Board Change and Issue of Options
9 September 2026
MedPal AI plc
("MedPal" or the "Company")
Appointment of Non-executive Director and Issue of Options
MedPal AI plc (AIM: MPAL; FRA: Z1N), the AI-native digital health and pharmacy group, announces the appointment of Harvey Sinclair as an independent Non-executive Director with effect from 8 September 2026, and the issue of options to Jason Drummond, Founder and Chief Executive Officer.
Appointment of Harvey Sinclair
Harvey Sinclair has over 25 years' experience as a Chairman, Chief Executive Officer and Non-executive Director of public and private companies, including extensive experience within AIM-quoted businesses. He has spent more than a decade building and scaling digitally enabled consumer businesses, online marketplaces and direct-to-consumer models. His broader experience includes corporate strategy, acquisitions, capital raising and driving growth through periods of significant transformation. Harvey is the former Chief Executive Officer of AIM-quoted eEnergy Group plc and currently serves as Non-executive Chairman of NeoTerra Group plc and Chairman of private equity-backed Ortus Energy Holdings Limited.
Harvey will join the Company's Audit Committee and will be appointed as chair of the Remuneration Committee.
Jason Drummond, Founder and Chief Executive Officer of MedPal, commented:
"Harvey has built and scaled direct-to-consumer businesses and run an AIM company through exactly the kind of growth we are now seeing at MedPal. With more than 16,000 New Health customers acquired in three months and the Group's revenue reaching an annualised level of around £28 million, this is the right moment to strengthen the Board, and I am delighted to welcome him."
Harvey Sinclair commented:
"MedPal has gone from zero to a £28 million annualised revenue run rate in ten months by combining fair prices and its own technology. That is a rare combination in consumer healthcare. I look forward to working with Jason and the Board as the Group scales."
Issue of Options
Since the Company's admission to AIM on 26 August 2025 the Group has generated more than £5m in turnover, completed two acquisitions, entered into direct supply agreements with Novo Nordisk and Eli Lilly, launched New Health, Juno and the MedPal Health OS, secured a secondary listing in Frankfurt and raised more than £10m.
The remuneration committee of the Company has accordingly approved the grant of options over 40,000,000 Ordinary Shares (the "Options"), representing approximately 5 per cent. Of the Company's issued share capital, to Jason Drummond under the MedPal AI plc Long Term Incentive Plan (the "LTIP").
The shares under option at the time of the Company's admission to trading on AIM represented approximately 9.8 per cent of the issued share capital of the Company. As a result of the lapsing of certain options and the increase in issued share capital, following this grant of options, the Company will have a total of approximately 74.3 million Ordinary Shares outstanding under the LTIP, representing approximately 9.5 per cent of the Company's issued share capital, which is within the 15 per cent limit set out in the rules of the LTIP. It is the intention of the Company to maintain the option pool at approximately the same level (10% of issued share capital of the Company) for the future incentivisation of directors and senior management.
The principal terms of the Options are:
• Exercise price of 4.0 pence per ordinary share, (based on the share price at the time the award was agreed in principle by the Company's remuneration committee in mid August 2026).
• The Options will vest in three tranches subject to share price performance such that 50 per cent., 25 per cent. and the final 25 per cent. of the Options vest if the five day volume weighted average share price (VWAP) exceeds 10 pence, 12.5 pence and 15 pence respectively.
• No Option may be exercised before the first anniversary of grant, and the Options may lapse if Mr Drummond ceases to be employed by the Group before that date, save in the circumstances provided for in the rules of the LTIP.
• The Options have a term of ten years from the date of grant, consistent with the options granted at the Company's admission to AIM.
• The Options are subject to malus and clawback provisions and to the rules of the LTIP.
• No Option may be exercised to the extent that the exercise would result in Mr Drummond and any person acting in concert with him being interested in 30 per cent or more of the voting rights of the Company, or would otherwise give rise to an obligation to make an offer under Rule 9 of the City Code on Takeovers and Mergers.
