London, UK -- (MARKET WIRE) -- May 4, 2007 --
SkyePharma PLC Announces Results of Shareholder Vote and Grant of Awards
under the New Long-Term Incentive Plan
LONDON, UK, 4 May 2007 - SkyePharma PLC (the "Company") (LSE: SKP;
Nasdaq: SKYE) announces the results of the voting by shareholders at the
Extraordinary General Meeting held earlier today. The resolution
approving the SkyePharma PLC 2007 Long-Term Incentive Plan (the "LTIP")
was passed.
The Remuneration Committee has granted the following conditional nil cost
share awards to the Executive Directors under the SkyePharma PLC 2007
Long-Term Incentive Plan.
In accordance with the rules of the LTIP, LTIP awards were granted on 4
May 2007 at a price of 23 pence per Ordinary Share (the closing share
price on the preceding dealing day) as follows:
Executive Director Number of Ordinary Shares subject to the
LTIP Award at a price of 23 pence per
Ordinary Share
Frank Condella (CEO) 5,869,565
Dr Ken Cunningham (COO) 3,260,869
Peter Grant (FD) 2,739,130
The Ordinary Shares subject to LTIP awards will only be released to the
directors in three years time subject to their continued employment and
the satisfaction of the following conditions:-
- 10% of the Ordinary Shares subject to LTIP awards will be released if
the Company's share price is 35 pence at the end of the three year
period with 100% released for a share price of 55 pence;
- the Remuneration Committee will also be ensuring that the underlying
financial performance of the Company is consistent with its share
price performance.
For further information please contact:
SkyePharma PLC
Frank Condella, Chief Executive Officer
Ken Cunningham, Chief Operating Officer +44 207 491 1777
Peter Grant, Finance Director
Financial Dynamics (London enquiries)
David Yates / Deborah Scott +44 207 831 3113
Trout Group (US enquiries)
Christine Labaree / Seth Lewis +1 617 583 1308
About SkyePharma PLC
Using its proprietary drug delivery technologies, SkyePharma develops new
formulations of known molecules to provide a clinical advantage and life-
cycle extension. The Group has ten approved products in the areas of
oral, inhalation and topical delivery. The Group's products are marketed
throughout the world by leading pharmaceutical companies. For more
information, visit
www.skyepharma.com.
This information is provided by RNS
The company news service from the London Stock Exchange