REG - ReNeuron Group plc - Director exit arrangements

ReNeuronAnnouncement

02/03/2022 07:00

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RNS Number : 2828D  ReNeuron Group plc  02 March 2022

 
ReNeuron Group plc

("ReNeuron" or the "Company")

 

Director exit arrangements

 

ReNeuron Group plc (AIM: RENE), a UK-based leader in Stem Cell and Exosomes
Technologies, announces that pursuant to the departure of its former Chief
Executive Officer, Olav Hellebø, certain exit arrangements have been entered
into which are deemed to be related party arrangements under the AIM Rules for
Companies.

The Company has agreed a payment in lieu of notice, and a further c.£29k
outside of his contractual terms, to cover pension and other benefits. In
addition, under the terms of the Company's option plans, Mr Hellebø will
retain his vested and unvested options, save for 331,382 options which have
been deemed to have lapsed. Further details on Mr Hellebø's options are set
out in the Company's 2021 annual report and subsequent award announcements,
and he retains options over 1,180,553 outstanding options of which 165,848 are
either already exercisable or subject to a holding period and with an exercise
price below the current share price.

The above arrangements constitute a related party transaction under the AIM
Rules for Companies.  The directors, excluding Olav Hellebø 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                                                 www.reneuron.com/investors (http://www.reneuron.com/investors)
 Iain Ross, Chairman                                      Via Walbrook PR
 Catherine Isted, Chief Financial Officer

 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 UK based Proprietary Stem Cell based Exosome Technologies
company, harnessing its unique stem cell technologies to develop 'off the
shelf' treatments for diseases with significant unmet needs.

 

ReNeuron's stem cell derived proprietary Exosome Technology platform offers a
delivery mechanism for a variety of payloads such as siRNA, mRNA, proteins,
small molecules and genes. The Company has a growing number of partner
collaborations with Global Pharma, Biotech and academic partners in this
fast-expanding area of scientific and commercial interest. ReNeuron also has
the ability through its conditionally immortalised induced pluripotent stem
cell (iPSC) platform to make allogeneic tissue cells of choice and has the
potential to produce exosomes with tissue specific targeting ability.

 

The Company has out-licenced its CTX Programme for stroke disability and hRPC
programme in retinitis pigmentosa to Fosun in China and is looking to
out-licence both these programmes in other territories.

ReNeuron's shares are traded on the London AIM market under the symbol RENE.L.
For further information visit www.reneuron.com (http://www.reneuron.com/)

 

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