Midatech Pharma PLC Announces Grant of Options
ABINGDON, OXFORDSHIRE ACCESSWIRE / June, 17, 2020 / Midatech Pharma PLC (AIM:MTPH.L)(NASDAQ:MTP), a drug delivery technology company focused on improving the bio-delivery and bio-distribution of medicines announces that options over a total of 1,401,000 ordinary shares of 0.1 pence each in the capital Company have been granted to employees under the 2014 Midatech Pharma plc Enterprise Management Incentive Scheme ("Options").
Of these Options, 500,000 in aggregate have been granted to two executives designated as PDMRs; Stephen Stamp, Chief Executive Officer, Chief Financial Officer and director of the Company and Steve Damment, Executive Vice President of R&D resulting in them having the following interests in the Company:
Director
Award of Options
Resulting interest in options
Current shareholding in the Company
Stephen Stamp – Chief Executive Officer, Chief Financial Officer
300,000
350,000
50,000
Steve Damment – Executive Vice President, R&D
200,000
222,890
2,000
The Options have an exercise price of 20.2 pence per share. The Options will vest 25% upon the one year anniversary of grant, with the remainder vesting in 12 equal tranches quarterly over the following three years. Once vested, the options will be exercisable until 16 June 2030.
The Options granted represent 3.6 per cent. of the issued share capital.
In addition to the Options, in order to incentivise and retain certain employees during the ongoing Strategic Review, the Remuneration Committee has agreed that a cash bonus would become payable upon the successful sale of the Company or a sale of all or substantially all the assets of Midatech, or upon the solvent winding up of the Company, based on the value of such exit event.
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Stephen Stamp
2
Reason for the notification
a)
Position/status
Chief Executive Officer, 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
Midatech Pharma plc
b)
LEI
549300GKR2G40H3QFY57
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
Options over Ordinary shares of 0.1 pence each in Midatech Pharma plc
Identification code
GB00BKT14T00
b)
Nature of the transaction
Grant of Options over Ordinary shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
20.2 p
300,000
d)
Aggregated information
– Aggregated volume
As above
– Price
e)
Date of the transaction
17 June 2020
f)
Place of the transaction
Off market transaction
1
Details of the person discharging managerial responsibilities / person closely associated
a)
Name
Steve Damment
2
Reason for the notification
a)
Position/status
Executive Vice President, R&D
b)
Initial notification /Amendment
Initial notification
3
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)
Name
Midatech Pharma plc
b)
LEI
549300GKR2G40H3QFY57
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
Options over Ordinary shares of 0.1 pence each in Midatech Pharma plc
Identification code
GB00BKT14T00
b)
Nature of the transaction
Grant of Options over Ordinary shares
c)
Price(s) and volume(s)
Price(s)
Volume(s)
20.2 p
200,000
d)
Aggregated information
– Aggregated volume
As above
– Price
e)
Date of the transaction
17 June 2020
f)
Place of the transaction
Off market transaction
For more information, please contact:
Midatech Pharma PLC
Stephen Stamp, CEO, CFO
Tel: +44 (0)1235 888300
Panmure Gordon (UK) Limited (Nominated Adviser and Broker)
Freddy Crossley, Emma Earl (Corporate Finance)
James Stearns (Corporate Broking)
Turner Pope Investments (TPI) Limited (Joint Broker)
Andrew Thacker (Corporate Broking)
Tel: +44(0)20 3657 0050
IFC Advisory Limited (Financial PR and UK Investor Relations)
Tim Metcalfe / Graham Herring
Tel: +44 (0)20 3934 6630
Email: midatech@investor-focus.co.uk
Edison Group (US Investor Relations)
Joseph Green/ Laine Yonker
Tel: (646) 653-7030/ 7035
jgreen@edisongroup.com/ lyonker@edisongroup.com
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SOURCE: Midatech Pharma PLC
ReleaseID: 594141
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