Remuneration of Non-Exec Directors & Voting Rights
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Futura Medical plc (AIM: FUM) (the "Company"), the pharmaceutical company developing innovative sexual health products, announces the issue of 43,500 new ordinary shares of 0.2 pence each ("Ordinary Shares") in respect of the 2023 remuneration of its Non-Executive Directors.
Remuneration of Non-Executive Directors
In accordance with the terms of their service agreements, the Non-Executive Directors receive 25 per cent of their remuneration in the form of Ordinary Shares which are usually in January following the period end. For 2023, these were issued at 51.50 pence per share, being the average closing mid-market price of the last 10 trading days of 2022 (as announced via RNS on 12 January 2023).
The 43,500 new Ordinary Shares shall rank pari passu with the existing issued Ordinary Shares of the Company and have been issued to the following Non-Executive Directors:
| Director | Number of Ordinary Shares issued for 2023 remuneration | Total number of ordinary shares held | Percentage of the Company's resulting issued share capital |
|---|---|---|---|
| Jeff Needham | 11,617 | 27,961 | 0.01% |
| Andrew Unitt | 11,970 | 38,496 | 0.01% |
In addition, 19,913 shares have been issued to John Clarke. John Clarke was a Non-Executive Director until July 2023 and these shares represent 25 per cent of his pro-rata remuneration for the period January to July 2023 in accordance with his service agreement.
The shares element of the Non-Executive Directors' remuneration for 2024 will be awarded at 27.10 pence per Ordinary Share, being the average closing mid-market price of the last 10 trading days of 2023. The Non-Executive Directors will receive these shares in January 2025.
Total Voting Rights
Application has been made to the London Stock Exchange and it is anticipated that trading of the new Ordinary Shares will commence on AIM at 8:00am on 22 January 2024.
Immediately following the above issue, the Company will have 301,449,451 ordinary shares in issue, each carrying one voting right. Since the Company currently holds no shares in treasury, the total number of voting rights in the Company is therefore 301,449,541 and this figure may be used by Shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change in their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
Further details are contained within the notifications below, made in accordance with Article 19 of the EU Market Abuse Regulation 596/2014. Full details of the Non-Executive Directors' remuneration will be included in the Company's Annual Report & Accounts.
| a) | Name | Jeff Needham | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Director/ PDMR | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| a) | Name | Futura Medical plc | ||||
| b) | LEI | 21380053QLT46UNV2303 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.2p each GB0033278473 | ||||
| b) | Nature of the transaction | Issue of shares | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | Not applicable | ||||
| e) | Date of the transaction | 16 January 2024 | ||||
| f) | Place of the transaction | Outside of trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Andrew Unitt | ||||
| 2 | Reason for the notification | |||||
| a) | Position/status | Director/ PDMR | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| a) | Name | Futura Medical plc | ||||
| b) | LEI | 21380053QLT46UNV2303 | ||||
| a) | Description of the financial instrument, type of instrument Identification code | Ordinary shares of 0.2p each GB0033278473 | ||||
| b) | Nature of the transaction | Issue of shares | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume - Price | Not applicable | ||||
| e) | Date of the transaction | 16 January 2024 | ||||
| f) | Place of the transaction | Outside of trading venue |
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