Issue of LTIP Options and Share Options
LTIP options granted to executives and staff share options issued to align employee and shareholder interests.
- LTIP Options to executives up to 12,000,000 ordinary shares
- Staff Share Options up to 13,800,000 ordinary shares
- Total outstanding options post-issue up to 51,369,480 ordinary shares (13.7% of issued and to be issued share capital)
- Exercise price for Staff Share Options 10.00 pence per ordinary share
- Share price base (June 2024 funding round) 15.00 pence per ordinary share
Select text to share a quote on X · sign in to keep highlights & notes in your CLBX notes
ANGLE plc (AIM: AGL; OTCQX: ANPCY), a world-leading liquid biopsy company, announces that, under the Remuneration Policy approved by the shareholders at the Annual General Meeting on 11 July 2024 ("the Remuneration Policy"), the Remuneration Committee has approved the grant under the Long-Term Incentive Plan (LTIP) of options (the "LTIP Options") over a maximum of 12,000,000 ordinary shares of £0.10 ("Ordinary Shares"), subject to the performance conditions set out below, to the Company's executive directors. The Remuneration Committee has also approved the issue of up to 13,800,000 share options under its existing share option plans to staff (the "Staff Share Options").
Share options are issued to align the interest of employees with shareholders and help motivate, reward and retain staff. The allocation of LTIP Options and Staff Share Options approved by the Remuneration Committee also takes into account that, for the third consecutive year, no bonuses for executives and staff were awarded in order to help conserve cash and extend the Company's cash runway. While a staff share option award was made in 2024, the allocation for executive directors reflects a catch-up award for 2024 as well as a 2025 award following the agreement to waive cash bonus entitlements for both 2023 and 2024 operating years.
Following the issue of these options, the Company will have outstanding options over a total of up to 51,369,480 Ordinary Shares, representing approximately 13.7% of its issued and to be issued share capital, which is within the Remuneration Policy approved limit of up to 16%.
The exercise price for the Staff Share Options is 10.00 pence per Ordinary Share, being 2.6% above the Company's closing mid-market share price of 9.75 pence per Ordinary Share on 20 March 2025, being the latest practicable date prior to this announcement. The Staff Share Options are subject to certain service and/or performance conditions over a three-year period.
The LTIP Options have performance conditions as set out below, a performance period of three years and an additional holding period of two years. Subject to the rules of the LTIP, awards will vest only to the extent that the performance conditions have been met during the performance period and the underlying shares may only be traded once the holding period is completed. The LTIP Options contain normal "good leaver", "bad leaver" and change of control provisions, and malus and clawback provisions will apply under certain circumstances.
The intention of the LTIP is to reward tangible increases in shareholder value, in this case above the share price of the last funding round (15.00 pence per Ordinary Share in June 2024). The performance conditions for the LTIP Options relate to the compound annual growth rate (CAGR) of the share price from this base level over the three-year performance period. As different levels of performance are achieved the number of shares that vest increases up to a maximum as set out below:
Allocation of LTIP options
| Share price CAGR on funding round | Multiple of funding round share price | Multiple of current share price | Proportion vesting | Andrew Newland | Ian Griffiths | Total |
|---|---|---|---|---|---|---|
| < 20% | < 1.73 | <2.66 | 0% | 0 | 0 | 0 |
| > 20% | > 1.73 | >2.66 | 20% | 1,440,000 | 960,000 | 2,400,000 |
| > 25% | > 1.95 | >3.00 | 50% | 3,600,000 | 2,400,000 | 6,000,000 |
| > 30% | > 2.20 | >3.38 | 100% | 7,200,000 | 4,800,000 | 12,000,000 |
The non-executive directors of the Company do not hold share options.
As at 20 March 2025, the Company has 322,641,668 Ordinary Shares in issue.
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Andrew Newland |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Executive Officer |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | ANGLE plc |
| b) | LEI | 213800BY11K6W3NMS374 |
| a) | Description of the financial instrument, type of instrument Identification code | Options over Ordinary shares of £0.10 each ISIN: GB0034330679 |
| b) | Nature of the transaction | Grant of nil-cost LTIP options over ordinary shares under the ANGLE plc LTIP Scheme |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil Up to 7,200,000 dependent on share price performance |
| d) | Aggregated information - Aggregated volume - Price | N/A |
| e) | Date of the transaction | 20 March 2025 |
| f) | Place of the transaction | Outside a trading venue |
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |
| a) | Name | Ian Griffiths |
| 2 | Reason for the notification | |
| a) | Position/status | Finance Director |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | ANGLE plc |
| b) | LEI | 213800BY11K6W3NMS374 |
| a) | Description of the financial instrument, type of instrument Identification code | Options over Ordinary shares of £0.10 each ISIN: GB0034330679 |
| b) | Nature of the transaction | Grant of nil-cost LTIP options over ordinary shares under the ANGLE plc LTIP Scheme |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil Up to 4,800,000 dependent on share price performance |
| d) | Aggregated information - Aggregated volume - Price | N/A |
| e) | Date of the transaction | 20 March 2025 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.