Share Incentive Plan
30 April 2021
("Diaceutics" or "the Company")
Share Incentive Plan
Diaceutics PLC, (AIM: DXRX), the diagnostic commercialisation company for precision testing announces that it has established an HMRC approved Share Incentive Plan ("SIP Scheme") for all eligible UK and international employees*.
A SIP Scheme is a tax-advantaged share plan that provides employees of the Company with an opportunity to buy shares in Diaceutics in a tax efficient way and is aimed at incentivising employees and enabling them to invest in the Company for the long-term.
For UK employees, the SIP Scheme is formed of Partnership Shares and Matching Shares. Employees are offered the opportunity to purchase ordinary shares in the Company on a monthly basis (up to a maximum of £1,800 per person per tax year or 10% of an employee's pay if this is lower), which will be held in an independent SIP trust ("Partnership Shares"). The Company will match these with the allocation of two extra shares for every one share purchased, up to and including April 2022. After which time, the allocation from the Company will be one extra share per Partnership Share purchased ("Matching Shares"). Matching Shares must ordinarily be retained in the SIP Trust for a minimum of three years.
Share awards pursuant to the SIP Scheme shall be satisfied through shares held by the Company's independent employee benefit trust (EBT). In order to ensure that the EBT has sufficient shares for the awards, the EBT may acquire shares in the market or the Company may issue new ordinary shares to the EBT from time to time, or both.
The plan for international employees is drafted to mirror the UK plan as far as possible, but may not provide the same personal tax advantages as the UK plan.
The SIP Scheme was launched with effect from 1 April 2021 and is open for employees to participate in this initial phase up until 13 June 2021. As of 27 April, 32% of employees who are currently eligible to participate in the SIP Scheme had elected to participate in this initial phase.
* Apart from in China where the scheme is not suitable for inclusion within that country's remuneration arrangements.
Peter Keeling, Chief Executive Officer of Diaceutics, said: "we are delighted to be able to offer this scheme to our team, providing them with the means to fully participate in the Company's future success. Their commitment and expertise have propelled Diaceutics to the forefront of the rapidly growing global market for the commercialisation of precision medicine diagnostics, and we are pleased so many have chosen to participate in the scheme at this early stage."
Philip White, Chief Financial Officer
Via Alma PR
Cenkos Securities plc (Nomad & Broker)
Tel: +44(0)20 7397 8900
Callum Davidson / Giles Balleny
Michael Johnson (Sales)
Tel: +44(0)20 3405 0205
At Diaceutics we believe that every patient should get the precision medicine they deserve. We are a data analytics and end-to-end services provider enabled by DXRX - our Proprietary Diagnostic Network solution for the development and commercialisation of precision medicine diagnostics. The Company, listed on the AIM Market of the London Stock Exchange, has created commercially useful data sets for every precision medicine that has come to market. We have built the world's largest repository of diagnostic testing data with a growing network of 2,500 laboratories in 51 countries. www.diaceutics.com
About DXRX - The Diagnostic Network®
DXRX is Diaceutics' proprietary diagnostic network for precision medicine. DXRX is an end-to-end solution for the development and commercialisation of Precision Medicine diagnostics. The platform enables a vibrant marketplace where all stakeholders in Precision Medicine come to find trusted partners and collaborations in a secure, standardised way. DXRX provides access to a pipeline of global diagnostic testing data on one secure platform.