TIDMIMM
RNS Number : 1661B
Immupharma PLC
31 March 2017
The following amendments have been made to the 'New Employee
Share Option Plan & Grant of Options' announcement released on
31 March 2017 at 8:33am under RNS No 1493B.
The number of Ordinary Shares currently held by Dimitri
Dimitriou and Robert Zimmer and their respective percentage holding
in the Company's issued share capital on 31 March 2017 were
incorrectly stated. This has now been corrected.
All other details remain unchanged.
The full amended text is shown below.
31 MARCH 2017
ImmuPharma PLC
New Employee Share Option Plan & Grant of Options
ImmuPharma PLC (LSE:IMM), ("ImmuPharma" or the "Company"), the
specialist drug discovery and development company, announces that
upon the recommendation of the Company's Remuneration Committee, a
new 10 year employee share option plan was adopted on 30 March 2017
(the "Share Option Plan") to succeed the Company's previous share
option scheme which expired in August 2016.
The implementation of this Share Option Plan is intended to
align the interests of the Company's executive directors and
eligible employees with shareholders, and to help attract talent in
the future as the Company progresses its Phase III trial for
Lupuzor(TM), with top line results estimated to be reported in Q1
2018.
The key terms of the Share Option Plan are summarised below:
-- The Share Option Plan will be used to grant options over the
Company's ordinary shares of 10p each ("Ordinary Shares") to
ImmuPharma's employees and executive directors;
-- The Company's non-executive directors or any self-employed
individuals who provide consultancy services to the Company will
not be granted options pursuant to the Share Option Plan;
-- Under the Share Option Plan, up to 10% of the Company's
issued share capital at any time is reserved for issuance, measured
over a rolling ten year period. This limit takes into account
Ordinary Shares or treasury shares already issued or used to
satisfy option exercises in the preceding ten years and Ordinary
Shares or treasury shares that could be issued or used to satisfy
existing options;
-- The Company's Remuneration Committee may impose performance
conditions over the grant of options and these conditions may be
varied, substituted or waived as deemed appropriate by the
Remuneration Committee; and
-- Options will be granted with an exercise price equal to the
market value of the Company's shares at the date of grant, i.e. the
closing mid-market price from the preceding business day.
Following the implementation of the Share Option Plan, the
Remuneration Committee has approved the grant of options over
3,250,000 Ordinary Shares to certain of its Directors and employees
representing 2.45% of ImmuPharma's Ordinary Shares and total voting
rights on a fully diluted basis. The exercise price for these
options is 50.25 pence being the closing middle market share price
on 30 March 2017. The options will vest after three years and are
exercisable between three and ten years from the date of grant.
The amount of options granted to Directors are summarised in the
following table:
Director Options Granted
------------------- ----------------
Dimitri Dimitriou 1,000,000
------------------- ----------------
Robert Zimmer 1,000,000
------------------- ----------------
Following this grant of options, the total number of share
options outstanding will be 6,733,850 representing 5.1% of
ImmuPharma's Ordinary Shares and total voting rights on a fully
diluted basis.
Messrs Dimitriou and Zimmer currently have the following
interests in Ordinary Shares:
Director Number of % of issued share capital
Ordinary Shares at 31 March 2017
------------------- ----------------- -------------------------
Dimitri Dimitriou 3,567,430 2.69
------------------- ----------------- -------------------------
Robert Zimmer 25,344,514 19.12
------------------- ----------------- -------------------------
Following the grant of options, Messrs Dimitriou and Zimmer will
have the following interests in share options in the Company:
Director Number of options Exercise Price Expiry Date
------------------ ------------------ -------------- -----------
Dimitri Dimitriou 140,000 76.8p 31.07.2017
140,000 86.5p 04.02.2019
1,000,000 50.25p 30.03.2027
------------------ ------------------ -------------- -----------
Robert Zimmer 150,000 76.8p 31.07.2017
150,000 86.5p 04.02.2019
1,000,000 50.25p 30.03.2027
------------------ ------------------ -------------- -----------
The implementation of the Share Option Plan constitutes a
related party transaction pursuant to AIM Rule 13. The Company's
non-executive directors, who are not party to the Share Option Plan
and are therefore independent directors for these purposes, having
consulted with the Company's Nominated Adviser, consider the terms
of the Share Option Plan to be fair and reasonable insofar as
ImmuPharma's shareholders are concerned.
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) 596/2014.
Ends
For further information please contact:
+ 44 (0) 20 7152
ImmuPharma plc (www.immupharma.org) 4080
Tim McCarthy, Chairman
Lisa Baderoon, Head of Investor Relations
Twitter: @immupharma + 44 (0) 7721 413496
Northland Capital Partners Limited (NOMAD
& Broker)
Patrick Claridge, David Hignell, Michael
Mackintosh, Corporate Finance +44 (0)20 3861
Rob Rees, Corporate Broking 6625
This information is provided by RNS
The company news service from the London Stock Exchange
END
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