OMEGA DIAGNOSTICS GROUP PLC
("Omega" or the "Company" or the "Group")
Grant of share incentive awards to Directors and senior managers
1. Establishment and operation of the Company's new Long Term Incentive Plan
Omega (AIM: ODX), the specialist medical diagnostics company focused on industry-leading Health & Nutrition and Global Health products, announces that, on 8 June 2022, it granted awards ("Awards") over ordinary shares of 4 pence each in the capital of the Company ("Ordinary Shares") to Executive Directors pursuant to the terms of its newly established Long Term Incentive Plan (the "LTIP"), details of which are set out below:
| Director | Board Position | Number of Ordinary Shares over which "Performance Awards" granted | Number of Ordinary Shares over which "Retention Awards" granted | Total number of Ordinary Shares over which Awards granted |
| Jag Grewal | CEO | 4,700,715 | 1,200,000 | 5,900,715 |
| Chris Lea | CFO | 4,339,121 | 1,000,000 | 5,339,121 |
The LTIP has been established in order to incentivise Executive Directors and certain senior managers to deliver long term value for shareholders, align their interests with the various stakeholders and retain these key individuals within the business. No consideration was paid for the grant of the Awards, which have been structured as "nil cost" options.
The Performance Awards detailed in the above table will normally vest on the third anniversary of grant but only if, at that time, the Company's share price (averaged over a 90day period) is equal to or greater than 12 pence per Ordinary Share. Vesting will normally be dependent on the continued employment of the participant within the Group.
The vesting of the Retention Awards is dependent solely on continued employment over the period of three years from grant (or, in the case of Chris Lea, the period of three years from 30 August 2021, being the date on which he was originally appointed as an Executive Director).
Once the Awards have vested, they will generally be available to be exercised until the tenth anniversary of their original grant.
In addition, Awards over an aggregate of 3,000,000 Ordinary Shares were also granted on 8 June 2022 to certain other senior managers in the business. These Awards are all Performance Awards with the same vesting criteria as detailed above.
Further information in relation to the LTIP will be included in Omega's next annual report and financial statements.
2. Grant of stand-alone option to Chairman
Omega also announces that, on 9 June 2022, it granted the following conditional option over Ordinary Shares (with an exercise price of 4 pence per share) to the Company's Chairman:
| Director | Board Position | Number of Ordinary Shares over which conditional option granted |
| Simon Douglas | Non-Executive Chairman | 200,000 |
The terms of the above option are set out in a stand-alone agreement entered into between the Company and Simon Douglas. Subject to continued appointment as a Director, it will normally vest and become exercisable on the third anniversary of its grant. For the avoidance of doubt, no consideration was paid for the grant of this option.
3. Release of previous options
In advance of the grant of the Awards and options detailed above, both Jag Grewal and Simon Douglas released all existing rights to acquire Ordinary Shares that had previously been granted to them under Omega's various share incentive arrangements.
4. Overview of options held by Omega's Directors
Following the transactions described above, the position of those directors being granted options can be summarised as follows:
| Director | Board Position |
Ordinary shares held | Previous number of Ordinary Shares subject to Awards / options | Current number of Ordinary Shares subject to Awards / options | Combined interest of equity held and options as a percentage of issued share capital |
| Simon Douglas | Non-Executive Chairman |
500,000 | 200,000 | 200,000 |
0.3% |
| Jag Grewal | CEO |
735,746 | 1,200,000 | 5,900,715 |
2.8% |
| Chris Lea | CFO |
500,000 | 0 | 5,339,121 |
2.4% |
The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
Contacts:
| Omega Diagnostics Group PLC | |||
| Jag Grewal, Chief Executive Officer | via Walbrook PR | ||
| Chris Lea, Chief Financial Officer
| | ||
| | | ||
| finnCap Ltd | Tel: 020 7220 0500 | ||
| Geoff Nash/Edward Whiley/George Dollemore (Corporate Finance) | | ||
| Alice Lane/ Harriet Ward (ECM)
| | ||
| | | ||
| Walbrook PR Limited | Tel: 020 7933 8780 or omega@walbrookpr.com | ||
| Paul McManus | Mob: 07980 541 893 | ||
| Lianne Applegarth | Mob: 07584 391 303 | ||
| Sam Allen | Mob: 07502 558 258 | ||
About Omega Diagnostics Group PLC
Omega manufactures and distributes high quality in-vitro diagnostic products for use in hospitals, clinics, laboratories and healthcare practitioners in over 70 countries and specialise in the areas of health and nutrition and global health.
Notification of transactions of persons discharging managerial responsibilities and persons closely associated with them
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Jag Grewal | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| Chief Executive Officer | ||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| Omega Diagnostics Group PLC | ||||
| b)
| LEI
| 2138007U9P4BTZTYIR92 | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Grant of "Retention Award" (in the form of a nil cost option) over Ordinary Shares pursuant to the Omega Diagnostics Group PLC Long Term Incentive Plan
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 8 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Grant of "Performance Award" (in the form of a nil cost option) over Ordinary Shares pursuant to the Omega Diagnostics Group PLC Long Term Incentive Plan
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 8 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Release of option over Ordinary Shares originally granted on 5 July 2012 pursuant to the Omega Diagnostics Group PLC EMI Option Scheme
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 7 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Release of option over Ordinary Shares originally granted on 25 February 2014 pursuant to the Omega Diagnostics Group PLC EMI Option Scheme
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 7 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Release of option over Ordinary Shares originally granted on 23 January 2020 pursuant to the Omega EMI Plan 2020
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 7 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Chris Lea | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| Chief Financial Officer | ||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| Omega Diagnostics Group PLC | ||||
| b)
| LEI
| 2138007U9P4BTZTYIR92 | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Grant of "Retention Award" (in the form of a nil cost option) over Ordinary Shares pursuant to the Omega Diagnostics Group PLC Long Term Incentive Plan
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 8 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Grant of "Performance Award" (in the form of a nil cost option) over Ordinary Shares pursuant to the Omega Diagnostics Group PLC Long Term Incentive Plan
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 8 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
| a)
| Name
| Simon Douglas | ||||
| 2
| Reason for the notification
| |||||
| a)
| Position/status
| Non-Executive Chairman | ||||
| b)
| Initial notification /Amendment
| Initial Notification | ||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
| a)
| Name
| Omega Diagnostics Group PLC | ||||
| b)
| LEI
| 2138007U9P4BTZTYIR92 | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Grant of option over Ordinary Shares | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 9 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
| 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 instrument
Identification code
| Ordinary Shares of 4 pence each ("Ordinary Shares")
ISIN: GB00B1VCP282 | ||||
| b)
| Nature of the transaction
| Release of option over Ordinary Shares originally granted on 5 March 2021 pursuant to the Omega Diagnostics Group PLC Third Unapproved Option Scheme
| ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information
-Aggregated volume
- Price
| Not applicable | ||||
| e)
| Date of the transaction
| 8 June 2022 | ||||
| f)
| Place of the transaction
| Outside a trading venue | ||||
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
