10th Sep 2008 12:10
Tepnel Life Sciences plc ('Tepnel' or 'the Company')
Grant of options
Manchester, UK, 10 September 2008: Tepnel Life Sciences PLC (AIM: TED), the international Molecular Diagnostics and Research Products & Services group, today announces that it has granted, in aggregate, 9,950,000 share awards to executive directors and management of the Company under the Tepnel Life Sciences plc 2006 Long Term Incentive Plan ("Long Term Incentive Plan"). The Long Term Incentive Plan was introduced by Tepnel in August 2006 to align more closely management incentives with the interests of shareholders by linking the award to growth in the Company's share price over the 3 year vesting period.
The 9,950,000 nil cost options granted will be released based on the growth in the Company's share price over the period from the date of grant to the third anniversary of the date of grant ('the vesting date') in accordance with the following table:
|
Share Price Growth Target |
% of Award Released |
|
|
nil |
|
70% |
25% |
|
100% |
100% |
Proportional award release if the share price is between the share price growth targets at the vesting date
The base and target share price are based on the 3 month average share price prior to the grant and vesting date
Under the scheme, Ben Matzilevich, Chief Executive Officer, was granted 3,500,000 options and Michael Slater, Group Finance Director, was granted 700,000 options.
No awards will be released unless the return of a Tepnel share exceeds the return on the FTSE AIM Index over the same period.
-End-
For further information:
Tepnel Life Sciences plc
Ben Matzilevich, CEO
Michael Slater, Group Finance Director
Carol Smith, Group Marketing Communications Manager
Tel: 0161 946 2200
Capital MS&L
Mary Clark or Joanna Whineray
Tel: +44 20 7307 5330
Seymour Pierce Limited
Mark Percy
Tel: +44 20 7107 8000
About Tepnel Life Sciences plc
Tepnel Life Sciences (AIM:TED) is a UK-based international life sciences products and services Group with two divisions, Molecular Diagnostics and Research Products & Services. The Company has laboratories, manufacturing and operations in the USA, UK and France with over 200 employees. Tepnel provides test kits, reagents and services to two highly synergistic markets, these being Molecular Diagnostics and Biomedical Research. The Company's strategy has been to identify high growth niche opportunities within these multi-billion pound markets. Tepnel focuses on these niche operations with internally developed products, patents, expertise and know-how as well as strategic acquisitions, to develop a leadership position within these defined market segments. For more information please visit www.tepnel.com.
Related Shares:
TED.L