Deferred Bonus Plan and LTIP Option Grants
Updated : 13:48
Deferred Bonus Plan and Long Term Incentive Plan Option Grants
London, UK - 23 April 2019: Oxford Biomedica plc ("Oxford Biomedica" or the "Company") (LSE:OXB), a leading gene and cell therapy Group announces that on 18 April 2019 nil-cost share options over shares of 50 pence each in the Company were granted to the Senior Executive Team under the Oxford Biomedica 2015 Deferred Bonus Plan ("DBP") and the Oxford Biomedica 2015 Long Term Incentive Plan ("LTIP").
The grant of the share options comprises two types of award, which are: (i) the grant of the 2019 LTIP awards and; (ii) the grant of the 2019 DBP awards.
Name of individual | Title | Number of shares subject to the 2019 DBP award | Number of shares subject to the 2019 LTIP award | Total shares over which options are held (note 1) | Percentage of issued share capital under option |
John Dawson | Chief Executive Officer | 31,179 | 72,736 | 697,680 | 1.0% |
Stuart Paynter | Chief Financial Officer | 17,820 | 32,358 | 143,294 | 0.2% |
James Miskin | Chief Technical Officer | 7,634 | 28,384 | 199,290 | 0.3% |
Kyriacos Mitrophanous | Chief Scientific Officer | 7,634 | 28,384 | 200,350 | 0.3% |
Lisa Giles | Chief Project & Performance Officer | 4,846 | 22,658 | 44,653 | 0.07% |
Nick Page | Chief Operations Officer | 6,178 | 29,967 | 58,827 | 0.09% |
Helen Stephenson-Ellis | Chief People Officer | 3,797 | 19,869 | 37,607 | 0.06% |
Jason Slingsby | Chief Business Officer | 7,232 | 27,675 | 103,836 | 0.2% |
Notes:
1. Includes the 2014 DBP awards to be met by market purchased shares held by the Oxford Biomedica Employee Trust
Under the terms of the 2015 DBP, the DBP awards will become exercisable as to one third of the shares subject to each award on each of the first three anniversaries of the grant date.
The 2019 LTIP awards are subject to a three year performance period and become exercisable from the third anniversary of the grant date, subject to the satisfaction of a performance condition.
The Award shall Vest by reference to an equal weight between the compounded annual growth rate of the Company's Share Price, calculated by comparing the average closing share price over the five Dealing Days immediately preceding the start of the Performance Period of 704.6p with the average share price of the Company over the three months immediately preceding the end of the Performance Period, in accordance with the TSR table below, and the compounded annual growth rate of the Company's Revenues calculated by comparing the audited Revenue figure as of 31 December 2018 preceding the start of the Performance period of £66.8m, with the audited Revenue figure as of 31 December 2021, in accordance with the Revenue table below.
TSR Table
Compound annual growth rate of the Company's share price over the three year Performance Period | Extent to which Performance Condition is satisfied |
Less than 10% per annum | 0% |
10% per annum (i.e. 33% over 3 years) | 25% |
Between 10% per annum and 17.5% per annum | On a straight line basis between 25% and 100% |
17.5% per annum or above(i.e. 63% over three years) | 100% |
Revenue Table
Compound annual growth rate of the Company's share price over the three year Performance Period | Extent to which Performance Condition is satisfied |
Less than 15% per annum | 0% |
15% per annum (i.e. 52.1% over 3 years) | 25% |
Between 15% per annum and 25% per annum | On a straight line basis between 25% and 100% |
25% per annum or above (i.e. 95.3% over three years) | 100% |
There will also be a performance underpin, such that the awards would only vest to the extent that the Remuneration Committee considers that the overall performance of the business across the period justifies it. The share price at the third anniversary of the grant date will also be averaged across the three month period immediately preceding the end of the performance period to avoid rewarding for short term spikes in performance. Clawback and malus provisions will apply to the awards.
The issued share capital of the Company is 66,170,638 ordinary shares of 50 pence each.