Additional information on Harvey Sinclair
The following information is disclosed pursuant to Rule 17 and Schedule 2 (g) of the AIM Rules for Companies in relation to Mr Sinclair, aged 54:
Current directorships and/or partnerships
Former directorships and/or partnerships (within the last five years)
NeoTerra Group plc (previously Altona Rare Earths PLC)
eEnergy UK Projects Limited
Wild Tomorrow UK (charity)
eEnergy UK Projects SPV1 Ltd
Thawpoint Ltd
eEnergy Aquila Projects Ltd
Ortus Energy Holdings Limited
eEnergy EAAS Projects Limited
Smartech Energy Projects Limited
eEnergy Management Us Limited
eEnergy Management Holdings Limited
eEnergy Management Topco Limited
Equity Energies Limited
eEnergy Insights Limited
eEnergy Consultancy Limited
Energy Centric Limited
Zero Carbon Project Limited
eEnergy Services N.I. Limited
eEnergy Services RSL Limited
eEnergy Holdings Limited
eEnergy Services UK Limited
eEnergy Group PLC
Mr Sinclair was appointed as a director of Energy Works Investment plc on 9 August 2013 and of Energy Works Advisory Limited on 22 September 2006. An administrator was appointed to each of these companies on 13 March 2018 and they were both dissolved on 24 January 2019.
Mr Sinclair was appointed as a director of Koodos Limited on 26 October 2009. A voluntary liquidator was appointed to the company on 9 November 2010 and it was dissolved on 31 October 2012.
Mr Sinclair was appointed as a director of E-Trader Group Limited on 28 November 2008 and of Energy Works Advisory Limited on 22 September 2006. A liquidator was appointed to the company by a secured creditor 21 January 2013 and it was dissolved on 10 December 2014.
Mr Sinclair was appointed as a director of Island Leisure (Bars) Limited on 5 August 2008. A voluntary liquidator was appointed to the company on 14 June 2013 and it was dissolved on 27 August 2015.
Mr Sinclair holds 198,648 Ordinary Shares in the Company, representing 0.03 per cent. of the Company's issued share capital.
There is no further information to be disclosed pursuant to Rule 17 and Schedule 2 (g) of the AIM Rules for Companies.
This announcement contains inside information for the purposes of Article 7 of EU Regulation 596/2014 (which forms part of domestic UK law pursuant to the European Union (Withdrawal) Act 2018). The Directors of the Company are responsible for the contents of this announcement.
Enquiries
MedPal AI plc - Jason Drummond, Chief Executive Officer
Via Square1 Consulting
Cairn Financial Advisers LLP (Nomad) - Louise O'Driscoll / Jo Turner
+44 (0) 20 7213 0880
OAK Securities (a trading name of Merlin Partners LLP) - Jerry Kean
+44 (0) 20 3973 3678
Clear Capital Markets Limited - Bob Roberts
+44 (0) 20 3869 6080
Square1 Consulting - David Bick
+44 (0) 20 7929 5599 / +44 (0) 7831 381201
About MedPal AI plc
MedPal AI plc (AIM: MPAL; FRA: Z1N) is a vertically integrated, AI-native digital health and pharmacy group. The Group operates NHS Distance Selling Pharmacy hubs at Sarus Court, Runcorn and Swaffham, New Health (new.co.uk), a dedicated GLP-1 weight management clinic, a B2B care home pharmacy supply business, eMARx, the Group's electronic medication administration record software for care homes, and Juno, an agentic AI health companion built on Anthropic's Claude. MedPal's ambition is to build the UK's leading Health OS: a single platform connecting prescribing, dispensing, delivery, administration and AI-driven patient support. The Company's LEI is 984500EDP8B0A14CBA61.
END
PDMR notification
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1. Details of the person discharging managerial responsibilities / person closely associated
a) Name
Jason Kingsley Drummond
2. Reason for the notification
a) Position/status
Founder and Chief Executive Officer
b) Initial notification / amendment
Initial notification
3. Details of the issuer
a) Name
MedPal AI plc
b) LEI
984500EDP8B0A14CBA61
4. Details of the transaction(s)
a) Description of the financial instrument, type of instrument; identification code
Options over ordinary shares of £0.0002 each; ISIN GB00BTRC7N37
b) Nature of the transaction
Grant of options under the MedPal AI plc Long Term Incentive Plan, exercisable at 4.0 pence per share, subject to the performance and service conditions described above
c) Price(s) and volume(s)
Price: nil (exercise price 4.0 pence); Volume: 40,000,000
d) Aggregated information
Single transaction
e) Date of the transaction
8 September 2026
f) Place of the transaction
Outside a trading venue
Following the grant, Mr Drummond will hold options over 60,154,166 ordinary shares in total (including the 20,154,166 options granted at IPO, exercisable at 4.0 pence) and 170,000,000 ordinary shares, representing approximately 21.8 per cent of the issued share capital.
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