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Bella wrote: "So can we take it that due to new shares being issued each Qrtr their shareholding percentages dropped below the 3% threshold but they have now added to their holdings which has now taken them back over 3% hence the comment made by Avacta."

I think that must be true for Conifer but not necessarily for Lombard Odier, although both may have sold and then bought back again (at a 'profit') over the past year or two. I don't think there has been any TR1 saying Lombard Odier had dropped below 3% had there? But then, on AIM, no one seems to bother about the rules.

For half a year it seems. ~£190,000 + any increase for the full year.

Interesting that CC was being paid £375,000 pa as Head of R&D and then $515,000 pa as CEO. That CEO salary is now worth about £381,500.

Darlene Deptula-Hicks ...£96,000 - for what? Clearly part-time and based in the US, but what does she actually do for that?

Stupid comment IFA90 (a trader), but a typical trader's comment to try to knock a company.

I would suggest theat they would earn MORE if and when 'this' is commercialised. Am I wrong?

Christina Coughlin, with her appointment as Chief Executive Officer was awarded 3,600,000 options with a strike price of 72p

In connection with the settlement agreement for departure of certain executive management personnel, the performance obligations were waived and an aggregate of 2,500,000 options became fully vested.

The Company can grant share options under its share option schemes subject to a cap, agreed with shareholders, to be up to 15% of total issued share capital in any ten-year period.

Non-executive Directors

The Non-executive Directors are encouraged to maintain a shareholding within the Company and their current holdings are set out on page 42*. None of the Non-executive Directors hold any interest in share options or the joint share ownership plan of the Company.

https://avacta.com/wp-content/uploads/2025/06/Avacta-Group-Plc-Annual-Report-FINAL.pdf pages 49-54.

The remuneration of each of the Directors of the Company for the year ended 31 December 2024 is set out on page 52, and very interesting it is too.

* Page 36 of this report, not page 42

On April 30, Alastair Smith stepped down as Chief Executive Officer and resigned as a director. As part of the settlement agreement, he received total payments of £673,700.

In June Tony Gardiner stepped down as Chief Financial and resigned as a director. As part of the settlement agreement, he received total payments of £392,529.

Performance-related bonus

The Company operates an annual performance-related bonus scheme for Executive Directors. Payments under the bonus scheme are at the discretion of the Board (as recommended by the Remuneration Committee) and are based around significant value creation milestones, covering financial, commercial, technical and operational parameters, which are set at the start of the financial year. The maximum bonus that can be earned by an Executive Director for the 2024 financial year was 100% of basic salary. The Committee determines on an annual basis the composition of the award, which can be split between cash, deferred share awards and share options.

Pensions

The Company makes payments into defined contribution Personal Pension Plans on behalf of the Executive Directors. These payments are at a rate up to 6% of basic salary consistent with terms offered to other staff across the Group. Executive Directors can elect to take these pension contributions as additional salary payments if they so choose.

Executive Directors – Long-term incentives

Share interests

The Committee considers that the long-term motivation of the Executive Directors is secured by their interests in the share capital of the Company, operating an EMI-approved share option scheme, an unapproved Executive Share Option Scheme, a Joint Share Ownership Plan (‘JSOP’) and a Long-Term Incentive Plan (‘LTIP’).

The individual interests and joint interests (where applicable) of the Directors in the share capital of the Company are set out on page 42* and their interests in options held over shares in the Company are set out on page 58. Executive Directors are expected to build a direct stake in the Company’s shares over time, either through the purchase of shares in the market from time to time and/or through the future exercise of share options.

The Committee has an established framework of LTIP awards for Executive Directors and certain senior executives with most recent awards being granted in December 2024.

The September 2023 LTIP award was granted with vesting conditions based on the share price performance of the Group relative to the FTSE AIM All Share Index over a three-year period to 31 December 2025, subject to the Board having discretion to review the exercise conditions in exceptional circumstances.

At the Company’s Annual General Meeting, a resolution to approve the Remuneration Report will be proposed, with details provided within the Notice of Meeting. The vote will be advisory.

Remuneration Committee

The Remuneration Committee consists of Mark Goldberg (Chairman), Shaun Chilton and Paul Fry.

Remuneration policy of Executive Directors

Avacta’s remuneration policy for Executive Directors is designed to attract, retain and motivate executives of the highest calibre to ensure that the Group is managed successfully for the benefit of shareholders. The policy is to pay base salary at median quartile levels with attractive short-term and longer-term performance incentives. Share ownership is encouraged and all the Executive Directors are directly interested in the share capital of the Company or hold share options over the share capital.