The Notification of Dealing Forms set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
Notification of Dealing Form
1. | Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA") | |||||||||
a) | Name | John Dawson | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status | Chief Executive Officer
| ||||||||
b) | Initial notification/ amendment | Initial Notification | ||||||||
3. | Details of the Issuer | |||||||||
a) | Name | Oxford Biomedica plc | ||||||||
b) | LEI code | 213800S1GVQNXQ15K851 | ||||||||
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
Identification code | Ordinary Shares of 50 pence each
ISIN: GB00BDFBVT43 | ||||||||
b) | Nature of the transaction | Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan and Deferred Bonus Plan. No consideration was paid for the grant of awards. | ||||||||
c) | Price(s) and volumes(s) | 2019 LTIP Award
2019 DBP Award
| ||||||||
d) | Aggregated information - Aggregate volume
- Price
|
Awards granted over 103,915 shares in total
N/A
| ||||||||
e) | Date of the transaction | 2019-04-18 | ||||||||
f) | Place of the transaction | London Stock Exchange, Main Market (XLON) |
1. | Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA") | |||||||||
a) | Name | Stuart Paynter | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status | Chief Financial Officer
| ||||||||
b) | Initial notification/ amendment | Initial Notification | ||||||||
3. | Details of the Issuer | |||||||||
a) | Name | Oxford Biomedica plc | ||||||||
b) | LEI code | 213800S1GVQNXQ15K851 | ||||||||
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
Identification code | Ordinary Shares of 50 pence each
ISIN: GB00BDFBVT43 | ||||||||
b) | Nature of the transaction | Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan and Deferred Bonus Plan. No consideration was paid for the grant of awards. | ||||||||
c) | Price(s) and volumes(s) | 2019 LTIP Award
2019 DBP Award
| ||||||||
d) | Aggregated information - Aggregate volume
- Price
|
Awards granted over 50,178 shares in total
N/A
| ||||||||
e) | Date of the transaction | 2019-04-18 | ||||||||
f) | Place of the transaction | London Stock Exchange, Main Market (XLON) |
1. | Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA") | |||||||||
a) | Name | James Miskin | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status | Chief Technical Officer | ||||||||
b) | Initial notification/ amendment | Initial Notification | ||||||||
3. | Details of the Issuer | |||||||||
a) | Name | Oxford Biomedica plc | ||||||||
b) | LEI code | 213800S1GVQNXQ15K851 | ||||||||
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
Identification code | Ordinary Shares of 50 pence each
ISIN: GB00BDFBVT43 | ||||||||
b) | Nature of the transaction | Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan and Deferred Bonus Plan. No consideration was paid for the grant of awards. | ||||||||
c) | Price(s) and volumes(s) | 2019 LTIP Award
2019 DBP Award
| ||||||||
d) | Aggregated information - Aggregate volume
- Price
|
Awards granted over 36,018 shares in total
N/A
| ||||||||
e) | Date of the transaction | 2019-04-18 | ||||||||
f) | Place of the transaction | London Stock Exchange, Main Market (XLON) |
1. | Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA") | |||||||||
a) | Name | Kyriacos Mitrophanous | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status | Chief Scientific Officer | ||||||||
b) | Initial notification/ amendment | Initial Notification | ||||||||
3. | Details of the Issuer | |||||||||
a) | Name | Oxford Biomedica plc | ||||||||
b) | LEI code | 213800S1GVQNXQ15K851 | ||||||||
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
Identification code | Ordinary Shares of 50 pence each
ISIN: GB00BDFBVT43 | ||||||||
b) | Nature of the transaction | Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan and Deferred Bonus Plan. No consideration was paid for the grant of awards. | ||||||||
c) | Price(s) and volumes(s) | 2019 LTIP Award
2019 DBP Award
| ||||||||
d) | Aggregated information - Aggregate volume
- Price
|
Awards granted over 36,018 shares in total
N/A
| ||||||||
e) | Date of the transaction | 2019-04-18 | ||||||||
f) | Place of the transaction | London Stock Exchange, Main Market (XLON) |
1. | Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA") | |||||||||
a) | Name | Lisa Giles | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status | Chief Project & Performance Officer | ||||||||
b) | Initial notification/ amendment | Initial Notification | ||||||||
3. | Details of the Issuer | |||||||||
a) | Name | Oxford Biomedica plc | ||||||||
b) | LEI code | 213800S1GVQNXQ15K851 | ||||||||
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
Identification code | Ordinary Shares of 50 pence each
ISIN: GB00BDFBVT43 | ||||||||
