RE: P140 Strengthens Again: More Value, More Leverage30 Mar 2026 11:34
My dear fellow investors,
I believe it's important to have the big picture regarding Directors Dealing restrictions and their incentive to get the deal completed asap.
Directors cannot simply buy shares whenever they want. Under the FCA's UK Market Abuse Regulation, anyone in possession of inside information is prohibited from dealing — and that plainly applies here, given the live P140 partnering process, signed confidentiality agreements, repeated price-sensitive announcements, and the recent P140 RNS expressly released as inside information. In those circumstances, directors are not free to trade at will, even if they wished to. ¹
ImmuPharma's own disclosures confirm that directors hold 3,747,425 ordinary shares in aggregate, with 38,350,000 share options outstanding as at 31 December 2024. The suggestion that management have no meaningful economic exposure is simply wrong. ²
For Tim specifically, the alignment is clear. He holds 1,488,462 ordinary shares and 16,100,000 share options in total. At a hypothetical 70p share price following a substantial P140 deal:
His ordinary shares would be worth approximately £1.04 million
His 16.1 million options would carry a gross paper value of approximately £11.27 million at that share price, before exercise costs
Combined gross paper value: approximately £12.31 million
Beyond the above, Tim was granted 8,000,000 options at an exercise price of 2p in March 2024, which vest upon completion of a new commercial deal of significant value. These 8 million options are already included within the 16.1 million total above, but they deserve separate attention because of their direct deal-linked vesting condition.
At a hypothetical 70p share price, those 8 million deal-linked options alone would carry intrinsic value of approximately £5.44 million — calculated as 68p per option (70p market price minus 2p exercise price) multiplied by 8 million options.
Management already hold substantial economic exposure through shares and options. Tim has an enourmous direct financial incentive to complete a valuable commercial deal as quickly as possible, and both he and the board have every reason to push the wider pipeline forward, including Kapiglucagon, because that represents another potentially large source of value for the company over time. The person most motivated to close the best possible deal, as soon as possible, is Tim, followed by Tim Franklin, Lisa, Sebastian and Laurence as they also have similar options.
¹ https://www.fca.org.uk/markets/market-abuse/regulation
² https://www.immupharma.co.uk/wp-content/uploads/2025/10/IMM-Final-Report-Accounts-end-Dec-2024-1.pdf
³ https://www.immupharma.co.uk/2024/03/19/grant-of-share-options-2/
The above is for information purposes only, no intended as financial advice DYOR. Have a lovely morning, darlings xx