27 Feb 2015 16:07
ARK THERAPEUTICS GROUP PLC
BOARD CHANGES AND DIRECTORS' DEALINGS
London, UK, 27 February 2015 (LSE: AKT): The Company announces that it has today issued options to subscribe for new ordinary shares of 10 pence each in its capital, including awards to the following Directors:
Name | Role | Number of options | Exercise price per share |
Dominic Tonner | Director (Chief Executive Officer) | 279,035 | 10.1 pence |
Daniel Smith | Director (Chief Financial Officer) | 209,277 | 10.1 pence |
Each of the above options was granted pursuant to the 2014 Ark Therapeutics Group plc Enterprise Management Incentive Share Option Plan. As outlined in the Circular issued to Shareholders on 21 November 2014 (the "Circular") and the Prospectus published on 26 February 2015 (the "Prospectus"), the options were granted at an exercise price equal to the Subscription Price (as defined in the Circular and the Prospectus) of 10.1 pence, and will vest in full on the later of the first anniversary of the date of grant and the date that the market price of an ordinary share is at least twice the Subscription Price, and has been for a continuous period for 15 days. No consideration was paid for the grant of options.
The interests of each of the above persons in ordinary shares of 10 pence each in the capital of the Company is now:
Name | Interests in ordinary shares of 10 pence each | Interests in options over ordinary shares of 10 pence each | Aggregate interests in ordinary shares of 10 pence each |
Dominic Tonner | 2,650,837 | 279,035 | 2,929,872 |
Daniel Smith | - | 209,277 | 209,277 |
As outlined in the Circular and the Prospectus the following changes to the Company's Board of Directors have also taken place today. Dr David Venables and Dr David Bloxham have resigned as Non-Executive Directors with immediate effect. Mrs Steven has also resigned as a Non-Executive Director but will continue as Company Secretary. Dominic Tonner, Daniel Smith and Rajan Uppal have been appointed Executive Directors in the roles of Chief Executive Officer, Chief Financial Officer and Corporate Development Director respectively with immediate effect.
The Company confirms that there is no information to disclose in relation to Listing Rule 9.6.13.
For further information please contact:
Ark Therapeutics Group plc Tel: +44(0)117 970 4130
Iain G Ross, Non-Executive Chairman
Dominic Tonner, Chief Executive Officer
The contents of this announcement have been prepared by and are the sole responsibility of the Company.
This announcement includes "forward-looking statements" which include all statements other than statements of historical facts, including, without limitation, those regarding Ark's financial position, business strategy, plans and objectives of management for future operations, and any statements preceded by, followed by or that include forward-looking terminology such as the words "targets", "believes", "estimates", "expects", "aims", "intends", "will", "can", "may", "anticipates", "would", "should", "could" or similar expressions or the negative thereof. Such forward-looking statements involve known and unknown risks, uncertainties and other important factors beyond Ark's control that could cause the actual results, performance or achievements of Ark to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. Such forward-looking statements are based on numerous assumptions regarding Ark's present and future business strategies and the environment in which Ark will operate in the future. These forward-looking statements speak only as at the date of this announcement. Ark expressly disclaims any obligation or undertaking to disseminate any updates or revisions to any forward-looking statements contained in this announcement to reflect any change in Ark's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. As a result of these factors, readers are cautioned not to rely on any forward-looking statement.