3rd Jun 2009 16:46
Awards Under Long-Term Incentive Plan
LONDON, UK, 3 June 2009 - SkyePharma PLC (LSE: SKP) (the "Company") announces the grant of the following conditional nil cost share awards to the Executive Directors under the SkyePharma PLC 2007 Long-Term Incentive Plan.
In accordance with the rules of the LTIP, LTIP awards were granted on 2 June 2009 at a price of £1.74 per Ordinary Share (equal to the closing share price on the preceding dealing day) as follows:
|
Executive Director |
Number of Ordinary Shares subject to the LTIP Award at a price of £1.74 per Ordinary Share |
|
Dr Ken Cunningham (CEO) |
150,862 |
|
Peter Grant (CFO) |
82,758 |
The Ordinary Shares subject to LTIP awards will only be released to the directors in three years time subject to their continued employment and the satisfaction of the following conditions:-
20% of the Ordinary Shares subject to LTIP awards will be released if the Company's share price is £2.40 at the end of the three year period; 50% of the Ordinary Shares subject to LTIP awards will be released if the Company's share price is £3.60; with 100% of the award released for a share price of £5.80 (with straight line vesting between these points);
the Remuneration Committee being satisfied that the underlying financial performance of the Company is consistent with its share price performance.
For further information please contact:
|
SkyePharma PLC |
|
|
Ken Cunningham, Chief Executive Officer |
+44 207 491 1777 |
|
Peter Grant, Chief Financial Officer |
|
|
Financial Dynamics |
|
|
Jonathan Birt |
+44 207 831 3113 |
|
Susan Quigley |
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new formulations of known molecules to provide a clinical advantage and life-cycle extension. The Group has twelve approved products in the areas of oral, inhalation and topical delivery. The Group's products are marketed throughout the world by leading pharmaceutical companies. For more information, visit www.skyepharma.com.
Related Shares:
SKP.L