Arecor Therapeutics PLC Director/PDMR Shareholding (3990A)
May 24 2023 - 2:00AM
UK Regulatory
TIDMAREC
RNS Number : 3990A
Arecor Therapeutics PLC
24 May 2023
Arecor Therapeutics plc
("Arecor", the "Company" or the "Group")
Grant of Options and PDMR Dealing
Cambridge, UK, 24 May 2023: Arecor Therapeutics plc (AIM: AREC),
the biopharmaceutical group advancing today's therapies to enable
healthier lives, announces that on 23 May 2023, it granted a total
of 190,000 options under the Company's Long Term Incentive Plan
("LTIP Options") and a further 86,250 options under the Company's
All Employee Share Ownership Plan ("AESOP Options") over new
ordinary shares of 1 pence each in the Company ("Ordinary
Shares").
The LTIP Options have an exercise price of 1p and are granted to
persons discharging managerial responsibilities (" PDMRs") of the
Company. Performance conditions include commercial objectives and
Total Shareholder Return during the three-year performance period.
The LTIP Options are subject to continued service and the extent to
which the performance conditions are satisfied. Vested LTIP Options
will normally be exercisable until the tenth anniversary of the
grant date, after which time they will lapse. They are subject to a
condition that the LTIP Options or the Ordinary Shares acquired on
exercise of the LTIP Options (other than those sold to cover tax
and National Insurance) are held for a minimum one-year period from
vesting.
The AESOP Options vest after 36 months and are exercisable at
GBP2.55 per share, being the closing market price of an Ordinary
Share on the day preceding the date of grant. The AESOP Options are
subject to continuous employment and are exercisable until the
tenth anniversary of the date of grant, after which date the option
will lapse. The grant of options included 40,000 AESOP Options
granted to a person discharging managerial responsibilities
("PDMR"), Manjit Rahelu, Chief Business Officer of the Company.
The notifications below, made in accordance with the
requirements of the Market Abuse Regulation, provide further
detail.
For further information, please contact:
Arecor Therapeutics plc www.arecor.com
Dr Sarah Howell, Chief Executive Tel: +44 (0) 1223 426060
Officer Email: info@arecor.com
Susan Lowther, Chief Financial Officer Tel: +44 (0) 1223 426060
Email: info@arecor.com
Mo Noonan, Communications Tel: +44 (0) 7876 444977
Email: mo.noonan@arecor.com
Panmure Gordon (UK) Limited Tel: +44 (0) 20 7886 2500
(NOMAD and Broker)
Freddy Crossley, Emma Earl (Corporate
Finance)
Rupert Dearden (Corporate Broking)
Consilium Strategic Communications
Chris Gardner, David Daley, Lindsey Tel: +44 (0) 20 3709 5700
Neville Email: arecor@consilium-comms.com
Notes to Editors
About Arecor
Arecor Therapeutics plc is a globally focused biopharmaceutical
company transforming patient care by bringing innovative medicines
to market through the enhancement of existing therapeutic products.
By applying our innovative proprietary formulation technology
platform, Arestat(TM), we are developing an internal portfolio of
proprietary products in diabetes and other indications, as well as
working with leading pharmaceutical and biotechnology companies to
deliver enhanced formulations of their therapeutic products. The
Arestat (TM) platform is supported by an extensive patent
portfolio.
For further details please see our website, www.arecor.com
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them
Details of the person discharging managerial responsibilities/person
closely associated
a) Name: Manjit Rahelu
----------------------------------- ----------------------------------
2. Reason for the notification
-----------------------------------------------------------------------
a) Position/status: Chief Business Officer
----------------------------------- ----------------------------------
b) Initial notification/Amendment: Initial notification
----------------------------------- ----------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------
a) Name: Arecor Therapeutics plc
----------------------------------- ----------------------------------
b) LEI: 98450093D12I3A8DDD58
----------------------------------- ----------------------------------
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 Ordinary shares of 1 pence
instrument, type of instrument: each
Identification code: GB00BMWLM973
----------------------------------- ----------------------------------
b) Nature of the transaction: Grant of options over ordinary
shares
----------------------------------- ----------------------------------
c) Price(s) and volume(s): Exercise Price(s) Volume(s)
(GBP)
0.01 190,000
----------
2.55 40,000
----------
----------------------------------- ----------------------------------
d) Aggregated information:
* Aggregated volume: 230,000
N/A
* Price:
----------------------------------- ----------------------------------
e) Date of the transaction: 23 May 2023
----------------------------------- ----------------------------------
f) Place of the transaction: Outside of a trading venue
----------------------------------- ----------------------------------
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