b) | Nature of the transaction | Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan. No consideration was paid for the grant of awards. | ||||||||
c) | Price(s) and volumes(s) | 2019 LTIP Award
2019 DBP Award
| ||||||||
d) | Aggregated information - Aggregate volume
- Price
|
Awards granted over 27,504 shares in total
N/A
| ||||||||
e) | Date of the transaction | 2019-04-18 | ||||||||
f) | Place of the transaction | London Stock Exchange |
1. | Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA") | |||||||||
a) | Name | Nick Page | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status | Chief Operations Officer | ||||||||
b) | Initial notification/ amendment | Initial Notification | ||||||||
3. | Details of the Issuer | |||||||||
a) | Name | Oxford Biomedica plc | ||||||||
b) | LEI code | 213800S1GVQNXQ15K851 | ||||||||
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
Identification code | Ordinary Shares of 50 pence each
ISIN: GB00BDFBVT43 | ||||||||
b) | Nature of the transaction | Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan. No consideration was paid for the grant of awards. | ||||||||
c) | Price(s) and volumes(s) | 2019 LTIP Award
2019 DBP Award
| ||||||||
d) | Aggregated information - Aggregate volume
- Price
|
Awards granted over 36,145 shares in total
N/A
| ||||||||
e) | Date of the transaction | 2019-04-18 | ||||||||
f) | Place of the transaction | London Stock Exchange, Main Market (XLON) |
1. | Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA") | |||||||||
a) | Name | Helen Stephenson-Ellis | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status | Chief People Officer | ||||||||
b) | Initial notification/ amendment | Initial Notification | ||||||||
3. | Details of the Issuer | |||||||||
a) | Name | Oxford Biomedica plc | ||||||||
b) | LEI code | 213800S1GVQNXQ15K851 | ||||||||
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
Identification code | Ordinary Shares of 50 pence each
ISIN: GB00BDFBVT43 | ||||||||
b) | Nature of the transaction | Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan. No consideration was paid for the grant of awards. | ||||||||
c) | Price(s) and volumes(s) | 2019 LTIP Award
2019 DBP Award
| ||||||||
d) | Aggregated information - Aggregate volume
- Price
|
Awards granted over 23,666 shares in total
N/A
| ||||||||
e) | Date of the transaction | 2019-04-18 | ||||||||
f) | Place of the transaction | London Stock Exchange, Main Market (XLON) |
1. | Details of the Person Discharging Managerial Responsibility ("PDMR")/person closely associated with them ("PCA") | |||||||||
a) | Name | Jason Slingsby | ||||||||
2. | Reason for the notification | |||||||||
a) | Position/status | Chief Business Officer | ||||||||
b) | Initial notification/ amendment | Initial Notification | ||||||||
3. | Details of the Issuer | |||||||||
a) | Name | Oxford Biomedica plc | ||||||||
b) | LEI code | 213800S1GVQNXQ15K851 | ||||||||
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
Identification code | Ordinary Shares of 50 pence each
ISIN: GB00BDFBVT43 | ||||||||
b) | Nature of the transaction | Grant of awards over Ordinary Shares under the Company's Long Term Incentive Plan. No consideration was paid for the grant of awards. | ||||||||
c) | Price(s) and volumes(s) | 2019 LTIP Award
2019 DBP Award
| ||||||||
d) | Aggregated information - Aggregate volume
- Price
|
Awards granted over 34,907 shares in total
N/A
| ||||||||
e) | Date of the transaction | 2019-04-18 | ||||||||
f) | Place of the transaction | London Stock Exchange, Main Market (XLON) |
-Ends-
For further information, please contact: |
|
Oxford Biomedica plc: Stuart Paynter, Company Secretary |
Tel: +44 (0)1865 783 000 |
About Oxford Biomedica
Oxford Biomedica (LSE:OXB) is a leading gene and cell therapy group focused on developing life changing treatments for serious diseases. Oxford Biomedica and its subsidiaries (the "Group") have built a sector leading lentiviral vector delivery platform (LentiVector®), which the Group leverages to develop in vivo and ex vivo products both in-house and with partners. The Group has created a valuable proprietary portfolio of gene and cell therapy product candidates in the areas of oncology, ophthalmology and CNS disorders. The Group has also entered into a number of partnerships, including with Novartis, Sanofi, Axovant Gene Therapies, Orchard Therapeutics, Boehringer Ingelheim, the UK Cystic Fibrosis Gene Therapy Consortium and Imperial Innovations, through which it has long-term economic interests in other potential gene and cell therapy products. Oxford Biomedica is based across several locations in Oxfordshire, UK and employs more than 430 people. Further information is available at www.oxb.com
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