Share Option Scheme

RNS Number : 4986R

Redx Pharma plc

30 June 2020

 

Redx Pharma plc

("Redx" or "the Company")

New All Employee Share Option Scheme and Grant of Options

Alderley Park, 30 June 2020 Redx Pharma (AIM:REDX), the drug discovery and development company focused on cancer and fibrosis, announces the adoption of the Redx All Employee Share Option Scheme (the "Scheme"), effective as of 1 July 2020.  

Following recent announcements regarding the ownership and funding of the Company, Redx is pursuing a revised business plan and, as such, is introducing the Scheme to ensure that all employees are aligned with that business plan and the success of the Company and its shareholders.

The number of options that may be awarded under the Scheme, and all prior share incentive plans,  is limited such that the total of ordinary shares of 1p each under option will be less than 15 per cent. of the total issued share capital. The exercise of options awarded under the Scheme will be subject to certain time and performance criteria having been met. The options are being granted at 15.5p per ordinary share, being the price of the offer for the Company by Redmile in April 2020.

The Board has approved the terms of the Scheme and authorised the award of options to the following Directors and PDMR on 1 July 2020:

Name	Position	Number of Options	Vesting Date	Total Options following the grant
Lisa Anson (Director)	Chief Executive Officer	1,000,000 1,000,000 1,000,000 5,300,000	1 July 2021 1 July 2022 1 July 2023 1 July 2023 (subject to performance conditions)	8,300,000
James Mead (Director)	Chief Financial Officer	333,333 333,333 333,334 750,000	1 July 2021 1 July 2022 1 July 2023 1 July 2023 (subject to performance conditions)	1,750,000
Richard Armer (PDMR)	Chief Scientific Officer	250,000 250,000 250,000 3,500,000	1 July 2021 1 July 2022 1 July 2023 1 July 2023 (subject to performance conditions)	4,250,000

In addition, options over 7,140,000 ordinary shares of 1p each will be granted on 1 July to the current management and staff of the company on similar terms to those above.

As part of the introduction of the Scheme, options held by current employees, including the directors and PDMR listed above, under the existing Enterprise Management Incentive ("EMI") scheme will be surrendered. 

Following the initiation of the Scheme and the grants referred to above, the Company will have granted options over a total of 21,440,000 Ordinary Shares representing 11.3 per cent. of the current total issued share capital.  In addition, certain ex-employees will continue to hold shares under the EMI scheme, totalling 2,340,800 shares representing 1.2 per cent. of the current issued share capital.

For further information, please contact:
Redx Pharma Plc	T: [phone]
Iain Ross, Chairman Lisa Anson, Chief Executive
SPARK Advisory Partners (Nominated Adviser)	T: [phone]
Matt Davis/Henry Todd
WG Partners LLP (Broker)	T: [phone]
Claes Spång/Chris Lee/David Wilson
FTI Consulting	T: [phone]
Simon Conway/Ciara Martin

About Redx Pharma Plc

Redx is a UK based biotechnology company whose shares are traded on AIM (AIM:REDX). Redx's vision is to become a leading biotech focused on the development of novel precision medicines that have the potential to transform treatment in oncology and fibrotic diseases.

If you would like to sign up to regular alerts from Redx Pharma, please follow this link https://www.redxpharma.com/investors/email-alerts/

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Lisa Anson
2.	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Redx Pharma Plc
b)	LEI	213800HMS4EBXO589Y37
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Options over Ordinary Shares of 1p each
b)	Identification code	ISIN: GB00BSNB6S51
c)	Nature of the transactions	Grant of options under the Redx All Employee Share Option Scheme
d)	Price(s) and volume(s)	Price: 15.5p pence per share Volume: 8,300,000 shares
e)	Aggregated information -  Aggregated volume -  Price	As for d) above
f)	Date of the transactions	1 July 2020
f)	Place of the transactions	Off-market

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	James Mead
2.	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Redx Pharma Plc
b)	LEI	213800HMS4EBXO589Y37
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Options over Ordinary Shares of 1p each
b)	Identification code	ISIN: GB00BSNB6S51
c)	Nature of the transactions	Grant of options under the Redx All Employee Share Option Scheme
d)	Price(s) and volume(s)	Price: 15.5p pence per share Volume: 1,750,000 shares
e)	Aggregated information -  Aggregated volume -  Price	As for d) above
f)	Date of the transactions	1 July 2020
f)	Place of the transactions	Off-market

1.	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Richard Armer
2.	Reason for the notification
a)	Position/status	Chief Scientific Officer
b)	Initial notification/Amendment	Initial Notification
3.	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Redx Pharma Plc
b)	LEI	213800HMS4EBXO589Y37
4.	Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
a)	Description of the financial instrument	Options over Ordinary Shares of 1p each
b)	Identification code	ISIN: GB00BSNB6S51
c)	Nature of the transactions	Grant of options under the Redx All Employee Share Option Scheme
d)	Price(s) and volume(s)	Price: 15.5p pence per share Volume: 4,250,000 shares
e)	Aggregated information -  Aggregated volume -  Price	As for d) above
f)	Date of the transactions	1 July 2020
f)	Place of the transactions	Off-market

 

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