REG - ReNeuron Group plc - Director exit arrangements
RNS Number : 3255QReNeuron Group plc26 October 2021ReNeuron Group plc
("ReNeuron" or the "Company")
Director exit arrangements
ReNeuron Group plc (AIM: RENE), a global leader in the development of cell-based therapeutics, announces that pursuant to the departure of its former Chief Financial Officer, Michael Hunt, certain exit arrangements were previously entered into which are deemed to be related party arrangements under the AIM Rules for Companies.
As set out in the Company's annual report, in addition to Mr Hunt's contractual entitlements, an ex gratia bonus of £40,000 was granted to reflect Mr Hunt's long service and contribution to the Company. In addition, the Board has agreed that certain of Mr Hunt's options would benefit from accelerated vesting, while the remainder in those particular schemes will lapse. Out of the 181,236 options under these particular schemes, 25,816 had vested under their original terms, 77,708 were agreed to have accelerated vesting while 77,712 were lapsed. Mr Hunt's options under other awards (as disclosed in the Company's latest annual report) amounting to 529,815 options remain unchanged.
The above arrangements constitute a related party transaction under the AIM Rules for Companies. The directors, excluding Michael Hunt who is no longer a director, consider, having consulted with the Company's nominated adviser, Stifel Nicolaus Europe Limited, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.
ENDS
Contacts:
ReNeuron
Olav Hellebø, Chief Executive Officer
Catherine Isted, Chief Financial Officer
Via Walbrook PR
Stifel Nicolaus Europe Limited (NOMAD and Joint Broker)
+44 (0)20 7710 7600
Ben Maddison, Stewart Wallace
Allenby Capital Limited (Joint Broker)
+44 (0)20 3328 5656
James Reeve/George Payne (Corporate Finance)
Stefano Aquilino (Sales & Corporate Broking)
Walbrook PR (Media & Investor Relations)
+44 (0)20 7933 8780 or reneuron@walbrookpr.com
Paul McManus, Alice Woodings
+44 (0)7980 541 893 / +44 (0)7407 804 654
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 for disease with significant unmet needs. 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 central nervous system and other disorders. The Company also has the ability through its conditionally immortalised induced pluripotent stem cell (iPSC) platform to make allogeneic tissue cells of choice; in-house programmes are currently 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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.ENDMSCFLFISIDLRFIL
Recent news on ReNeuron
See all newsREG - AIM ReNeuron Group plc - Cancellation - ReNeuron Group Plc
AnnouncementREG - ReNeuron Group plc - Corporate update and AIM cancellation
AnnouncementREG - ReNeuron Group plc - Corporate Update
AnnouncementREG - ReNeuron Group plc - Change of Registered Address
AnnouncementREG - ReNeuron Group plc - Creditor’s decision on Administrators' Proposals
Announcement