PVG.L Regulatory News (PVG)

FORM 8 (OPD)

PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER

Rules 8.1 and 8.2 of the Takeover Code (the "Code")

1. KEY INFORMATION

2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE

(a) Interests and short positions in the relevant securities of the offeror or offeree to which the disclosure relates

All interests and all short positions should be disclosed.

Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).

(b) Rights to subscribe for new securities

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for each additional class of relevant security.

(c) Irrevocable commitments and letters of intent

3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE

3.1 Shares held by the directors of Ark Therapeutics Group plc

* Held through Mr. Ross' Self Invested Pension Plan ("SIPP")

** Held through Mr. Spicer's SIPP

3.2 Rights to subscribe for shares in Ark Therapeutics Group plc

* Exercisable over four years in equal instalments.

** Exercisable over three years in equal instalments.

*** Vest, subject to performance conditions, over four years in equal instalments: exercisable after three years

**** Vest, subject to performance conditions, over three years: exercisable after three years

***** 1/24th vest at the end of each successive calendar month after 9/9/10 and until and including September 2012. Exercisable from 9/9/12 to 8/9/15

****** Vest in three equal tranches on the third, fourth and fifth anniversaries of the date of grant, but will only be exercisable if the share price on the exercise date is at least twice the exercise price at the date of grant.

Included in the preceding table are retained options held by Professor S Ylä-Herttuala over shares in Ark Therapeutics Limited, but, under an agreement dated 12 July 2002 between Ark Therapeutics Limited, Ark Therapeutics Group plc and Professor S Ylä-Herttuala, on any exercise of these options Ark Therapeutics Limited shares subject to option shall be issued directly to Ark Therapeutics Group plc and Ark Therapeutics Group plc shall issue the equivalent number of its shares to Professor S Ylä-Herttuala.

If there are positions or rights to subscribe to disclose in more than one class of relevant securities of the offeror or offeree named in 1(c), copy table 3 for each additional class of relevant security.

Details of any open derivative or option positions, or agreements to purchase or sell relevant securities, should be given on a Supplemental Form 8 (Open Positions).

Details of any securities borrowing and lending positions or financial collateral arrangements should be disclosed on a Supplemental Form 8 (SBL).

4. OTHER INFORMATION

(a) Indemnity and other dealing arrangements

(b) Agreements, arrangements or understandings relating to options or derivatives

(c) Attachments

Are any Supplemental Forms attached?

Public disclosures under Rule 8 of the Code must be made to a Regulatory Information Service and must also be emailed to the Takeover Panel at monitoring@disclosure.org.uk. The Panel's Market Surveillance Unit is available for consultation in relation to the Code's dealing disclosure requirements on +44 (0)20 7638 0129.

The Code can be viewed on the Panel's website at www.thetakeoverpanel.org.uk.