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London, UK, 14 June 2013 – Lombard Medical Technologies PLC (AIM:LMT), the specialist medical technology company focussed on innovative vascular products, announces that it has yesterday, under the Company’s Share Option Plan (2005), granted 3,209,394 new share options over ordinary shares of 20p each in the Company, at an exercise price of 177.5 pence per share, to its Directors and employees. Following this grant, there will be 5,342,607 share options in issue, representing 11.9% of the Company’s issued shares, calculated including the shares to be issued following the Placing, Subscription and Offer and conversion of Convertible Loan Notes announced on 24 May 2013; the share options in issue to the Directors will represent 7.4% of this issued shares figure.
The vesting of the share options will be subject to certain performance criteria that have been determined by the Company’s Remuneration Committee to reflect the Company’s current and future business plans and are based on the achievement by the Company of a majority of budgeted revenue.
In order to achieve the most tax efficient status, the share options have been granted ahead of the Company’s General Meeting which will be held later today and at which shareholders will vote on resolutions supporting the fundraising announced on 24 May 2013. Given the timing of this grant, the share options will have an additional performance condition, being the passing by shareholders of resolutions 1 and 2 at the General Meeting.
Enquiries:
Lombard Medical Technologies PLC Tel: 01235 750 800
Simon Hubbert, Chief Executive Officer
Ian Ardill, Chief Financial Officer
Canaccord Genuity Limited Tel: 020 7523 8000
Lucy Tilley / Henry Fitzgerald O’Connor / Dr. Julian Feneley
FTI Consulting
Simon Conway / Susan Stuart / Victoria Foster Mitchell Tel: 020 7831 3113
About Lombard Medical
Lombard Medical Technologies PLC (AIM: LMT), is a medical device company focused on device solutions for the $1.2 billion dollar per annum abdominal aortic aneurysm (AAA) repair market. AAAs are a balloon-like enlargement of the aorta which, if left untreated, may rupture and cause death. Approximately 4.5 million people are living with AAAs in the developed world and each year 600,000 new cases are diagnosed. The market for endovascular stent grafts for this application is expected to grow to $1.6 billion by 2015. The Company’s lead product, Aorfix™, is an endovascular stent graft which has been specifically designed to solve the problems that exist in treating complex tortuous anatomy which is often present in advanced AAA disease. Aorfix™ is currently being commercialised in the EU, and has been submitted to the FDA for approval in the U.S.
The Company is headquartered in Oxfordshire, with operations in Ayrshire and Phoenix, USA. Further background on the Company can be found at www.lombardmedical.com
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