Psych Capital PLC - Operational Update, Share Options and Share Issue
Announcement provided by
Shortwave Life Sciences Plc · PSY02/02/2024 07:00
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2 February 2024
PSYCH CAPITAL PLC
("Psych", "Psych Capital", or "the Company")
Operational Update, Grant of Share Options and Allocation of Shares
Rivki Stern CEO of the Company stated: "Despite the on-going war in
Grant of Share Options
The Company further announces that it has granted share options over ordinary shares of the Company, as part of a new unapproved share option scheme, to existing directors ("Share Options"). The Share Options are in recognition for the uncompensated work done by the directors leading up to and following the acquisition of Shortwave Pharma Inc, and were decided upon at the time of completion of the acquisition in November last year.
Details of the Share Options granted are as follows:
Name and board position |
Number of Share Options Received |
Rivki Stern Youdkevich (CEO) |
4,000,000 |
Roy Kait (Non-Executive Director) |
2,000,000 |
Stephen Murphy (Co-Founder & Executive director) |
2,000,000 |
William Potts (Co-Founder & CIO) |
2,000,000 |
The Share Options approved in November, have an expiry date of January 2026. 25% of the Share Options granted will vest every 6 months, with the first 25% vesting on 19 November 2023. The second batch will vest on 20 May 2024, the third batch on 19 November 2024, and the final batch of 25% will vest on 19 May 2025.
The exercise price for each Share Option is
To the extent that persons receiving a grant of Share Options is a party to the Lock-In Agreements, any further ordinary shares acquired during the period of the lock-in restrictions will be subject to the terms of the lock-in arrangements.
The Share Options granted are in addition to the 31,835,832 options already granted to directors, technical advisory board members, founders and employees of the Company. The directors of the Company are confident that the total number of share options granted, including the Share Options detailed in this announcement, is an acceptable level that is in line with the corporate governance structure that the Company currently has in place.
Issue of Shares to Consultants
The Company announces that it has issued 572,197 new ordinary shares to certain legal advisers in lieu of cash fees for services rendered.
Application will be made for the 572,197 new ordinary shares to be admitted to trading on the Aquis Growth Market ("Admission"). It is expected that Admission of the new ordinary shares will become effective at 8.00 a.m. on or around 8 February 2024. The new ordinary shares will be issued credited as fully paid and will rank in full for all dividends and other distributions declared, made or paid after Admission and will otherwise rank on Admission pari passu in all respects with the existing ordinary shares.
Total Voting Rights
Following the issue of the 572,197 new ordinary shares, in accordance with the Financial Conduct Authority's Disclosure and Transparency Rules, Psych Capital hereby announces that the Company has 361,775,664 ordinary shares of
The above figure of 361,775,664 Ordinary Shares may be used by shareholders in the Company 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 Financial Conduct Authority's Disclosure and Transparency Rules.
The directors of the Company accept responsibility for the contents of this announcement.
Enquiries:
Company:
William Potts: +44 20 3838 7621
Rivki Stern: +972 54 762 1621
info@psych.capital
Peterhouse Capital Limited:
Corporate Adviser:
Guy Miller / Narisha Ragoonanthun: + 44 (0) 20 7469 0930
Corporate Broker
Lucy Williams: +44 (0) 20 7469 0930
Duncan Vasey: +44 (0) 20 7220 9797 (Direct)
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