Issue of shares to non-executive directors
338,113 new ordinary shares issued to three non-executive directors in lieu of salary for H1 FY25.
- New ordinary shares issued 338,113
- Deemed issue price per share 6.1p
- Total salary/fees satisfied £20,625
- Total voting rights post-admission 113,656,253
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Fusion Antibodies plc (AIM: FAB), specialists in pre-clinical antibody discovery, engineering and supply for both therapeutic drug and diagnostic applications, announces the issue of new ordinary shares of 4p each in the capital of the Company ("Ordinary Shares") to certain non-executive directors of the Company in satisfaction of part of their salary and fees for the six-month period ended 31 March 2025.
As disclosed in the Company's annual report and accounts for the year ended 31 March 2024 (as announced on 5 September 2024), the Company's non-executive directors agreed to receive part of their salary in new Ordinary Shares until the end of the financial year ending 31 March 2025 ("FY25"), in order to assist the Company as it continues to carefully control its cash flows.
In total, 338,113 new Ordinary Shares have been issued (the "Director Shares") at a deemed issue price of 6.1p per Ordinary Share, being the closing mid-market price of an Ordinary Share on the date of grant, as follows:
| Director | Amount of salary/fees received in Director Shares | No. of Director Shares | Total holding of Ordinary Shares post issue | Percentage of enlarged share capital |
|---|---|---|---|---|
| Simon Douglas | £3,750 | 61,475 | 1,061,062 1 | 0.93% |
| Colin Walsh 2 | £13,500 | 221,311 | 3,109,112 3 | 2.74% |
| Matthew Baker | £3,375 | 55,327 | 292,902 | 0.26% |
1 Excludes Ordinary Shares held by relatives of Simon Douglas.
2 Held by Walsh Strategic Management Limited, a company controlled by Colin Walsh
3 Includes 600,000 Ordinary Shares already held by Walsh Strategic Management Limited, a company controlled by Colin Walsh and 1,400,000 Ordinary Shares held by Hamniv (GP) Limited, a subsidiary of Crescent Capital NI Limited ("Crescent Capital"). Colin Walsh is the Chief Executive and founder of Crescent Capital.
Admission to trading on AIM
Application has been made to the London Stock Exchange plc for the Director Shares to be admitted to trading on AIM ("Admission"). It is anticipated that Admission will become effective and that dealings in the Director Shares will commence on AIM at 8.00 a.m. on or around 12 May 2025.
Total voting rights
On Admission, the Company will have 113,656,253 Ordinary Shares in issue, each with one voting right. There are no shares held in treasury. Therefore, the Company's total number of Ordinary Shares in issue and voting rights will be 113,656,253 and this figure may be used by Shareholders from Admission as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
| 2 | Reason for the notification | |
| a) | Position/status | 1. Non-Executive Chair 2. Non-Executive Director 3. Non-Executive Director |
| b) | Initial notification /Amendment | Initial notification |
| a) | Name | Fusion Antibodies plc |
| b) | LEI | 213800KBAYRC9VOQ9V39 |
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 4p each ("Ordinary Shares") in Fusion Antibodies plc Identification code (ISIN) for Fusion Antibodies plc ordinary shares: GB00BDQZGK16 |
| b) | Nature of the transaction | Issue of Ordinary Shares in lieu of salary |
| c) | Price(s) and volume(s) | Price(s) Volume(s) 1. 6.1p 2. 6.1p 3. 6.1p 1. 61,475 2. 221,331 3. 55,327 |
| d) | Aggregated information: - Aggregated volume - Price | N/A |
| e) | Date of the transaction | 6 May 2025 |
| f) | Place of the transaction | Outside of a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.