Plant Health Care PLC Board Changes and Grant of Options (3771X)
20 Diciembre 2023 - 1:00AM
UK Regulatory
TIDMPHC
RNS Number : 3771X
Plant Health Care PLC
20 December 2023
Plant Health Care plc
("Plant Health Care" or "the Company")
Changes to Board Membership and Directors' Remuneration
Grant of Options
Plant Health Care, a leading provider of novel patent-protected
biological products to global agricultural markets, makes the
following announcements concerning changes to Board membership and
remuneration and a Grant of Options.
Board Membership and Directors' Remuneration
On 22 November 2023, the Company released a trading update which
highlighted continued, sector-wide challenges, alongside a
reduction to the Company's forecast revenues in FY23 and FY24 due
to lower levels of inventory being maintained by the Company's
distributors and regulatory delays in some territories. The Board
has since undertaken a review of operating expenses across the
business and, as part of this process, plans to implement a series
of changes to the Board membership and remuneration.
Specifically, the following measures are being taken:
-- Board members have collectively agreed to reduce or entirely
defer any compensation due in FY24 until 2025 or until such time as
the Company's financial position strengthens; and
-- The size of the Board is being reduced, with James Ede
Golightly agreeing to step down from the Board on 31 December
2023.
It is expected that these measures will result in a total cash
saving in FY24 in excess of $350,000.
Grant of Options
On 19th December 2023, the Board awarded options to Executive
Directors and certain senior employees under the Company's 2017
Employee Share Option Plan (the 'Options').
Options in respect of a total of 1,757,000 shares have been
granted (representing 0.51 % of the Company's current issued share
capital). The Options have an exercise price of 1p per share and
will vest upon the earlier of: (a) the date of a Change of Control;
or (b) upon satisfaction the Service-Based Requirement of two
years.
Th e Options will expire after five years from the date of
grant. The vesting criteria of the
Options can be modified at the discretion of the Remuneration Committee of the Company.
The Options include the following awards to Jeffrey Hovey, CEO, and Jeffrey Tweedy, CFO:
Name Position Number of shares subject
to the Option
Chief Executive
Jeffrey Tweedy Officer 5 32,000
================= =========================
Chief Financial
Jeffrey Hovey Officer 4 01,000
================= =========================
Dr Chris Richards, Chairman, commented:
Following the recently announced shortfall in revenue
expectations for 2023 and 2024, the Board resolved to identify and
implement appropriate reductions in our operating expenses. The
measures being announced here are intended to show leadership in
expense control by reducing the cost of the Board. At the same
time, the award of additional Options to the Executive Directors
and senior personnel will support alignment of interests with
shareholders and further build incentives to bolster shareholder
value.
Enquiries
Plant Health Care plc +1 919 926 1600
Jeff Tweedy - CEO
Cavendish Capital Markets Limited - Nomad
& Broker +44 (0) 131 220 9771
Neil McDonald / Peter Lynch
Company website: www.planthealthcare.com
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jeffrey Tweedy
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status CEO
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Plant Health Care plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800KBQPJZ2FM8QH27
-------------------------------------------------------- -------------------------------------------------------
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 Options over Ordinary Shares of 1p each
instrument
Identification code GB00B01JC540
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of 1p Options under the 2017 Employee Share
Option Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1. 1p 532,000
--------- ----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 5 32,000 ordinary shares of 1p per share par value
As above
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 19.12.2023
-------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------------------------------------- -------------------------------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Jeffrey Hovey
-------------------------------------------------------- -------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------------------------
a) Position/status CFO
-------------------------------------------------------- -------------------------------------------------------
b) Initial notification/Amendment Initial notification
-------------------------------------------------------- -------------------------------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
-----------------------------------------------------------------------------------------------------------------
a) Name Plant Health Care plc
-------------------------------------------------------- -------------------------------------------------------
b) LEI 213800KBQPJZ2FM8QH27
-------------------------------------------------------- -------------------------------------------------------
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 Options over Ordinary Shares of 1p each
instrument
Identification code GB00B01JC540
-------------------------------------------------------- -------------------------------------------------------
b) Nature of the transaction Grant of 1p Options under the 2017 Employee Share
Option Plan
-------------------------------------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
1. 1p 401,000
--------- ----------
-------------------------------------------------------- -------------------------------------------------------
d) Aggregated information- Aggregated volume
- Price 401,000 ordinary shares of 1p per share par value
As above
-------------------------------------------------------- -------------------------------------------------------
e) Date of the transaction 19.12.2023
--- -------------------------------------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
--- -------------------------------------------------------- -------------------------------------------------------
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END
DSHUKAKROOUUAAA
(END) Dow Jones Newswires
December 20, 2023 02:00 ET (07:00 GMT)
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