TIDMOPTI
RNS Number : 6987X
OptiBiotix Health PLC
07 January 2022
OptiBiotix Health plc
("OptiBiotix" or "the Company")
Issue of options
OptiBiotix Health plc (AIM: OPTI) (the "Company"), a life
sciences business developing compounds to tackle obesity, high
cholesterol, diabetes and skincare, announces that its Remuneration
Committee has approved the cancelling of existing share options and
award of nominal value options, which are exercisable at 2 pence
per share (being the nominal value of the Company's shares)
("Nominal Value Options"), over a reduced number of shares to
certain employees and non-executive directors of the Company.
Existing performance criteria including revenue, profitability, and
the commercial launch targets for SweetBiotix and Microbiome
modulators remain.
These proposed changes will result in a reduction of options
over 400,000 new ordinary shares. In addition, the Company will
issue an additional 50,000 Nominal Value Options each to
Christopher Brinsmead and Stephen Hammond, Non-Executive Directors
of the Company.
The Company identified that the retention and attraction of key
personnel staff as a principal risk factor for the Company in its
2020 annual report and in its 2021 Half-Yearly Report as announced
on 30 September 2021. Recruitment searches during 2021 identified a
substantial gap in base salaries and bonuses paid by OptiBiotix
compared to industry competitors which have impacted on the
Company's ability to recruit and retain experienced people to the
senior management team. As interest in the microbiome grows and
competitor companies look to either acquire skills and commercial
expertise in this area, the risk of not being able to attract and
retain key staff increases.
To mitigate this risk, the Remuneration Committee commissioned
Pricewaterhouse Cooper (PwC), to review existing remuneration
arrangements and develop proposals to reduce the identified risk
and align value creation with remuneration consistent with
companies on the AIM market at a similar stage of development.
Their review concluded that replacing market value options with
nominal value options would provide a more effective incentive and
retention mechanism for employees as well as reducing the overall
number of shares under option.
The Company has agreed with a number of option holders to
surrender their existing options in return for Nominal Value
Options over half the number of shares of their existing options,
which will be subject to a combination of performance and
time-based vesting criteria. Performance criteria include revenue,
profitability targets, and the commercial launch of SweetBiotix and
Microbiome modulators, with option holders only able to exercise
their options once the performance criteria have been met. This
ensures a continued focus on commercial revenues and shareholder
value creation. New options will be granted on a similar basis
going forward. Options granted to non-executive directors will be
subject to time-based vesting. The options granted to Stephen
O'Hara, CEO of the Company, in September 2014 will not be affected
by these changes.
Details of the option changes for the relevant parties are set
out in the table below:-
Individual No. of existing Exercise Price New Nominal Value
Options cancelled Options granted
Sofia Kolida 165,000 73p 82,500
------------------- --------------- ------------------
Neil Davidson 385,000 73p 192,500
------------------- --------------- ------------------
Sean Christie 100,000 95p 50,000
------------------- --------------- ------------------
Other employees 150,000 57p 75,000
------------------- --------------- ------------------
Christopher Brinsmead Nil N/A 50,000
------------------- --------------- ------------------
Stephen Hammond Nil N/A 50,000
------------------- --------------- ------------------
Total Options 800,000 500,000
------------------- --------------- ------------------
These changes will result in the number of options held by
existing option holders reducing from 800,000 to 400,000.
Chris Brinsmead, Chairman of the Remuneration Committee
commented: "The Company has lost a number of key staff to industry
competitors offering salaries 3-4 times that offered by OptiBiotix.
Share options form a key part of a company's ability to attract and
retain key staff who will deliver shareholder value, particularly
in today's competitive marketplace for talent. The changes to the
Company's share option arrangements make it better placed to
incentivise and retain staff with no additional cash cost for the
business and a 50% reduction in the numbers of shares under option
held by existing option holders of 400,000 reducing dilution
providing enhanced shareholder value."
This announcement contains information which, prior to its
disclosure, was considered inside information for the purposes of
the UK Market Abuse Regulation and the Directors of the Company are
responsible for the release of this announcement.
