07 December 2007
Long Term Incentive Scheme
Futura Medical plc (AIM: FUM), the pharmaceutical group that develops innovative products for the consumer healthcare market, announces the introduction of a long term incentive scheme for the Executive Directors under which shares will be awarded subject to the achievement of key milestone events at the Company.
The Board believes that this Long Term Incentive Scheme (“LTIS”), which has been developed and reviewed over the past 12 months, is in the interests of all shareholders as it aligns the interests of the Company’s Directors with those of all other shareholders.
The Executive Directors currently have beneficial interests in 1,062,687 Futura shares representing 1.8% of the Company’s issued share capital and also hold existing options over 350,000 Futura shares which currently represent 0.6% of the Company’s issued share capital before the introduction of this LTIS. There have been no new grants of options to Directors since 22 March 2005.
The actual quantum of the awards received by the Executive Directors will depend on achieving set milestones and the share price at the time relative to targets set in advance. As a guide, if all the approved milestones are achieved at the share price targets over the next 36 months then the additional shares issued in after tax settlement would be equivalent to approximately 1.3% of the current share capital. The detailed scheme rules will be available shortly on the Corporate Governance pages of the Company’s website.
For any further information please contact:
Futura Medical plc
James Barder, Chief Executive
+44 (0) 1483 685 670
james.barder@futuramedical.co.uk
www.futuramedical.co.uk
Canaccord Adams
Mark Ashurst
Erin Needra
Tel: +44 (0) 20 7050 6500
For any media enquiries please contact:
Buchanan Communications
Mark Court
markc@buchanan.uk.com
Rebecca Skye Dietrich
rebeccad@buchanan.uk.com
+44 (0) 20 7466 5000
Notes
Futura Medical plc
Futura Medical is a pharmaceutical group that develops innovative products for consumer healthcare. The Company is developing a portfolio of products and its strategy is to license their manufacture and distribution to major pharmaceutical and healthcare groups.
Futura is based in Guildford, Surrey, and its shares trade on the AIM market of the London Stock Exchange.