In setting remuneration levels, the Committee takes into consideration remuneration within the Group and the remuneration practices in other companies of a similar size in the markets and locations in which Avacta operates. Avacta is a dynamic, growing company operating in a specialised field and has grown significantly in size, scope and value over the last few years. Positions are benchmarked from time-to-time against comparable roles in biotech and AIM companies, with the next formal review to take place in January 2026 with the support of an external adviser, Mercer. Mercer does not provide any other services to the Group and is a signatory to the UK Remuneration Consultants Group Code of Conduct.

Executive Directors – Short-term incentives

Basic salary

Basic salary is determined by several factors including market rates, together with the individual Director’s experience, responsibilities and performance. Individual salaries of Directors were reviewed by the Remuneration Committee in January 2024.

In February 2024, Christina Coughlin was appointed to the Executive Director position of Head of Research and Development, having carried out a consulting role with the Group’s Therapeutics Division from August 2023 in addition to her Non-executive Director role. Christina’s Non-executive Director role ceased on 31 January 2024 upon commencing the full-time Executive Director role, with her basic salary being set at £375,000 per annum, reflecting the level of experience that Christina brings to the role and comparable salaries across US and European biotech companies. In addition to the basic salary, a one-off fee of $100,000 was paid to Christina on commencement of the role. On April 30, 2024, Christina Coughlin was appointed Chief Executive Officer of Avacta Group, with her basic salary being set at $515,000 per annum reflecting the level of experience that Christina brings to the role and comparable salaries across US and European biotech companies. In addition to the basic salary, a one-off fee of $225,000 was paid to Christina on commencement of the role.

The Lombard Odier holding then and now as a number of shares is slightly higher now (by 167,839) but likely within the margin of rounding errors, i.e. no change.

The sum total of current Non-executive Directors' and Executive Directors' holdings as of 4 June 2025 was ...90,000 shares.

Valued as of now at £28,800.

https://avacta.com/wp-content/uploads/2025/06/Avacta-Group-Plc-Annual-Report-FINAL.pdf page 36

Similarly Lombard Odier. 3.3% at 19 July 2024.

https://web.archive.org/web/20240719114424/https://avacta.com/investors/key-information/

Conifer have been a long time holder. For example back on (randomly chosen) 5 April 2023, the Avacta website was showing them as holding 2.99%.

As the number of Avacta shares in issue has increased since then, then if they now hold 3.1%, they must have, at some point, increased their number of shares.

https://web.archive.org/web/20230405131805/https://avacta.com/investors/key-information/

This year's ESMO Congress will be in Berlin, 17-21 October.

"The ESMO Congress is a highly influential global oncology platform for clinicians, researchers, patient advocates, journalists and healthcare industry representatives from all over the world. ESMO 2025 will be a place where groundbreaking discoveries, cutting-edge treatments and a collaborative approach converge to shape the future of cancer care. You will be able to learn from internationally renowned experts, engage in thought-provoking discussions and connect with fellow oncology professionals that are driving advancements in diagnosis, treatment and survivorship."

Last year Prof Chris Twelves presented this poster in Barcelona for Avacta: 'A Phase I trial of AVA6000, a Fibroblast Activation Protein (FAP)-released, tumour microenvironment (TME)-targeted doxorubicin peptide drug conjugate in patients with FAP-positive solid tumours'.

This is likely where Avacta plan to present the early AVA6000 Phase 1b SGC cohort data - "we expect to release the initial data in salivary gland cancer for FAP-Dox (AVA6000) towards the end of 2025". Maybe also a summary of the Phase 1a data, but we're possibly beyond that now.

You say "the binary option is valid" but that's not the whole story. You are presenting them as equal possibilities - success or failure. What you omit is the probability of each option. Care to put a percentage on the chance of administration?

FUDsters are busy this morning. "The funding situation is now binary. They either get it, or they go into administration"

What a load of twaddle. Of course they'll get funding. How much is needed to get to Q3 2026? A few £m which they can easily, easily get with a placing if nothing else.

Not impressed with BH's readng ability at all.

Largo wrote less than half an hour ago...

"I've sold my entire holding over 120k..!

"Good Luck...LTH's"

So I get it. Now you're trying to bash the SP down.

If all else fails it'll come from a placing.

"Clear ref. to STS in enrolment slide. "

Yes, but completely absent in the 'AVA6000 Clinical Development: Rapid route to market in an orphan indication with TNBC to expand the label' slide up to 2031. So what will happen with STS if it's not in the clinical development plan? She should answer this question.

No mention of STS in the clinical development plan, so she must answer the question about what will happen with STS when she does the Q&A.

Tbf, she did then say Avacta still owns Coris - and hinted that it won't be for long but didn't specify which piece of string she was talking about.

Don't expect anything new in the presentation JFK.