Award of Share Options
Sareum awards 4.4m share options to three executives with 30.48p exercise price and vesting from December 2027.
- Options granted 4,400,000
- Exercise price 30.48p
- Premium to market price 15.0%
- Total options outstanding post-grant 7,430,058
- Outstanding options as % of issued capital 6.0%
- Warrants exercised 159,091 shares at 22.5p
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Issue of Adviser Fee Shares
Cambridge, UK, 16 December 2024 - Sareum Holdings plc (AIM: SAR), a biotechnology company developing next generation kinase inhibitors for autoimmune disease and cancer, announces the grant of options to Tim Mitchell (Chief Operating Officer), John Reader (Founder and Chief Scientific Officer) and Stephen Parker (Executive Chairman) over, in aggregate, 4,400,000 ordinary shares of 1.25 pence each in the capital of the Company ("Ordinary Shares") (the "Options"). A total of 890,000 Options will be granted under the Company's Enterprise Management Incentive ("EMI") plan, and the remaining Options will be granted under an unapproved share option scheme on identical terms to the EMI options, as further detailed below.
The Options have an exercise price of 30.48 pence, being equal to a premium of 15.0% to the closing mid-market price of an Ordinary Share on 13 December 2024, being the last trading day before the award of the Options. The Options will be structured to vest from 16 December 2027 and will lapse on the fifth anniversary of the date of grant. Details of the individual tranches are as follow:
- Tranche 1: 50% of the Options will vest on 16 December 2027
- Tranche 2: 50% of the Options will vest on 16 December 2027 providing the Company has met certain commercial and technical milestones
Details of the Options award is detailed in the table below:
| Director / PDMR | Current options held | New EMI options awarded | New unapproved options awarded | Total options held |
|---|---|---|---|---|
| Tim Mitchell, Founder & COO | 1,211,434 | 445,000 | 755,000 | 2,411,434 |
| John Reader, Founder & CSO | 1,211,434 | 445,000 | 1,555,000 | 3,211,434 |
| Stephen Parker, Executive Chairman | 492,908 | - | 1,200,000 | 1,692,908 |
Following the grant of the new Options, a total of 7,430,058 options are outstanding, representing approximately 6.0% of the Company's issued share capital following Admission.
Transfer of Shares
The Company also announces that Dr. Tim Mitchell, has transferred 451,960 of his Ordinary Shares to his spouse, resulting in both Dr Mitchell and his spouse holding 651,960 Ordinary Shares, representing, in aggregate, approximately 1.04% of the Company's issued share capital following Admission.
Exercise of Warrants
The Company announces that it has received an exercise of warrants notice to subscribe for a total of 159,091 new Ordinary Shares at a price of 22.5 pence per new Ordinary Share for a total consideration to the Company of £35,795.48.
Issue of Adviser Fee Shares
Finally, the Company announces that it has issued 22,222 Ordinary Shares to an adviser to settle amounts due in relation to advice provided.
Admission and Total Voting Rights
The Company has applied for 181,313 new Ordinary Shares to be to be admitted to trading on AIM ("Admission") by 8.00 a.m. on or around 20 December 2024.
The new Ordinary Shares will, when issued, be credited as fully paid and will rank pari passu in all respects with the existing Ordinary Shares of the Company including the right to receive all dividends or other distributions made, paid or declared in respect of such shares after Admission.
Following Admission, the total number of Ordinary Shares in issue will be 124,927,651 and the total number of voting rights will thereafter be 124,927,651 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 to their interest in, the share capital of the Company under the FCA's Disclosure Guidance and Transparency Rules.
| a) | Name: | Tim Mitchell | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | PDMR - Founder & COO | ||||
| b) | Initial notification/Amendment: | Initial notification | ||||
| a) | Name: | Sareum Holdings plc | ||||
| b) | LEI: | 213800PKERN2DY8FFM72 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Options over ordinary shares of 0.0125 pence each in the share capital of Sareum Holdings plc GB00B02RFS12 | ||||
| b) | Nature of the transaction: | Issue of options | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: · Aggregated volume: · Price: | Single transaction as in 4c) above | ||||
| e) | Date of the transaction: | 16 December 2024 | ||||
| f) | Place of the transaction: | Outside a trading venue | ||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | John Reader | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | Director - Founder & CSO | ||||
| b) | Initial notification/Amendment: | Initial notification | ||||
| a) | Name: | Sareum Holdings plc | ||||
| b) | LEI: | 213800PKERN2DY8FFM72 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Options over ordinary shares of 0.0125 pence each in the share capital of Sareum Holdings plc GB00B02RFS12 | ||||
| b) | Nature of the transaction: | Issue of options | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: · Aggregated volume: · Price: | Single transaction as in 4c) above | ||||
| e) | Date of the transaction: | 16 December 2024 | ||||
| f) | Place of the transaction: | Outside a trading venue | ||||
| 1. | Details of the person discharging managerial responsibilities/person closely associated | |||||
| a) | Name: | Stephen Parker | ||||
| 2. | Reason for the notification | |||||
| a) | Position/status: | Director - Executive Chairman | ||||
| b) | Initial notification/Amendment: | Initial notification | ||||
| a) | Name: | Sareum Holdings plc | ||||
| b) | LEI: | 213800PKERN2DY8FFM72 | ||||
| a) | Description of the financial instrument, type of instrument: Identification code: | Options over ordinary shares of 0.0125 pence each in the share capital of Sareum Holdings plc GB00B02RFS12 | ||||
| b) | Nature of the transaction: | Issue of options | ||||
| c) | Price(s) and volume(s): |
| ||||
| d) | Aggregated information: · Aggregated volume: · Price: | Single transaction as in 4c) above | ||||
| e) | Date of the transaction: | 16 December 2024 | ||||
| f) | Place of the transaction: | Outside a trading venue |
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