Last checked at 11 Feb 2021 07:00
11 February 2021 | AIM: RENE |
ReNeuron Group plc
Director/PDMR Interest in Shares and Share Options
ReNeuron Group plc (the "Company") (AIM: RENE), a UK-based global leader in the development of cell-based therapeutics, announces that the following share option grants were made on 10 February 2021 under the Company's Long Term Incentive Plan (the "Plan"), its US Incentive Stock Option Plan (the "US Plan") and its Non-Executive Share Option Scheme to directors and Persons Discharging Managerial Responsibilities (PDMRs) listed below.
The Plan allows the Company to grant tax-advantaged share options under a Company Share Option Plan (the "CSOP Plan"), as well as non-tax advantaged options. Where capacity exists for a director/PDMR to be issued share options under the CSOP Plan, these options are issued in parallel with non tax-advantaged options. The figures per individual below, where applicable and except where indicated, therefore comprise parallel grants of both CSOP Plan share options and non tax-advantaged share options, the terms of each grant ensuring that the exercise of one type of option reduces the number exercisable under the other type of option on a share for share basis. Individuals can therefore elect, subject to their tax status, which specific option grant (CSOP or non tax-advantaged options) they exercise.
The Plan also allows the Company to grant Incentive Stock Options ("ISOs") under the US Plan, as well as a conditional right to receive shares ("Conditional Rights") to employees in the US. Where a US employee is issued ISOs under the US Plan, these options are issued in parallel with Conditional Rights. The figures per individual below, where applicable and except where indicated, therefore comprise parallel grants of both ISOs and Conditional Rights, the terms of each grant ensuring that the exercise of one type of option or right reduces the number that vest under the other type of option or right on a share for share basis. The Conditional Rights are granted at nominal value and the ISOs have an exercise price of 107.5 pence per share being the closing price of the Company's shares on 09 February 2021.
Share options granted under the CSOP Plan are over shares up to an aggregate market value of £30,000 (measured at the date of grant) and with an exercise price of 107.5 pence per share, being the closing mid-market price of the Company's shares on 09 February 2021. Non tax-advantaged options are granted at nominal value.
Share options granted under the Plan and the US Plan (unless otherwise stated) are exercisable from the third anniversary of the award and are subject to the achievement of the following performance conditions:
1) When the Company has signed at least one further significant business development deal for any of its technologies or programmes, one third of the options will vest.
2) When the Company's share price has tripled from the price at the date of grant, one third of the options will vest.
3) When the extended RP Phase 2a clinical study with hRPC has demonstrated efficacy sufficient for progression to a potentially pivotal study, one third of the options will vest.
The Non-Executive Directors of the Company are remunerated partly in cash and partly in the form of share options granted under the Non-Executive Share Option Scheme. In order to remove as far as possible any incentive element that might influence the Non-Executive Directors' independence, share options are granted at nominal value without performance conditions attaching and vest over three years on a straight line basis.
Share option grants are deemed accepted by the option holder unless expressly rejected within a period of 30 days from the date of grant.
Name | Title | Date of grant of share options | Number of share options granted (i)
| Total shares over which options are held (post award) | Percentage of issued shares under option |
Tim Corn | Non-executive Chairman | 10 February 2021 | 13,500 | 60,952 | 0.11% |
Chris Evans | Non-executive Director | 10 February 2021 | 13,500 | 55,200 | 0.10% |
Mike Owen | Non-executive Director | 10 February 2021 | 13,500 | 45,200 | 0.08% |
Olav Hellebo | Chief Executive Officer | 10 February 2021 | 331,382 | 1,428,357 | 2.51% |
Michael Hunt | Chief Financial Officer | 10 February 2021 | 145,185 | 711,051 | 1.25% |
Richard Beckman(ii) | Chief Medical Officer | 10 February 2021 | 159,554 | 460,082 | 0.81% |
Shaun Stapleton | Head of Regulatory Affairs | 10 February 2021 | 84,707 | 360,604 | 0.63% |
Suzanne Hancock | Head of Operations | 10 February 2021 | 86,326 | 99,326 | 0.17% |
(i) The option grants are under the non-tax advantaged scheme and (where capacity exists) the CSOP Plan (as detailed above) save for (ii) below, which has been granted under the US Plan, and the Non-Executive Directors' grants.
