TIDMMEDG TIDMMEDU
RNS Number : 7017Y
Medgenics Inc
30 December 2010
Medgenics, Inc.
("Medgenics" or the "Company")
Exercise of Options by a Director
30 December 2010
Medgenics, Inc. (AIM: MEDG, MEDU), the company that has
developed a novel technology for the manufacture and delivery of
therapeutic proteins continuously in patients using their own
tissue, announces that on 24 December 2010, it received an executed
option exercise notice from Dr. Eugene Bauer, Executive Chairman of
Medgenics, in respect of options to purchase 3,199,097 common
shares of par value $0.0001 each in the Company ("Common Shares")
using the cashless exercise mechanism.
The fair market value of the Common Shares utilized to calculate
the number of Common Shares issued under such mechanism was the
average of the MEDU.LN closing price for the ten trading days prior
to the commitment to exercise, which equates to 12.1 pence per
share or, based on current exchange rates, $0.188. Using this
cashless exercise method, Dr. Bauer will be allotted 1,990,081
Common Shares.
In addition, on 24 December 2010, Medgenics received an executed
warrant exercise notice from Baruch Stern and Phyllis Bellin, both
senior members of the Medgenics management team. Baruch Stern
exercised warrants over 400,021 Common Shares at an exercise price
of US $0.00047 per Common Share, for total proceeds of $187.
Phyllis Bellin exercised warrants over 600,031 Common Shares using
the cashless exercise mechanism. The cashless exercise, based on
the same conversion price as for Dr. Bauer will result in Ms.
Bellin being allotted 373,625 Common Shares.
Application will be made to the London Stock Exchange for the
2,763,727 new Common Shares to be admitted to trading on AIM.
Dealings are expected to commence at 8:00 a.m. on 6 January
2011.
Following the admission to trading of the new Common Shares, the
Company's total issued share capital will be 185,349,804 Common
Shares and the percentage of Common Shares not in public hands will
be 26.0%.
Following the above exercise, Dr. Bauer will be interested in
6,664,640 Common Shares representing 3.6 per cent of the issued
share capital and options over 3,881,434 Common Shares (in
aggregate interests in 10,546 074 Common Shares representing 5.7
per cent. of the issued share capital).
Following the above transactions, the interests of the directors
of the Company and their related parties in the Common Shares will
be as follows:
% of % of
Issued Issued
Common Share Expiry Exercise Total Share
Name Shares Capital Instrument Number Date Price interests Capital
The Executors
of Lord
Leonard
Steinberg's
estate &
Steinberg
family 19,040,957 Warrant 1,145,964 31/5/2012 $0.164
Warrant 763,997 12/04/2012 $0.164
Warrant 832,423 12/04/2012 $0.194
Warrant 450,000 30/1/2012 $0.25
2009
Debentures 1,416,667
2009
Debentures 495,833
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 19,040,957 10.3% 5,104,884 24,145,841 13.0%
River
Charitable
Remainder
Unitrust
f/b/o Isaac 2010
Blech - Debentures 10,750,000
Warrant 8,062,500 22/9/2015 16p
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total - 0.0% 18,812,500 18,812,500 10.1%
CIBC Trust
Company
(Bahamas)
Limited, as
Trustee of 2009
T-555 10,665,177 Debentures 333,333
2009
Debentures 116,667
2010
Debentures 500,000
Warrant 375,000 22/9/2015 16p
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 10,665,177 5.8% 1,775,000 12,440,177 6.7%
Alta Partners 7,482,981 4.0% 7,482,981 4.0%
UK Private
Healthcare
Limited 7,000,000 3.8% 7,000,000 3.8%
Platinum
Montaur Life
Sciences I
LLC 7,190,208 Warrant 1,604,362 13/8/2012 $0.164
Warrant 1,604,362 12/04/2012 $0.164
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 7,190,208 3.9% 3,208,724 10,398,932 5.6%
Vision
Opportunity
Master Fund,
Ltd. 7,094,851 Warrant 7,059,192 31/3/2011 $0.071
Warrant 2,673,936 23/10/2011 $0.117
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 7,094,851 3.8% 9,733,128 16,827,979 9.1%
Eugene A.
Bauer
(Director) 6,664,640 Option 2,881,434 13/11/2012 $0.21
Option 1,000,000 13/9/2020 $0.234
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 6,664,640 3.6% 3,881,434 10,546,074 5.7%
Chicago
Investments,
Inc. 20,933,116 Warrant 187,500 22/9/2015 16p
2009
Debentures 541,667
2009
Debentures 189,583
2010
Debentures 250,000
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 20,933,116 11.3% 1,168,750 22,101,866 11.9%
Stephen D.
McMurray 2009
(Director) 2,484,849 Debentures 41,667
2009
Debentures 14,583
Options 1,156,830 14/11/2012 $0.21
Options 1,000,000 13/9/2020 $0.234
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 2,484,849 1.3% 2,213,080 4,697,929 2.5%
Joel S.