For further information, please contact:
OptiBiotix Health plc www.optibiotix.com
Stephen O'Hara, Chief Executive Contact via Walbrook
below
Cairn Financial Advisers LLP (NOMAD) Tel: 020 7213 0880
Liam Murray / Jo Turner / Ludovico Lazzaretti
Cenkos Securities plc (Broker) Tel: 020 7397 8900
Callum Davidson / Neil McDonald
Michael Johnson / Russell Kerr (Sales)
Walbrook PR Ltd Mob: 07876 741 001
Anna Dunphy
Caution regarding forward looking statements
Certain statements in this announcement, are, or may be deemed
to be, forward looking statements. Forward looking statements are
identi ed by their use of terms and phrases such as "believe",
"could", "should" "envisage", "estimate", "intend", "may", "plan",
"potentially", "expect", "will" or the negative of those,
variations or comparable expressions, including references to
assumptions. These forward looking statements are not based on
historical facts but rather on the Directors' current expectations
and assumptions regarding the Company's future growth, results of
operations, performance, future capital and other expenditures
(including the amount, nature and sources of funding thereof),
competitive advantages, business prospects and opportunities. Such
forward looking statements re ect the Directors' current beliefs
and assumptions and are based on information currently available to
the Directors.
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
-----------------------------------------------------------------------------------------
a. Name 1) Sofia Kolida
2) Neil Davidson
3) Sean Christie
4) Christopher Brinsmead
5) Stephen Hammond
---------------------------------------- -----------------------------------------------
2 Reason for notification
---------------------------------------- -----------------------------------------------
a. Position/Status 1) Research & Development Director
2) Chairman
3) Non-Executive Director
4) Non-Executive Director
5) Non-Executive Director
---------------------------------------- -----------------------------------------------
b. Initial notification/ Initial Notification
Amendment
---------------------------------------- -----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------------
a. Name OptiBiotix Health Plc
---------------------------------------- -----------------------------------------------
b. LEI 213800UKYQFT941QHS14
---------------------------------------- -----------------------------------------------
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 Options over Ordinary Shares of nominal
the financial value 2p
instrument, type
of instrument ISIN: GB00BP0RTP38
Identification
Code
---------------------------------------- -----------------------------------------------
b. Nature of the Issue of options
transaction
---------------------------------------- -----------------------------------------------
c. Price(s) and volume(s) Price(s) per Volume(s)
share
---------------------------------------- ------------------------
2p 82,500
------------------------ ----------------
2p 192,500
------------------------ ----------------
2p 50,000
------------------------ ----------------
2p 50,000
------------------------ ----------------
2p 50,000
------------------------ ----------------
d. Aggregated information
* Volume 1. N/A single transaction
2. N/A single transaction
3. N/A single transaction
* Price 4. N/A single transaction
5. N/A single transaction
---------------------------------------- -----------------------------------------------
e. Date of the transaction 6 January 2022
---------------------------------------- -----------------------------------------------
f. Place of the transaction Off market
---------------------------------------- -----------------------------------------------
Notification of a Transaction pursuant to Article 19(1) of Regulation
(EU) No. 596/2014
1 Details of the person discharging managerial responsibilities/person
closely associated
--------------------------------------------------------------------------------------------
a. Name 1) Sofia Kolida
2) Neil Davidson
3) Sean Christie
---------------------------------------- --------------------------------------------------
2 Reason for notification
---------------------------------------- --------------------------------------------------
a. Position/Status 1) Research & Development Director
2) Chairman
3) Non-Executive Director
---------------------------------------- --------------------------------------------------
b. Initial notification/ Initial Notification
Amendment
---------------------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------------
a. Name OptiBiotix Health Plc
---------------------------------------- --------------------------------------------------
b. LEI 213800UKYQFT941QHS14
---------------------------------------- --------------------------------------------------
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 Options over Ordinary Shares of nominal
the financial value 2p
instrument, type
of instrument ISIN: GB00BP0RTP38
Identification
Code
---------------------------------------- --------------------------------------------------
b. Nature of the Surrender of Options granted over Ordinary
transaction Shares
---------------------------------------- --------------------------------------------------
c. Price(s) and volume(s) Price(s) per Volume(s)
share
---------------------------------------- --------------------------
73p 165,000
-------------------------- -----------------
73p 385,000
-------------------------- -----------------
95p 100,000
-------------------------- -----------------
d. Aggregated information 1. N/A single transaction
* Volume 2. N/A single transaction
3. N/A single transaction
* Price
---------------------------------------- --------------------------------------------------
e. Date of the transaction 6 January 2022
---------------------------------------- --------------------------------------------------
f. Place of the transaction Off market
---------------------------------------- --------------------------------------------------
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END
DSHSSWFMMEESEIF
(END) Dow Jones Newswires
January 07, 2022 02:00 ET (07:00 GMT)
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