14 Sep 2017 17:19
Venn Life Sciences Holdings Plc
("Venn" or the "Company" or the "Group")
Grant of Stock Options to Directors and Management
Venn Life Sciences (AIM: VENN), a growing Contract Research Organisation providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology and medical device clients, announces that it has granted stock options to directors and senior management of the Company.
The stock options were granted on the 14 September 2017 over a total of 4,310,000 common shares representing 7.1% of the issued share capital of the Company at an exercise price of 13 pence representing the closing price on 13 September. The options vest in three equal instalments when the Company's share price trades at 25p, 35p and 45p for twenty consecutive days.
Of the 4,310,000 stock options 4,060,000 were issued to directors and 250,000 were issued to senior management. Following this award of options, the total number of shares under option to directors and management is 8,020,000 representing 13.3% of the Company's issued share capital. Existing share options of 3,710,000 are amended so as to be exercisable at the same price and with the same vesting criteria as the new options.
The allocation of stock options to Persons Discharging Managerial Responsibilities was as follows:
Director | Position | New Options Issued | Total Options Held | Current Shareholding in Venn Life Sciences | Current shareholding as a percentage of current issued share capital |
Tony Richardson | Chief Executive Officer | 2,340,000 | 3,250,000 | 621,667 | 1.03% |
Christina Mila | Chief Operating Officer | 770,000 | 770,000 | Nil | - |
Allan Wood | Chairman | 550,000 | 550,000 | 230,000 | 0.38% |
Mike Ryan | Non-Executive Director | 200,000 | 200,000 | 273,258 | 0.45% |
Mary Sheahan | Non-Executive Director | 200,000 | 200,000 | Nil ` | - |
Enquiries:
Venn Life Sciences Holdings Plc | www.vennlifesciences.com | ||
Allan Wood, Non-Executive Chairman | Tel: +44 (0)7785 325 898 | ||
Tony Richardson, Chief Executive Officer | Tel: +353 154 99 341 | ||
Davy (Nominated Adviser, ESM Adviser and Joint Broker) | |||
Fergal Meegan / Matthew de Vere White (Corporate Finance) | Tel: +353 1 679 6363 | ||
Hybridan LLP (Co-Broker) | |||
Claire Louise Noyce | Tel: +44(0) 20 3764 2341 | ||
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Walbrook PR Ltd | Tel: +44(0)20 7933 8787 or venn@walbrookpr.com | ||
Paul McManus | Mob: +44(0) 7980 541 893 | ||
Lianne Cawthorne | Mob: +44(0) 7584 391 303 | ||
About Venn Life Sciences:
Venn Life Sciences is a European Contract Research Organisation providing drug development, clinical trial management and resourcing solutions to pharmaceutical, biotechnology, academic and medical device organisations. With dedicated operations in France, Germany, the Netherlands, the UK, Ireland and Europe wide representation - Venn specialises in tailored end to end drug development consultancy and clinical trial management services.