Issue of share options
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Scancell Holdings plc (AIM: SCLP), the developer of novel immunotherapies for the treatment of cancer, announces that on 20 May 2024 it has granted share options to acquire ordinary shares of 0.1 pence each in the capital of the Company to Sath Nirmalananthan, CFO and Executive Director.
These share options have an exercise price of 10.1pence each, the closing share price on 20 May 2024, and will vest over three years in three equal tranches from 29 August 2024 with no vesting criteria other than to remain in employment. Any unexercised share options which are being granted per the above will expire at 6pm on 19 May 2034.
The Board of Scancell approved the issuance of share option grants to incentivise and retain directors and staff of the Company. The Board considered both historical practices and on-going funding requirements in this regard.
Related Party Transaction
The issue of share options to Sath Nirmalananthan are deemed to be a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. The Company's directors who are independent of the related party transaction, being all the directors other than Sath Nirmalananthan, consider, having consulted with the Company's Nominated Adviser, Stifel Nicolaus Europe Limited, that the terms of the related party transactions are fair and reasonable insofar as the shareholders of the Company are concerned.
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING
MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM
| 1 | Details of the person discharging managerial responsibilities/person closely associated | |
| a) | Name | Sath Nirmalananthan |
| 2 | Reason for the notification | |
| a) | Position/status | Chief Financial Officer and PDMR |
| b) | Initial notification/Amendment | Initial notification |
| a) | Name | Scancell Holdings plc |
| b) | LEI | 2138008RXEG856SNP666 |
| a) | Description of the financial instrument, type of instrument | Options to acquire ordinary shares |
| b) | Identification Code | GB00B63D3314 |
| c) | Nature of the transaction | Grant of options to acquire ordinary shares |
| d) | Price(s) and volume(s) | 1,000,000 share options 10.1 pence per share option |
| e) | Aggregated information - Aggregated volume - Price | N/A (single transaction) |
| f) | Date of the transaction | 20 May 2024 |
| g) | Place of the transaction | Outside a trading venue |
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