Cancellation & Reissue Share Options
RUA Life Sciences Plc has cancelled and reissued a total of 2,900,000 share options under the Enterprise Management Incentive scheme due to an administrative oversight. William Brown received 1,400,000 options, Lachlan Smith received 1,200,000 options, and other employees received 300,000 options, all with an exercise price of 11 pence. These new options have the same vesting terms as the cancelled ones, with vesting on 19 June 2027 and an exercise period up to 10 years, with potential acceleration in case of an acquisition or return of capital exceeding the exercise price. Following this, the company continues to have 5,625,603 shares under option, representing 9% of its issued share capital.
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RUA Life Sciences (AIM: RUA), the holding company of a group of medical device businesses focused on the exploitation of the world's leading long-term implantable biostable polymer (Elast-Eon™), announces that it has today cancelled, for nil consideration, certain options previously granted on 19 June 2024.
An administrative oversight following grant resulted in such options failing to be registered for EMI. The board have therefore agreed to rectify this through the cancellation and re-grant, to put the employees in no worse position than they would have been.
An equivalent number of new options have therefore been granted over ordinary shares of 5 pence each in the Company ("Options") under the Enterprise Management Incentive (EMI) share option scheme. The number, exercise price and the vesting terms and conditions of the new Options are the same as the options cancelled.
A total of 2,900,000 EMI Options have been granted, allocated as follows:
| Name | Options cancelled (19 June 2024 Grant) | Options Granted (re-Grant) | Plan | Exercise price |
|---|---|---|---|---|
| William Brown | 1,400,000 | 1,400,000 | EMI | 11 pence |
| Lachlan Smith | 1,200,000 | 1,200,000 | EMI | 11 pence |
| Other employees | 300,000 | 300,000 | EMI | 11 pence |
Vesting and exercise
- Options vest on 19 June 2027 (three years after original grant) and are exercisable up to the plan long-stop (10 years from original grant).
- In the event of an offer to acquire the whole company prior to the plan long-stop date, vesting may accelerate in accordance with plan rules.
- If a return of capital is proposed at an amount per share that is greater than the exercise price per share of these options, they will vest immediately prior to such return of capital to allow option holders to participate.
Following the cancelation and issuance of these share options, the Company had and will continue to have 5,625,603 shares under option being 9 % of the issued share capital of the Company.
| a) | Name | Rua Life Sciences Plc |
| b) | LEI | 213800BMVB22PVOJ9Z28 |
| a) | Description of the financial instrument, type of instrument | Options over Ordinary Shares of £0.05 each |
| Identification code | ISIN: GB0033360586 | |
| b) | Nature of the transaction | Grant and cancellation of options |
| c) | Price(s) and volume(s) | |
| Price(s) | Volume(s) | |
| 1. | £0.11 (Grant) | 1,400,000 |
| £0.11 (Cancellation) | 1,400,000 | |
| 2. | £0.11 (Grant) | 1,200,000 |
| £0.11 (Cancellation) | 1,200,000 | |
| d) | Aggregated information | |
| - Aggregated volume | N/A | |
| - Price | N/A | |
| e) | Date of the transaction | 10 December 2025 |
| f) | Place of the transaction | Outside a trading venue |
Cleaned text: letterheads, contacts and legal notices removed. View the original announcement ↗ · Company filings. Not investment advice.