(ii) The grant to Dr Beckman includes the grant of ISOs under the US Plan and Conditional Rights under The Plan. These options or rights are exercisable subject to achievement of performance conditions (1) to (3) above. The ISOs and Conditional Rights vest from the second anniversary of grant onwards, the ISOs being subject to an annual $100,000 limit based on the aggregate fair value of shares subject to grant measured on the date of grant.
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation and provide further detail.
ENDS
Contacts:
ReNeuron |
+44 (0) 20 3819 8400 |
Olav Hellebø, Chief Executive Officer | |
Michael Hunt, Chief Financial Officer info@reneuron.com | |
Buchanan (Media/Investor Relations) |
+44 (0) 20 7466 5000 |
Mark Court, Sophie Wills, Tilly Abraham reneuron@buchanan.uk.com | |
Stifel Nicolaus Europe Limited (NOMAD and Joint Broker) Ben Maddison, Stewart Wallace | +44 (0) 20 7710 7600
|
N+1 Singer (Joint Broker) Aubrey Powell, James Moat, Tom Salvesen |
+44 (0) 20 7496 3000 |
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, without the need for immunosuppressive drugs. 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 brain. The Company also has the ability through its conditionally immortalised induced pluripotent stem cell (iPSC) platform to make any tissue cells of choice; in-house programmes are 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
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
(Disclosure in relation to share options granted to Directors and PDMRs)
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Tim Corn | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | ReNeuron Group plc | ||||
b) | LEI | 2138003TU12CQ5TZO137 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares 1p RENE - GB00BF5G6K95 | ||||
b) | Nature of the transaction | Grant of share options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information | N/A | ||||
e) | Date of the transaction | Granted 10 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Chris Evans | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | ReNeuron Group plc | ||||
b) | LEI | 2138003TU12CQ5TZO137 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares 1p RENE - GB00BF5G6K95 | ||||
b) | Nature of the transaction | Grant of share options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information | N/A | ||||
e) | Date of the transaction | Granted 10 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Mike Owen | ||||
2 | Reason for the notification | |||||
a) | Position/status | Non-Executive Director | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | ReNeuron Group plc | ||||
b) | LEI | 2138003TU12CQ5TZO137 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares 1p RENE - GB00BF5G6K95 | ||||
b) | Nature of the transaction | Grant of share options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information | N/A | ||||
e) | Date of the transaction | Granted 10 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Olav Hellebo | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | ReNeuron Group plc | ||||
b) | LEI | 2138003TU12CQ5TZO137 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares 1p RENE - GB00BF5G6K95 | ||||
b) | Nature of the transaction | Grant of share options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information | N/A | ||||
e) | Date of the transaction | Granted 10 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Michael Hunt | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | ReNeuron Group plc | ||||
b) | LEI | 2138003TU12CQ5TZO137 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares 1p RENE - GB00BF5G6K95 | ||||
b) | Nature of the transaction | Grant of share options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information | N/A | ||||
e) | Date of the transaction | Granted 10 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Richard Beckman | ||||
2 | Reason for the notification - Option award to a PDMR | |||||
a) | Position/status | Chief Medical Officer | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | ReNeuron Group plc | ||||
b) | LEI | 2138003TU12CQ5TZO137 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares 1p RENE - GB00BF5G6K95 | ||||
b) | Nature of the transaction | Grant of share options and conditional rights | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information | N/A | ||||
e) | Date of the transaction | Granted 10 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Shaun Stapleton | ||||
2 | Reason for the notification - Option award to a PDMR | |||||
a) | Position/status | Head of Regulatory Affairs | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | ReNeuron Group plc | ||||
b) | LEI | 2138003TU12CQ5TZO137 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares 1p RENE - GB00BF5G6K95 | ||||
b) | Nature of the transaction | Grant of share options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information | N/A | ||||
e) | Date of the transaction | Granted 10 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Suzanne Hancock | ||||
2 | Reason for the notification - Option award to a PDMR | |||||
a) | Position/status | Head of Operations | ||||
b) | Initial notification /Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | ReNeuron Group plc | ||||
b) | LEI | 2138003TU12CQ5TZO137 | ||||
4 | Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares 1p RENE - GB00BF5G6K95 | ||||
b) | Nature of the transaction | Grant of share options | ||||
c) | Price(s) and volume(s)
|
| ||||
d)
| Aggregated information | N/A | ||||
e) | Date of the transaction | Granted 10 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||