Director/PDMR Shareholding

RNS Number : 3979Q

ReNeuron Group plc

03 August 2010

 



For Immediate Release

3 August 2010

 

 

ReNeuron Group plc

Director/PDMR Shareholding

Guildford, UK, 3 August 2010: ReNeuron Group plc (LSE: RENE.L) announces that on 2 August 2010, the following share options were granted to Directors of the Company under the Company's share incentive schemes.  Share options are typically granted annually to Directors and employees of the Company and the share options set out below are being granted within the permitted 42 day period following announcement of the Company's preliminary results for the year ended 31 March 2010. 

ReNeuron Group plc 2009 Share Option Scheme

Director                   No. options           Exercise            Exercise period                Note

                                                               Price

Michael Hunt                   31,373                5.62p            Aug 2005 - Jul 2014          1

                                      34,859              14.06p            Aug 2008 - Aug 2015        1         

                                        8,705                5.63p            Aug 2009 - Aug 2016        1

                                        8,705                8.45p            Aug 2009 - Aug 2016        1

                                      15,180              13.56p            Aug 2010 - Aug 2017        1

                                      15,180              24.22p            Aug 2010 - Aug 2017        1

                                    509,554              1.000p            Aug 2012 - Aug 2020        2

                                  2,071,066              1.000p            Aug 2013 - Aug 2020       3

John Sinden                    31,257                5.62p            Aug 2005 - Jul 2014          1

                                      34,859              14.06p            Aug 2008 - Aug 2015        1         

                                        8,705                5.63p            Aug 2009 - Aug 2016        1

                                        8,705                8.45p            Aug 2009 - Aug 2016        1

                                      15,180              13.56p            Aug 2010 - Aug 2017        1

                                      15,180              24.22p            Aug 2010 - Aug 2017        1

                                    662,420              1.000p            Aug 2012 - Aug 2020         2

                                  1,918,782              1.000p            Aug 2013 - Aug 2020        3

Notes

1.   These options are not new grants but represent the additional number of options attaching to respective prior option grants (totaling 5,700,519 for Mr Hunt and 5,694,732 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 by the Company during the period subsequent to the prior year share option grants in August 2009.  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 5.62p (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 and personal objectives already achieved over the year to 31 March 2010. 

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 AIM All-Share Healthcare 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 11,101,200 and 11,005,677 respectively.  Total issued share capital in the Company currently amounts to 438,031,107 shares.

ReNeuron Group plc Non-Executive Share Option Scheme

 Director                        No. options                  Exercise           Exercise period              Note

                                                                            Price

Trevor Jones                          3,491                        5.62p            Aug 2005 - Jul 2014         1

                                            1,743                       14.06p           Aug 2008 - Aug 2015        1         

                                            1,741                        5.63p            Aug 2009 - Aug 2016        1

                                            4,554                       13.56p           Aug 2010 - Aug 2017        1

                                            4,000                         5.39p           Aug 2012 - Aug 2019        1

                                         250,000                       4.925p           Aug 2013 - Aug 2020        2

Mark Docherty                       4,554                       13.56p           Aug 2010 - Aug 2017        1

                                            4,000                         5.39p           Aug 2012 - Aug 2019        1

                                         250,000                       4.925p           Aug 2013 - Aug 2020        2

Paul Harper                           1,743                        14.06p          Aug 2008 - Aug 2015        1         

                                            1,741                          5.63p          Aug 2009 - Aug 2016        1

                                            4,554                        13.56p          Aug 2010 - Aug 2017        1

                                            4,000                          5.39p          Aug 2012 - Aug 2019        1

                                         250,000                       4.925p           Aug 2013 - Aug 2020        2

Bryan Morton                         4,000                         5.39p           Aug 2012 - Aug 2019       1

                                          250,000                       4.925p          Aug 2013 - Aug 2020        2

Notes

1.   These options are not new grants but represent the additional number of options attaching to respective prior option grants (totaling 776,235 for Professor Jones, 427,719 for Mr Docherty, 601,927 for Dr Harper and 200,000 for Mr Morton) 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 by the Company during the period subsequent to the prior year share option grants in August 2009.  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 5.62p 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 4.925p, being the closing mid-market price of the Company's shares for the trading day 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:

Trevor Jones                  1,041,758

Mark Docherty                  686,273

Paul Harper                      863,965

Bryan Morton                    454,000

Enquiries:

Michael Hunt, Chief Executive Officer - ReNeuron               [phone]

Lisa Baderoon, Mark Court, Isabel Podda

Buchanan Communications                                             [phone]

Emma Earl, Oliver Rigby

Daniel Stewart & Company plc                                         [phone]

Alastair Stratton, Tim Graham

Matrix Corporate Capital LLP                                           [phone]

About ReNeuron

ReNeuron is a leading, clinical-stage stem cell business.  Its primary objective is the development of novel stem cell therapies targeting areas of significant unmet or poorly met medical need.  

ReNeuron has used its unique stem cell technologies to develop cell-based therapies for significant disease conditions where the cells can be readily administered "off-the-shelf" to any eligible patient without the need for additional immunosuppressive drug treatments.  ReNeuron's lead candidate is its ReN001 stem cell therapy for the treatment of patients left disabled by the effects of a stroke. A ground-breaking first-in-man clinical trial of ReN001 has recently commenced in the UK.  ReNeuron's ReN009 stem cell therapy is being developed as a treatment for peripheral arterial disease, a serious and common side-effect of diabetes. The Company is also developing stem cell therapies for other conditions such as blindness-causing diseases of the retina.

ReNeuron has also developed a range of stem cell lines for non-therapeutic applications - its ReNcell^®products for use in academic and commercial research.  The Company's ReNcell^®CX and ReNcell^®VM neural cell lines are marketed worldwide under license by USA-based Millipore Corporation.

ReNeuron's shares are traded on the London AIM market under the symbol RENE.L.  Further information on ReNeuron and its products can be found at www.reneuron.com.

This announcement contains forward-looking statements with respect to the financial condition, results of operations and business achievements/performance of ReNeuron and certain of the plans and objectives of management of ReNeuron with respect thereto. These statements may generally, but not always, be identified by the use of words such as "should", "expects", "estimates", "believes" or similar expressions. This announcement also contains forward-looking statements attributed to certain third parties relating to their estimates regarding the growth of markets and demand for products. By their nature, forward-looking statements involve risk and uncertainty because they reflect ReNeuron's current expectations and assumptions as to future events and circumstances that may not prove accurate.  A number of factors could cause ReNeuron's actual financial condition, results of operations and business achievements/performance to differ materially from the estimates made or implied in such forward-looking statements and, accordingly, reliance should not be placed on such statements.

 

END

 

 

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