Directors' Interest in Shares and Share Options

RNS Number : 1979S

ReNeuron Group plc

22 September 2014

 



22 September 2014

AIM: RENE

                                                         ReNeuron Group plc

("ReNeuron" or "the Company")

Directors' Interest in Shares and Share Options

Guildford, UK, 22 September 2014: ReNeuron Group plc (AIM: RENE), a leading UK-based stem cell therapy company, todayannounces that on 19 September 2014, the following awards were made under the Company's share-based incentive plans:

1. Long Term Incentive Plan (LTIP) 

	LTIP: number of shares awarded	Total shares over which options are held	Percentage of issued shares under option
Olav Hellebo	15,555,556	15,555,556	0.87%
Michael Hunt	4,062,500	24,793,733	1.39%
John Sinden	2,375,000	20,073,331	1.12%

The LTIP awards are options granted at nominal value and are subject to a three-year holding period, exercisable from the third anniversary of the award.  The options are exercisable subject to the achievement of the following performance conditions:

i)          The first patient is administered with a ReNeuron cell therapy in a sixth clinical trial.

ii)         The Total Shareholder Return (TSR) of the Company must exceed that of the FTSE AIM Healthcare Index in any given three year period from date of grant. Where the TSR ranks between median and upper quartile of the index over the three-year period, the options will vest pro-rata between 25% and 100%.  Where the TSR ranks below the median in the performance period, no options will vest.

iii)         The business must have operated within its internal financial budgets throughout the period to vesting.

iv)            The business must be a going concern (under the accepted accounting definition) at the time of any exercise of an option.

2. Non-Executive Share Option Scheme

The options listed below have been granted under the Rules of the Scheme at an exercise price of 3.45p, being the closing mid-market price of the Company's shares on the 18 September 2013.  The options are exercisable subject to achievement of the following performance condition:

i)          The first patient is administered with a ReNeuron cell therapy in a sixth clinical trial.

Director	No. options	Exercise price	Exercise period
Bryan Morton	700,000	3.45p	Sep 2017 - Sep 2024
John Berriman	600,000	3.45p	Sep 2017 - Sep 2024
Simon Cartmell	600,000	3.45p	Sep 2017 - Sep 2024
Tim Corn	500,000	3.45p	Sep 2017 - Sep 2024
Mark Docherty	500,000	3.45p	Sep 2017 - Sep 2024
Sir Chris Evans	500,000	3.45p	Sep 2017 - Sep 2024
Paul Harper	500,000	3.45p	Sep 2017 - Sep 2024

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

Bryan Morton	3,035,724
John Berriman	2,255,322
Simon Cartmell	2,255,322
Tim Corn	1,575,249
Mark Docherty	2,932,666
Sir Christopher Evans	1,000,000
Paul Harper	3,159,831

Enquiries:

ReNeuron

Olav Hellebo, Chief Executive Officer                        [phone]

Michael Hunt, Chief Financial Officer

Buchanan

Mark Court, Fiona Henson, Sophie Cowles               [phone]

Cenkos Securities

Stephen Keys, Dr Christopher Golden (NOMAD & Broker)

Andy Roberts (Sales)                                                 [phone]                        

About ReNeuron

ReNeuron is a leading, clinical-stage cell therapy development business.  Based in the UK, its primary objective is the development of novel cell-based 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.  The Company's therapeutic candidates for stroke disability and critical limb ischaemia are in clinical development and its cell-based treatment for blindness-causing diseases of the retina is currently in pre-clinical development. 

ReNeuron is also advancing a proprietary platform technology to exploit nanoparticles (exosomes) secreted by stem cells as potential new drug candidates targeting indications in tissue repair, fibrosis and cancer.

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.

 

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