EX-99.1 2 v414199_ex99-1.htm EXHIBIT 99.1

Exhibit 99.1

 

GW Pharmaceuticals PLC Director/PDMR Shareholding

 

GW Pharmaceuticals PLC ("GW Pharmaceuticals" or the "Company", “GW”)

 

NOTIFICATION OF INTERESTS OF DIRECTORS AND CONNECTED PERSONS

 

Cambridge, UK, 24 June 2015: GW Pharmaceuticals (NASDAQ: GWPH, AIM: GWP) hereby provides notification that the Company has today granted the following awards to Directors over the Company’s Ordinary shares (“Shares”) in the form of options (“Awards”) under the GW Pharmaceuticals plc Long-Term Incentive Plan, which was approved by shareholders on 18 March 2008:

 

 

 

Name

 

 

 

Number of Ordinary Shares under this Option Award

 

 

 

Equivalent number of ADS’s under this Option Award

 

Justin Gover        260,981      21,748
Dr Geoffrey Guy        238,031      19,836
Dr Stephen Wright        108,690        9,058
Chris Tovey         96,048        8,004
Adam George         88,468        7,372

 

 

25% of the Awards are in the form of market-priced options, whereby the options have an exercise price equivalent to the market price at market close on the day prior to grant ($127.26 per ADS, equivalent to 671 pence per Ordinary Share). These options become exercisable on the third anniversary of the date of grant. Future gains upon exercise of these options will be linked to the extent of share price growth over the vesting period. The Remuneration Committee consider that this element of the Awards will help to ensure continuing alignment between executive and shareholders’ interests.

 

50% of the Awards are in the form of Performance stock options, whereby the options will vest upon the third anniversary of the date of grant subject to certain corporate performance conditions having been achieved. In this case, vesting of half of the Performance stock options will occur upon receipt from FDA of their confirmation of acceptance of an Epidiolex NDA filing and half will vest upon FDA grant of Epidiolex regulatory approval. The Remuneration Committee considers these particular milestones to be important elements of our agreed strategy and the key value drivers for the business at this time.

 

25% of the Awards are in the form of Restricted stock options whereby these options are subject to a four year service condition and vesting period. 25% of the options will vest on each anniversary of the date of grant over the next four years. The Remuneration Committee consider that this element of the Awards should help to ensure retention of our team of executive Directors, a key factor for GW’s future success.

 

 
 

 

In general, the Awards may be exercised at any time between the vesting date and the tenth anniversary of the date of grant. Our US based Directors will be required to exercise their Performance stock and Restricted stock options within six months of the vesting date. The exercise price of the Performance stock option and Restricted stock options is 0.1p per Ordinary Share, being the par value of the Shares. Awards which do not vest at the end of the vesting period will lapse permanently.

 

Following this Award, the total number of Options held by each of the executive Directors is as follows:

 

 

 

Name

 

 

 

Total number of Ordinary Shares over which option awards are now held:

 

 

 

Equivalent number of ADS’s over which option awards are now held:

 

Justin Gover           691,080            57,590
Dr Geoffrey Guy        2,130,926          177,577         
Dr Stephen Wright        1,017,448            84,787
Chris Tovey           612,623            51,052
Adam George           583,025            48,585

 

 

 

For further information, please contact:

 

GW Pharmaceuticals PLC +44 (0)1980 557 000
Adam George, Company Secretary  
   
Peel Hunt LLP (Nominated Adviser)  
James Steel/Oliver Jackson +44 (0) 20 7418 8900