Kanter
(Director) &
related 2009
interests 36,008,688 Debentures 1,000,000
2010
Debentures 1,250,000
2009
Debentures 350,000
Warrants 937,500 22/9/2015 16 pence
Warrants 450,000 30/1/2012 $0.25
Warrants 96,413 13/2/2012 $0.25
Options 1,708,110 14/11/2012 $0.21
Options 1,000,000 13/9/2020 $0.234
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 36,008,688 19.4% 6,792,023 42,800,711 23.1%
Andrew L.
Pearlman
(Director) &
related
interests 1,238,185 Warrants 31,681,652 31/3/2016 $0.071
Warrants 1,257,285 31/3/2016 $0.0000047
Options 6,398,216 31/3/2016 $0.071
Options 3,199,097 14/11/2012 $0.21
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 1,238,185 0.7% 42,536,250 43,774,435 23.6%
Gary Brukardt
(Director) 1,106,416 Warrants 2,117,758 21/6/2011 $0.071
Options 1,599,549 18/9/2011 $0.071
Options 934,680 14/11/2012 $0.21
Options 1,000,000 13/9/2020 $0.234
----------- -------- ----------- ----------- ----------- ----------- ----------- --------
Total 1,106,416 0.6% 5,651,987 6,758,403 3.6%
Alastair
Clemow
(Director) - 0.0% Options 450,000 13/9/2020 $0.234 450,000 0.2%
Notes
1 Based on estimated conversion price of US $0.12 per Common
Share
2 Based on estimated conversion price of US $0.20 per Common
Share
3 For the purpose of the AIM Rules included within the interests
of Joel Kanter (Director)
4 Included within the interests of Joel Kanter are his interests
in:
i. 2,497,233 Common Shares held by the Kanter Family Foundation,
an Illinois not-for-profit corporation of which Mr. Kanter is the
President and is a Director;
ii. 10,665,177 Common Shares held by CIBC Trust Company
(Bahamas) Limited ("CIBC"). CIBC is the trustee of Settlement T-555
(the "CIBC Trust"). The CIBC Trust was established for the benefit
of various descendants of (i) Helen and Henry Krakow, and (ii)
Beatrice and Morris Kanter. Mr. Kanter is a discretionary
beneficiary of the CIBC Trust. Sole voting and investment control
of the Common Shares owned by the CIBC Trust is vested in CIBC as
trustee of the CIBC Trust;
iii. 5,782,807 Common Shares held by Chicago Investments, Inc.
("CII"). CII is a majority-owned subsidiary of Chicago Holdings,
Inc. ("CHI"). CHI is majority owned by various trusts (together the
"Kanter Trusts") established for the benefit of various descendants
of (i) Helen and Henry Krakow, and (ii) Beatrice and Morris Kanter.
Joel Kanter is a discretionary beneficiary of some, but not all, of
the Kanter Trusts. Sole voting and investment control of the Common
Shares owned by CII is vested in Mr. Kanter's brother, Joshua
Kanter, as President of CII; and
iv. 15,390,774 Common Shares held by Chicago Private
Investments, Inc ("CPI"). CPI is a wholly owned subsidiary of The
Holding Company ("THC"). THC is owned by Kanter Trusts. Sole voting
and investment control of the shares of the Company owned by CPI is
vested in Mr. Kanter's brother, Joshua Kanter, as President of
CPI.
For the purposes of applicable US Securities Laws and
regulations, Mr. Kanter disclaims all beneficial and pecuniary
interest to the Common Shares held by CII and CPI and the CIBC
Trust. Such disclaimer does not affect Mr. Kanter's status as a
discretionary beneficiary under the Kanter Trusts or the CIBC
Trust.
5 Including interests in 3,316 Common shares held by family
members and 60,174 ADP Holdings LLC, a company in which Andrew
Pearlman is interested.
6 110% of the qualifying transaction price
For further information, contact:
Medgenics, Inc. Phone: +972 4 902 8900
Dr. Andrew L. Pearlman
------------------------------------- ------------------------
Religare Capital Markets (Nominated Phone: +44 20 7444 0800
Adviser)
James Pinner
Derek Crowhurst
------------------------------------- ------------------------
SVS Securities plc (Joint Broker) Phone: +44 20 7638 5600
Ian Callaway
------------------------------------- ------------------------
Nomura Code Securities PLC (Joint Phone: +44 20 7776 1219
Broker)
Jon Senior
------------------------------------- ------------------------
De Facto Communications Phone: +44 20 7861 3838
Mike Wort
Anna Dunphy
------------------------------------- ------------------------
Grayling (Investment Relations - US) Phone: +1 646 284 9472
Leslie Wolf-Creutzfeldt
------------------------------------- ------------------------
<ENDS>
This information is provided by RNS
The company news service from the London Stock Exchange
END
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