Last checked at 26 Oct 2021 15:09
ReNeuron Group plc
("ReNeuron" or the "Company")
Director exit arrangements
ReNeuron Group plc (AIM: RENE), a global leader in the development of cell-based therapeutics, announces that pursuant to the departure of its former Chief Financial Officer, Michael Hunt, certain exit arrangements were previously entered into which are deemed to be related party arrangements under the AIM Rules for Companies.
As set out in the Company's annual report, in addition to Mr Hunt's contractual entitlements, an ex gratia bonus of £40,000 was granted to reflect Mr Hunt's long service and contribution to the Company. In addition, the Board has agreed that certain of Mr Hunt's options would benefit from accelerated vesting, while the remainder in those particular schemes will lapse. Out of the 181,236 options under these particular schemes, 25,816 had vested under their original terms, 77,708 were agreed to have accelerated vesting while 77,712 were lapsed. Mr Hunt's options under other awards (as disclosed in the Company's latest annual report) amounting to 529,815 options remain unchanged.
The above arrangements constitute a related party transaction under the AIM Rules for Companies. The directors, excluding Michael Hunt who is no longer a director, consider, having consulted with the Company's nominated adviser, Stifel Nicolaus Europe Limited, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
ENDS
Contacts:
ReNeuron | www.reneuron.com/investors |
Olav Hellebø, Chief Executive Officer Catherine Isted, Chief Financial Officer | Via Walbrook PR |
Stifel Nicolaus Europe Limited (NOMAD and Joint Broker) | +44 (0)20 7710 7600 |
Ben Maddison, Stewart Wallace | |
Allenby Capital Limited (Joint Broker) | +44 (0)20 3328 5656 |
James Reeve/George Payne (Corporate Finance) | |
Stefano Aquilino (Sales & Corporate Broking) | |
Walbrook PR (Media & Investor Relations) | +44 (0)20 7933 8780 or reneuron@walbrookpr.com |
Paul McManus, Alice Woodings | +44 (0)7980 541 893 / +44 (0)7407 804 654 |
About ReNeuron
ReNeuron is a global leader in cell-based therapeutics, harnessing its unique stem cell technologies to develop 'off the shelf' stem cell treatments for disease with significant unmet needs. The Company's lead cell therapy candidate is in clinical development for the blindness-causing disease, retinitis pigmentosa.
ReNeuron is also advancing its proprietary exosome technology platform as a potential delivery system for drugs that treat diseases of the central nervous system and other disorders. The Company also has the ability through its conditionally immortalised induced pluripotent stem cell (iPSC) platform to make allogeneic tissue cells of choice; in-house programmes are currently focused on treatments for blood cancers and diabetes.
ReNeuron's shares are traded on the London AIM market under the symbol RENE.L. For further information visit www.reneuron.com