Last checked at 2 Mar 2022 07:00
ReNeuron Group plc
("ReNeuron" or the "Company")
Director exit arrangements
ReNeuron Group plc (AIM: RENE), a UK-based leader in Stem Cell and Exosomes Technologies, announces that pursuant to the departure of its former Chief Executive Officer, Olav Hellebø, certain exit arrangements have been entered into which are deemed to be related party arrangements under the AIM Rules for Companies.
The Company has agreed a payment in lieu of notice, and a further c.£29k outside of his contractual terms, to cover pension and other benefits. In addition, under the terms of the Company's option plans, Mr Hellebø will retain his vested and unvested options, save for 331,382 options which have been deemed to have lapsed. Further details on Mr Hellebø's options are set out in the Company's 2021 annual report and subsequent award announcements, and he retains options over 1,180,553 outstanding options of which 165,848 are either already exercisable or subject to a holding period and with an exercise price below the current share price.
The above arrangements constitute a related party transaction under the AIM Rules for Companies. The directors, excluding Olav Hellebø 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 |
Iain Ross, Chairman | Via Walbrook PR |
Catherine Isted, Chief Financial Officer |
|
|
|
Stifel Nicolaus Europe Limited (NOMAD and Joint Broker) Ben Maddison, Stewart Wallace | +44 (0)20 7710 7600
|
|
|
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 UK based Proprietary Stem Cell based Exosome Technologies company, harnessing its unique stem cell technologies to develop 'off the shelf' treatments for diseases with significant unmet needs.
ReNeuron's stem cell derived proprietary Exosome Technology platform offers a delivery mechanism for a variety of payloads such as siRNA, mRNA, proteins, small molecules and genes. The Company has a growing number of partner collaborations with Global Pharma, Biotech and academic partners in this fast-expanding area of scientific and commercial interest. ReNeuron also has the ability through its conditionally immortalised induced pluripotent stem cell (iPSC) platform to make allogeneic tissue cells of choice and has the potential to produce exosomes with tissue specific targeting ability.
The Company has out-licenced its CTX Programme for stroke disability and hRPC programme in retinitis pigmentosa to Fosun in China and is looking to out-licence both these programmes in other territories.
ReNeuron's shares are traded on the London AIM market under the symbol RENE.L. For further information visit www.reneuron.com