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GW Pharmaceuticals PLC  -  GWP   

Director/PDMR Shareholding

Released 14:50 30-Nov-2012

RNS Number : 4729S
GW Pharmaceuticals PLC
30 November 2012

GW Pharmaceuticals PLC ("GW Pharmaceuticals" or the "Company")


Porton Down, UK, 30 November 2012: GW Pharmaceuticals (AIM: GWP) hereby provides notification that the Company has today granted the following award to Chris Tovey, Chief Operating Officer over the Company's ordinary shares ("Shares") in the form of nominal-cost options ("Awards") under the GW Pharmaceuticals plc Long-Term Incentive Plan:


Number of Shares under Award

Total number of Shares over which options / awards held

Christopher Tovey



The exercise price of the awards is 0.1p per Share, the par value of the Shares.

The Awards will vest on 30 November 2015 subject to the following performance conditions having been achieved:

One quarter of the award will vest upon achievement of first positive cancer pain clinical trial results.

One quarter of the award will vest upon filing of a New Drug Application ("NDA") for Sativex with the US Food and Drug Administration ("FDA").

One quarter of the award will vest upon signature of a new non-Sativex product license agreement.

Vesting of the remaining quarter of the award will be subject to the GW share price performance over a 3 year vesting period, ending on 6 June 2015. This will be ranked against the share price performance of a comparator group made up of the constituents of the FTSE Smallcap index. Awards will only vest if GW is ranked at Median or above. 25% of this element of the of the award will vest if GW achieves a Median ranking and 100% will vest if GW achieves an Upper Quartile ranking, with a straight line approach used to calculate the percentage vesting between these two extremes.

Once vested, an Award may be exercised at any time prior to the tenth anniversary of the date of grant.

These performance conditions mirror those attached to the option awards granted to the other executive Directors in June 2012 .


GW Pharmaceuticals PLC Tel: +44 (0)1980 557 000

Adam George, Company Secretary

Peel Hunt LLP (Nominated Adviser) Tel: +44 (0)207 418 8900

James Steel/Vijay Barathan


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Director/PDMR Shareholding - RNS