PVG.L Regulatory News (PVG)

24 Feb 2006 16:44

Ark Therapeutics Group PLC24 February 2006 24 February 2006 Ark Therapeutics Group plc (the "Company") Option Awards On 4 January 2006, the Company's Remuneration Committee (which is comprisedwholly of non-executive directors) awarded options to the Chief ExecutiveOfficer, Dr Nigel Parker, and to the Chief Finance Officer, Martyn Williams,under the Company's Unapproved Share Option Plan (the "Option Plan") and theLong Term Incentive Plan (the "LTIP" and, together with the Option Plan, the"Plans"). Dr Parker was awarded options over 290,000 ordinary shares under each of theOption Plan and LTIP (580,000 options in total). Mr Williams was awardedoptions over 112,500 shares under each of the Plans (225,000 in total). 75% of the options awarded under the Option Plan are exercisable from 4 January2009, with the remaining being exercisable from 4 January 2010. Options awardedunder the Option Plan have an exercise price of 104 pence per ordinary share. The LTIP awards are nil-paid options which vest and become capable of exerciseon the third anniversary of grant. Under both Plans, vesting will be determined by reference to the Company's totalshareholder return compared to 18 companies in the UK biotech and pharmaceuticalsectors, as adjusted to reflect overall financial return. Options granted underthe Option Plan vest over four years and under the LTIP over three years. Underboth Plans, options must be exercised within ten years of the date of grant.Fuller details are set out in the Company's 2004 Annual Report available atwww.arktherapeutics.com. No consideration was paid for the grant of options under the Option Plan orLTIP. Following these Option Plan and LTIP awards, Dr Parker and Mr Williams will holdoptions over 4,526,808 and 1,915,000 ordinary shares respectively. Ends This information is provided by RNS The company news service from the London Stock Exchange