Vice President of Technology & Applications

734,588

Neil Wadehra                   

Vice President of Operations

734,588

 

Following the formal grant of Options referred to above, there are 24,469,061 outstanding options and warrants over Polarean's Ordinary Shares, representing 25% of the Company's Ordinary Shares and total voting rights on a fully diluted basis.

 

Issue of Equity

In addition, Polarean has issued a total of 2,772 new Ordinary Shares to holders of convertible loan notes ("CLNs") that were issued in December 2017, when the Group undertook a pre-Admission fundraise, in lieu of interest payable on the CLNs (the "CLN Interest Shares").

 

Application will be made for CLN Interest Shares, which will rank pari passu with the existing Ordinary Shares, to be admitted to trading on AIM and this is expected to occur at 8.00 a.m. on 24 April 2018.

 

Following the admission of the CLN Interest Shares, the total number of voting rights in the Company will be 73,409,464 Ordinary Shares. This number may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.

 



 

Enquiries:

 

Polarean Imaging plc

www.polarean-ir.com

Richard Hullihen, Chief Executive Officer

Via Walbrook PR

Richard Morgan, Chairman


 


Northland Capital Partners Limited

Tel: +44 (0)20 3861 6625

David Hignell / Gerry Beaney / Jamie Spotswood (Corporate Finance)

John Howes / Rob Rees (Corporate Broking)




MC Services (European IR)

Tel: +49 (0)89 210 2280

Raimund Gabriel




The Life Sciences Division (Financial Adviser)


Navid Malik, Director

Mob: 07957 224 730

Alia Minhas, CEO

Mob: 07590 696 057



Walbrook PR

Tel: +44 (0)20 7933 8780 or polarean@walbrookpr.com

Paul McManus / Anna Dunphy

Helen Cresswell

Mob: +44 (0)7980 541 893 / +44 (0)7879 741 001

+44 (0)7841 917 679

 

About Polarean (www.polarean.com)

 

The Company and its wholly owned subsidiary, Polarean, Inc. (together the "Group") are revenue generating, medical drug-device combination companies operating in the high resolution medical imaging market.

 

The Group develops equipment that enables existing MRI systems to achieve an improved level of pulmonary function imaging and specialises in the use of hyperpolarised Xenon gas (129Xe) as an imaging agent to visualise ventilation and gas exchange regionally in the smallest airways of the lungs, the tissue barrier between the lung and the bloodstream and in the pulmonary vasculature. Xenon gas exhibits solubility and signal properties that enable it to be imaged within other tissues and organs.

 

The Group operates in an area of significant unmet medical need and the Group's technology provides a novel diagnostic approach, offering a non-invasive and radiation-free functional imaging platform which is more accurate and less harmful to the patient than current methods. The annual burden of pulmonary disease in the US is estimated to be over US$150 billion.

 

The Group also develops and manufactures high performance MRI radiofrequency (RF) coils which are a required component for imaging 129Xe in the MRI system. The development of these coils by the Group facilitates the adoption of the Xenon technology by providing application-specific RF coils which optimise the imaging of 129Xe in MRI equipment for use as a medical diagnostic as well as a method of monitoring the efficacy of therapeutic intervention.

 



 

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)

 

Names 

(i)           Richard Morgan

(ii)          Richard Hullihen

(iii)         Ken West

(iv)         Bastiaan Driehuys

(v)          Robert Bertoldi

(vi)         Juergen Laucht

(vii)        William Patrick

(viii)      Kiarash Emami   

(ix)         Neil Wadehra

 

2

 

Reason for the notification

a)

 

Position/status

 

(i)           Non-Executive Chairman

(ii)          Chief Executive Officer

(iii)         Chief Operating Officer

(iv)         Chief Technical Officer

(v)          Non-Executive Director

(vi)         Non-Executive Director

(vii)        Chief Financial Officer

(viii)      Vice President of Technology & Applications

(ix)         Vice President of Operations

 

b)

 

Initial notification /Amendment

 

Initial Notification

3

 

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor 

a)

 

Name

 

Polarean Imaging Plc ("Polarean")

b)

 

LEI

213800DGR2BHXJ36OL37

 

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

 

Options over Polarean's ordinary shares of £0.0037p each (the "Options")

b)

Identification code 

 

GB00BF3DT583

c)

 

Nature of the transaction 

 

Grant of Options  

d)

 

Price and volumes

Exercise Price - 15p per Option

Volume of Options:

(i)           534,400

(ii)          2,135,440

(iii)         1,646,018

(iv)         534,400

(v)          534,400

(vi)         534,400

(vii)        734,588

(viii)      734,588

(ix)         734,588

 

d)

 

Aggregated information 

- Aggregated volume

- Price

 Volume: 9,619,200 Options

 Price: Each Option has an exercise price of 15p

 

e)

 

Date of the transaction 

17 April 2018

f)

Place of the transaction

London Stock Exchange, AIM Market

 

 

 

 

 

 

 

 

 

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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