TIDMCIZ
RNS Number : 2821R
Cizzle Biotechnology Holdings PLC
04 November 2021
4 November 2021
Cizzle Biotechnology Holdings Plc
("Cizzle Biotechnology" or the "Company")
Grant of Options
Cizzle Biotechnology, the UK based diagnostics developer,
announces that on 3 November 2021 the Company granted options
("Options") over a total of 19,741,345 ordinary shares of 1 pence
each in the capital of the Company ("Ordinary Shares") to Persons
Discharging Managerial Responsibilities ("PDMRs") pursuant to the
Company's newly established Management Incentive Plan.
The intention to establish an option scheme was described in the
Company's prospectus published on 23 April 2021 (the "Prospectus")
and that such a scheme, when put in place, would comply with the
guidance issued by The Investment Association.
Taking into account the commitments made in the Prospectus, the
Options have been granted as follows:
Name Role Number Total number New Options Total number Percentage
of new of options as percentage of Ordinary of current
Options held following of current Shares issued
granted grant issued held share capital
share capital held
Executive
Allan Syms Chairman 5,068,956 5,068,956 2.0% - -
--------------- ----------- ---------------- -------------- ------------- ---------------
Non-executive
Dawn Coverley Director 12,672,389 16,361,485** 5.0% 13,359,042* 5.12%*
--------------- ----------- ---------------- -------------- ------------- ---------------
Nigel Lee Finance
*** Director 2,000,000 2,001,600 0.79% 18,571 0.007%
--------------- ----------- ---------------- -------------- ------------- ---------------
*this includes 7,055,548 shares held by Professor Dawn
Coverley's husband, Justin Ainscough, a founder scientist of Cizzle
Biotechnology Ltd.
** the total number of options held by Dawn Coverley following
this grant includes 3,689,096 options exercisable within three
years from 14 May 2021 at an exercise price of 1.534p per Ordinary
Share. The exercise of these options is not subject to any
conditions.
*** includes 1,600 options and 18,571 shares held by CFO
Solutions Limited of which Nigel Lee is a director and
shareholder.
The Options granted are exercisable at a price of 10 pence per
Ordinary Share, an approximate 127% premium to the closing
mid-market price of the Cizzle Biotechnology shares on 3 November
2021, subject to certain vesting criteria being met. These vesting
criteria are based on detailed key deliverables being achieved,
derived from the Company's near to medium term business plan as set
out in the Prospectus, together with further milestones identified
by the Company.
When step one of the performance and/or service conditions are
deemed to have been met, to the satisfaction of such members of the
Company's Board who are not interested in the Management Incentive
Plan, the beneficiary becomes unconditionally entitled to 50% of
the Options and they are capable of exercise. Once all further
performance and/or service conditions are deemed to have been met
the beneficiary becomes unconditionally entitled to the remaining
Options and they are capable of exercise. Following the Options
being deemed capable of exercise the recipient has ten years in
which to exercise.
Further detail is set out in the PDMR disclosure table
below.
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) Names Allan Syms - Executive Chairman
Dawn Coverley - Non-executive Director
Nigel Lee - Finance Director
--------------------------- ----------------------------------------
2. Reason for the Notification
---------------------------------------------------------------------
a) Position/status See 1(a) above for positions - all
classified as PDMRs of the Company
--------------------------- ----------------------------------------
b) Initial notification/ Initial Notification
Amendment
--------------------------- ----------------------------------------
3. Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name Cizzle Biotechnology Holdings Plc
--------------------------- ----------------------------------------
b) LEI 213800G3OS3SA2J1Y358
--------------------------- ----------------------------------------
4. Details of the transaction(s): section to be repeated
for (i) each type of instrument; (ii) each type of transaction;
(iii) each date; and (iv) each place where transactions
have been conducted
---------------------------------------------------------------------
a) Description of the In each case, the grant of Options
Financial instrument, over Ordinary Shares on 3 November
type of instrument 2021
Identification code GB00BNG2VN02
--------------------------- ----------------------------------------
b) Nature of the transaction Grant of Options over Ordinary Shares
--------------------------- ----------------------------------------
c) Price(s) and volume(s) Price: n/a
Volumes:
Allan Syms - 5,068,956 Options
Dawn Coverley - 12,672,389 Options
Nigel Lee - 2,000,000 Options
--------------------------- ----------------------------------------
d) Aggregated information: n/a
* Aggregated volume
* Price
--------------------------- ----------------------------------------
e) Date of the transaction 3 November 2021
--------------------------- ----------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------- ----------------------------------------
This announcement contains inside information for the purposes
of article 7 of EU Regulation 596/2014 which forms part of domestic
UK law pursuant to the European Union (Withdrawal) Act 2018 ("UK
MAR") . Upon the publication of this announcement this inside
information is now considered to be within the public domain.
Enquiries:
Cizzle Biotechnology Holdings Via IFC Advisory
plc
Allan Syms (Executive Chairman)
Allenby Capital Limited +44(0) 20 33285656
John Depasquale
Alex Brearley
Novum Securities Limited +44(0) 20 7399 9400
Colin Rowbury
Jon Bellis
IFC Advisory Limited +44(0) 20 3934 6630
Tim Metcalfe
Florence Chandler
Notes to Editors:
About Cizzle Biotechnology
Cizzle Biotechnology is developing a blood test for the early
detection of lung cancer. Cizzle Biotechnology is a spin- out from
the University of York, founded in 2006 around the work of
Professor Coverley and colleagues . Its proof-of-concept prototype
test is based on the ability to detect a stable plasma biomarker, a
variant of CIZ1 known as CIZ1B. CIZ1 is a naturally occurring cell
nuclear protein involved in the cell growth and division cycle, and
the targeted CIZ1B variant is highly correlated with early stage
lung cancer.
For more information please see
https://cizzlebiotechnology.com
You can also follow the Company through its twitter account
@CizzlePlc and on LinkedIn.
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END
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