Long Term Incentive Plan Second Vesting
25 June 2019
Biome Technologies plc
("Biome", "the Company" or "the Group")
Long Term Incentive Plan (the "2017 LTIP") Second Vesting
Biome Technologies plc, a leading bioplastics and radio frequency technology business, announces that pursuant to the Company's 2017 LTIP, the second vesting of options has occurred.
The 2017 LTIP was announced on 21 December 2017 setting share performance hurdles to achieve the vesting of options thereby further aligning the interests of the Company's management with Biome's shareholders. Details of the second vesting of the 2017 LTIP, which occurred on 10 June 2019, can be found below, with the following options now having vested and are available to be exercised under the terms of the rules of the scheme.
Name of Individual
Options vested and available for exercise
Exercise price per share
Paul Mines (Director)
Declan Brown (Director)
The Company also announced on 21 December 2017 that an award had been made to John Standen, subject to the same performance criteria as the 2017 LTIP. Under this scheme no additional amount is payable to Mr Standen in respect of the second vesting on 10 June 2019.
For further information please contact: Biome Technologies plc
Paul Mines, Chief Executive Officer
Declan Brown, Group Finance Director
Tel: +44 (0) 2380 867 100
David Hart/Alex Brearley (Nominated Adviser)
Kelly Gardiner (Broker)
Tel: +44 (0) 20 3328 5656
Biome Technologies plc is an AIM listed, growth-orientated, commercially driven technology group. Our strategy is founded on building market-leading positions based on patented technology and serving international customers in valuable market sectors. We have chosen to do this by developing products in application areas where the value-added pricing can be justified and that are not reliant on government legislation. These products are driven by customer requirements and are compatible with existing manufacturing processes. They are market rather than technology-led.
The Group comprises two divisions, Biome Bioplastics Limited and Stanelco RF Technologies Limited. Biome Bioplastics is a leading developer of highly-functional, bio-based and biodegradable plastics. The company's mission is to produce bioplastics that challenge the dominance of oil-based polymers. Stanelco RF Technologies designs, builds and services advanced radio frequency (RF) systems. Dielectric and induction heating products are at the core of a product offering that ranges from portable sealing devices to large furnaces for the fibre optics markets.
In 2018, the Board adopted the following three high level KPIs for the next three years to continue its ambitious momentum:
· Compound revenue growth of 25% per annum across the Group and 40% compound revenue growth in the Bioplastics division
· Diversify the Group's turnover by product and market to ensure that no one product or end customer contributes more than 15% of revenues by 2020
· Increase investment in the Group's next generation of products by spending significantly more per annum on average than the £0.3m per annum average spend over the previous strategic objective cycle
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