9th Mar 2015 07:00
Oxford Pharmascience Group plc
("Oxford Pharmascience" or "the Company")
Grant of Share Options
The Company today announces that it has, pursuant to the rules of the Company's Share Option Plan 2010, granted options to Christopher Hill, Chief Financial Officer, to subscribe for up to 6,000,000 ordinary shares of 0.1p each ("Ordinary Shares") at an exercise price of £0.0725 per ordinary share (the "Options") as follows:
Director | Number of new Options granted | Total Number of Options now held | % of issued share capital represented by options now held |
Christopher Hill | 6,000,000 | 12,000,000 | 1.20 |
The new Options have been granted under the Company's Un-approved share option plan 2010. Further details of the Options granted are as follows:
Exercise Period | |||||
Director | Number of options granted | From | To | Subject to performance conditions | Share price criteria* |
Christopher Hill | 600,000 | 05/03/2016 | 04/03/2025 | Yes | 10p |
Christopher Hill | 1,200,000 | 05/03/2016 | 04/03/2025 | Yes | 20p |
Christopher Hill | 4,200,000 | 05/03/2016 | 04/03/2025 | Yes | 50p |
Total | 6,000,000 | ||||
*based on the middle-market closing price (as derived from the AIM Appendix of the Daily Official List) of Ordinary Shares for a consecutive period of 10 days.
Following the grant of the Options the total number of ordinary shares subject to options and which could, in the future, be issued is 85,000,000. This represents 8.45% of the current issued share capital of the Company which comprises 1,005,661,619 Ordinary Shares.
For further information:
Oxford Pharmascience Group Plc
Marcelo Bravo, Chief Executive +44 20 7554 5875
N+1 Singer (Nominated Adviser & Broker)
Aubrey Powell/Jen Boorer +44 20 7496 3000
About Oxford Pharmascience Group Plc
Oxford Pharmascience Group Plc uses a range of proprietary technology platforms to re-develop existing medicines to make them better, safer or easier to take. The Company does not manufacture or sell its own pharmaceutical products direct to consumers, but instead seeks to license its technologies and dossiers to a network of partners, mainly leading pharmaceutical companies with Rx (prescription) and OTC (Over the Counter) branded portfolios.
Oxford Pharmascience Group Plc focuses on existing medicines that are proven to be safe and effective but nevertheless still have associated issues and side effects often affecting compliance. By working with such medicines, the Company is able to develop new innovative products for a fraction of the cost, in much quicker timescales and without the high risk of failure associated with developing new drugs.
Related Shares:
ABA.L