Incanthera plc announces that it has adopted both an approved and unapproved share option scheme (the “Schemes”) and, on 4th July 2020, made a grant of options under both Schemes to directors and others.
Option Schemes and Grant of Options
As outlined in the Company’s Admission Document of February this year, the Company has adopted the Schemes to incentivise management performance for the benefit of all shareholders by way of options which are subject to time and performance conditions.
For the purposes of the Schemes, a maximum of 10 per cent. of the Company’s issued share capital in aggregate, from time to time, may be issued without the prior approval of shareholders of the Company. The exercise period for options granted under the Schemes is three years from the date of grant.
Vesting criteria for options granted under the Schemes are subject to time and performance conditions as follows:
|
Amount Vesting
|
Time Condition
|
|
36 per cent. (“Tranche One”)
|
On the first anniversary of the date of the grant
|
|
32 per cent. (“Tranche two”)
|
On the second anniversary of the date of the grant
|
|
32 per cent. (“Tranche three”)
|
On the third anniversary of the date of the grant
|
Performance Condition: Entering into a commercial agreement relating to its intellectual property.
The Schemes provide for good/bad leaver provisions and other standard terms normally associated with such schemes.
The Company has granted the following options under the Scheme:
| Option holder (scheme) |
Number of Options granted |
Exercise Price |
Options Granted as Percentage of Issued Share Capital on Admission |
| Tim McCarthy (Approved) |
1,100,000 |
9.5p |
1.8% |
| Simon Ward (Approved) |
1,100,000 |
9.5p |
1.8% |
| Pawel Zolnierczyk (Approved) |
1,100,000 |
9.5p |
1.8% |
| Suzanne Brocks (Approved) |
1,100,000 |
9.5p |
1.8% |
| Laura Brogden (Unapproved) |
1,100,000 |
9.5p |
1.8% |
| Kevin Hammond (Unapproved) |
275,000 |
9.5p |
0.5% |
| Total |
5,775,000 |
|
9.5% |
This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").
The directors of the Company take responsibility for this announcement.
For further information, please contact:
Incanthera plc
www.incanthera.com
Tim McCarthy, Chairman
+44 (0) 7831 675747
tim.mccarthy@incanthera.com
Simon Ward, Chief Executive Officer
+44 (0) 7747 625506
simon.ward@incanthera.com
Suzanne Brocks, Head of Communications
+44 (0) 7776 234600
suzanne.brocks@incanthera.com
Aquis Exchange Corporate Adviser:
Cairn Financial Advisers LLP
+44 (0) 20 7213 0880
Jo Turner/James Lewis
Broker:
Stanford Capital Partners Ltd
+44 (0) 20 3815 8880
Patrick Claridge/John Howes/Bob Pountney
Notification and public disclosure of transactions by persons discharging managerial responsibilities/ person closely associated with them.
Notes to Editors
Incanthera is a specialist oncology company focused on transforming cancer treatment by creating environments in which cancer cannot survive. It seeks to identify and develop innovative solutions to current clinical, commercially relevant unmet needs, utilising new technology from leading academic institutions.
The Company’s current lead product and focus is Sol, a potentially innovative topical product for the treatment of solar keratosis and the prevention of skin cancers. This has achieved proof of concept and the Company is now focussed upon delivering Sol to a commercial partner.
The Company originated from the Institute of Cancer Therapeutics (“ICT”) at the University of Bradford and has acquired and developed a portfolio of specific cancer-targeting therapeutics through a Pipeline Agreement with the ICT and other corporate acquisitions.
Incanthera’s strategy is to develop each candidate in the portfolio from initial acquisition or discovery to securing its future through commercially valuable partnerships at the earliest opportunity in its development pathway.
For more information on the Company please visit: www.incanthera.com
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