Director's Interest in Share Options

RNS Number : 6089U
Oxford Biomedica PLC
17 October 2014
 



For immediate release

17 October 2014

 

OXFORD BIOMEDICA plc

 

Director's Interest in Share Options

 

Oxford, UK - 17 October 2014:Oxford BioMedica plc ("Oxford BioMedica" or "the Company") (LSE:OXB), a leading gene and cell therapy company, announces that the following grant under the Oxford BioMedica Long Term Incentive Plan (LTIP) was made to a director on 17 October 2014:

 


LTIP: number of shares granted

Total shares over which options are held (note 1)

Percentage of issued shares under option





Paul Blake

2,109,375

2,109,375

0.08%

 

Notes:

1. The total shares over which options are held including the grants described.

 

The grants are nominal cost options and are subject to a three year holding period. They are exercisable from the third anniversary of the grant, subject to the satisfaction of a performance condition.

 

As for all other LTIP grants made since June 2012 the performance condition is Absolute Total Shareholder Return (TSR) as measured by the growth in share price over a 3 year period as the company does not anticipate making any dividend payments over the performance period.  Accordingly, vesting has been linked directly to share price targets.  A baseline share price of 4.00p has been set by reference to the average of business day closing prices from Friday 10 October 2014 to Thursday 16 October 2014.

 

This grant will only vest if the share price over the period of the award increases over the baseline by the percentages specified in the table below:

 

Share price target

% of award vesting

Less than 30% increase over baseline share price

0%

At 30% increase over baseline share price*

25% vesting

At 60% increase over baseline share price*

100% vesting

*Straight line vesting between these points

 

The share price at the assessment date will be the average of the closing share prices over the preceding 3 months.

 

Although no grant can be exercised until the end of the three year vesting period, the director will be able to "bank" a fraction of the appropriate vesting percentage on each anniversary of the date of grant, should the target have been met at those dates. This will be limited to 25% of the potential vesting amount after one year, 50% after two years and 100% after three years. Banked grants will not actually vest until the third anniversary of grant.

 

 

Tim Watts

Company Secretary,

Oxford BioMedica plc

17 October 2014

 

 

Oxford BioMedica plc

Oxford BioMedica plc (LSE: OXB) is a leading gene and cell therapy company with an unrivalled portfolio of gene therapy products in development and a platform of exclusive and pioneering technologies with which it designs, develops and manufactures unique gene-based medicines for some of world's largest pharmaceutical companies. Leveraging its proprietary LentiVector® IP and gene delivery system technology platform and unique tumour antigen (5T4), Oxford BioMedica is advancing its pipeline of seven gene therapy products addressing diseases for which there are currently no treatments or that are inadequately treated today, including ocular and central nervous system disorders. OXB Solutions, the Company's industry-leading manufacturing and development business, provides services to collaborators and partners working in gene and cell therapy, including Novartis and Immune Design Corp.  In addition, the Company has licenced products and IP to Sanofi, Pfizer, MolMed, Sigma-Aldrich, Biogen Idec, Emergent BioSolutions and ImaginAb. Further information is available at www.oxfordbiomedica.co.uk and www.oxbsolutions.co.uk.

 

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 

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