RENE.L Regulatory News (RENE)

12 Aug 2009 07:00



ReNeuron Director/PDMR Shareholding 

Guildford, UK, 12 August 2009: ReNeuron Group plc (LSE: RENE.L) announces that on 11 August 2009, the following share-based awards were granted to Directors of the Company under the Company's share incentive schemes. In respect of executive Directors, share-based awards were granted under a new Share Option Scheme established on 7 July 2009 for the benefit of the Company's employees and executive Directors. The Company does not propose to issue any further options under its previous Share Option Scheme.

ReNeuron Group plc 2009 Share Option Scheme

Notes

1. These options are not new grants but represent the additional number of options attaching to respective prior option grants (totaling 3,400,000 for Mr Hunt and 3,396,680 for Dr Sinden) when those prior grants are adjusted under the Rules of the Scheme (and using the appropriate HMRC approved formula) to account for the effect of share issuances since the Company's Admission to AIM in August 2005. This adjustment has the effect of increasing the number of options relating to each prior grant, and lowering the exercise price for those grants.  Other than the grant at 5.737p (where the relevant performance condition has already been satisfied), these options remain exercisable subject to achievement of performance conditions pertaining to the clinical development of the Company's therapeutic programmes.  

2. These options have been granted at nominal value under the Company's Deferred Bonus Plan, in lieu of cash bonus payments, based on achievement of corporate objectives already achieved over the year to 31 March 2009.

3. These options have been granted at nominal value under the Company's Long Term Incentive Plan. This Plan, together with the above-mentioned Deferred Bonus Plan, forms the basis for all future share-base incentive awards for Executive Directors and selected senior management of the Company. The options are exercisable subject to achievement of a number of performance conditions over the three year vesting period from the date of grant, covering:

a. Clinical development of the Company's therapeutic programmes;

b. Total Shareholder Return performance exceeding that of the FTSE All-Share Pharmaceutical and Biotechnology Index; and

c. Criteria relating to the ongoing financial management of the Company. 

4. Allowing for the above grants, Mr Hunt and Dr Sinden hold cumulative options under the Scheme totaling 8,406,580 and 8,310,591 respectively. 

ReNeuron Group plc Non-Executive Share Option Scheme

Notes

1. These options are not new grants but represent the additional number of options attaching to respective prior option grants (totaling 350,000 for Professor Jones, 150,000 for Mr Docherty and 250,000 for Dr Harper) when those prior grants are adjusted under the Rules of the Scheme (and using the appropriate HMRC approved formula) to account for the effect of share issuances since the Company's Admission to AIM in August 2005. This adjustment has the effect of increasing the number of options relating to each prior grant, and lowering the exercise price for those grants. Other than the grant at 5.737p to Professor Jones (where the relevant performance condition has already been satisfied), these options remain exercisable subject to achievement of performance conditions pertaining to the clinical development of the Company's therapeutic programmes.

2. These options have been granted under the Rules of the Scheme at an exercise price of 5.5p, being the average mid-market price of the Company's shares for the previous three trading days prior to the date of grant. The options are exercisable subject to achievement of a performance condition pertaining to the clinical development of the Company's therapeutic programmes.

3. Allowing for the above grants, the Non-executive Directors hold cumulative total options under the Scheme as follows:

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