Issue of Equity

RNS Number : 0789L

Tissue Regenix Group PLC

26 July 2011

 

Tissue Regenix Group Plc

("Tissue Regenix" or "the Company")

Issue of Equity

The Company announces that it has today issued and allotted 827,586 new ordinary shares of 0.5p each in the Company ("the New Ordinary Shares") to the Tissue Regenix Group Plc Employee Benefit Trust ("the Trust").  Ian Jefferson, the Company's Chief Financial Officer, has been awarded a beneficial interest in the New Ordinary Shares under the terms of the Company's Joint Ownership Share Scheme ("JOSS").  Under the rules of the JOSS, Directors and employees are entitled to participate in the future growth of the share value by way of a right to receive a proportion of the proceeds from any subsequent disposal of the shares by the Trust.  Ian Jefferson will be entitled to a proportion of the value of the excess of proceeds received above 14.5p per share, subject to meeting certain performance criteria as outlined below.  The Trust will receive the balance of the disposal proceeds.

Performance Criteria

Under the terms of the JOSS no growth can be realised by Directors and employees until their interest vests.  Interests will vest in equal proportions on or after the three consecutive annual anniversaries of the date of acquisition of the interest subject to the Company's share price on AIM reaching particular target values and remaining at those values, for at least 30 consecutive days each, as follows:

End Of Year	% Of Interest To Vest	Share Price Criteria
1	33.33%	15p
2	33.33%	20p
3	33.33%	25p

These New Ordinary Shares will rank pari passu with the existing ordinary shares and application has been made for the New Ordinary Shares to be admitted to trading on AIM ("Admission").  It is expected that Admission will occur at 08:00 a.m. on 1 August 2011.  Following Admission the total number of ordinary shares of 0.5p each in issue will be 470,561,865 with each share carrying one voting right.

Contact 

Tissue Regenix Group Plc, Antony Odell	[phone]
Peel Hunt LLP, James Steel/Vijay Barathan	[phone]

 

END

 

 

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