Grant of Awards under Long-Term Incentive Plan
Updated : 07:00
1 April 2021
Eden Research plc
("Eden" or "Company)
Grant of Awards under Long-Term Incentive Plan
Eden Research plc (AIM: EDEN), the AIM-quoted company focused on sustainable biopesticides and plastic-free formulation technology for use in global crop protection, animal health and consumer products industries, confirms the grant of awards under the Company's revised Long Term Incentive Plan ("LTIP") to Sean Smith, Chief Executive Officer, and Alex Abrey, Chief Finance Officer (together the "Executives"), as follows:
In the announcement of the Company's fundraising on 28 February 2020, the Company stated that it would implement a new Long-Term Incentive Plan (LTIP) and replace options granted under the previous LTIP that are deemed a more appropriate scheme to incentivise management given the Company's stage of development. In line with that announcement, the Company has now granted replacement options over 10.5 million new Ordinary Shares in Eden, at a strike price of 6p each (being the placing price of the 2020 fundraise), in the amounts of 6 million awarded to Sean Smith and 4.5 million awarded to Alex Abrey.
As announced on 28 February 2020, the options will vest immediately and will lapse in three equal tranches in June 2022, June 2023 and June 2024. For the first five years following the grant of options, no shares arising from the exercise of these options may be sold unless the Company's prevailing share price is equal to or in excess of 10p.
The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.
For further information contact:
Eden Research plc | |
Sean Smith | 01285 359 555 |
Cenkos Securities plc (Nominated advisor and broker) |
|
Giles Balleny / Camilla Hume/ Mark Connelly (corporate finance) | 020 7397 8900 |
Hawthorn Advisors (Financial PR) |
|
Lorna Cobbett / Victoria Ainsworth |
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Sean Smith | ||||
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
| Eden Research plc | ||||
b)
| LEI
| 213800ZWTYTVQQSM3J85 | ||||
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 Identification code
| Ordinary shares of 1 pence each
GB0001646941 | ||||
b)
| Nature of the transaction
| Grant of options | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A | ||||
e)
| Date of the transaction
| 31 March 2021 | ||||
f)
| Place of the transaction
| Outside of trading venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name | Alex Abrey | ||||
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
| Eden Research plc | ||||
b)
| LEI
| 213800ZWTYTVQQSM3J85 | ||||
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 Identification code
| Ordinary shares of 1 pence each
GB0001646941 | ||||
b)
| Nature of the transaction
| Grant of options | ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information - Aggregated volume - Price
|
N/A | ||||
e)
| Date of the transaction
| 31 March 2021 | ||||
f)
| Place of the transaction
| Outside of trading venue | ||||
|
|
Notes to Editors:
Eden Research is an AIM quoted company that develops and supplies breakthrough biopesticide products and natural, plastic-free microencapsulation technologies to the global crop protection, animal health and consumer products industries.
Eden's Sustaine® encapsulation technology is used to harness the biocidal efficacy of naturally occurring chemicals produced by plants (terpenes) and can also be used with both natural and synthetic compounds to enhance their performance and ease-of-use. Sustaine microcapsules are naturally derived, plastic-free, biodegradable micro-spheres derived from yeast extract. It is one of the only viable, proven and immediately registerable solutions to the microplastics problem in formulations requiring encapsulation.
Eden has numerous patents and a pipeline of products at differing stages of development targeting specific areas of the global agrochemicals industry. Eden was admitted to trading on AIM in May 2012.
For more information about Eden, please visit: www.edenresearch.com.
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