TIDMSAR
RNS Number : 6163R
Sareum Holdings PLC
01 July 2020
(AIM: SAR) 1 July 2020
Sareum Holdings plc
("Sareum" or "the Company")
Update on Deferred Salaries and Issue of Equity
Sareum Holdings plc (AIM: SAR), the specialist drug development
company delivering targeted small molecule therapeutics to improve
the treatment of cancer and autoimmune diseases, provides an update
on the Salary Deferral Scheme, as defined below, and announces the
settlement of directors' deferred salary through the issue of new
ordinary shares of 0.025p each in the capital of the Company
("Ordinary Shares").
Salary Deferral Scheme
As announced on 17 December 2019, the Company confirmed that all
directors had entered into a salary deferral scheme, whereby 33% of
directors' salaries were being deferred until further notice (the
"Salary Deferral Scheme").
The Company has agreed to issue, in aggregate, 13,680,485 new
Ordinary Shares (the "Deferred Salary Shares") to the directors at
a price of 0.6p, being equal to the recent placing pricing, in
satisfaction of the deferred salaries, after deducting all
applicable taxes which will be settled by the Company, that have
accrued under the Salary Deferral Scheme to 30 June 2020. The issue
of the Deferred Salary Shares has a positive effect of reducing the
Company's accrued liabilities by an aggregate amount of GBP124,152
(including the cash settlement of applicable taxes).
Details of the Deferred Salary Shares to be issued to the
directors and their resultant shareholdings in the Company are set
out below:
Shareholding
No. of Deferred following issue Resulting holding
Current Salary Shares of the Deferred as a % of enlarged
Director shareholding issued Salary Shares share capital
Dr Stephen Parker(1) 1,745,977 2,160,686 3,906,663 0.12%
-------------- ---------------- ----------------- --------------------
Dr Tim Mitchell(2) 42,280,471 5,118,679 47,399,150 1.46%
-------------- ---------------- ----------------- --------------------
Dr John Reader(3) 43,447,582 5,100,880 48,548,462 1.49%
-------------- ---------------- ----------------- --------------------
Dr Michael Owen - 548,846 548,846 0.02%
-------------- ---------------- ----------------- --------------------
Clive Birch 1,250,000 751,394 2,001,394 0.06%
-------------- ---------------- ----------------- --------------------
1 - Included within Stephen Parker's holding are 1,284,028
Ordinary Shares held by his spouse.
2 - Included within Tim Mitchell's total holding are 10,000,000
Ordinary Shares held by his spouse.
3 - Included withing John Reader's total holding are 3,333,791
Ordinary Shares held by his spouse.
The Company has today agreed to reduce the terms of Dr Tim
Mitchell's salary deferral from 33% to 20% of his salary going
forward. All other directors will continue to defer 33% of their
salaries until further notice.
Admission and Total Voting Rights
Application will be made for the 13,680,485 Deferred Salary
Shares, which will rank pari passu with the Company's existing
Ordinary Shares, to be admitted to trading on the AIM market of the
London Stock Exchange ("Admission"). It is anticipated that
Admission will become effective at 8.00 a.m. on 8 July 2020.
On Admission, the Company will have 3,255,415,104 Ordinary
Shares in issue with voting rights. No Ordinary Shares are held in
treasury. The figure of 3,255,415,104 may be used by the Company's
shareholders as the denominator in the calculations by which they
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 Guidance and
Transparency Rules.
Dr Stephen Parker, Chairman of Sareum, said : "It is vital that
the directors continue to manage the Company's resources to enable
it to invest as much as possible in its TYK2/JAK1 programmes. We
believe that this focused investment approach will improve Sareum's
ability to potentially deliver value inflexion milestones to the
Company, thereby creating shareholder value."
For further information, please contact:
Sareum Holdings plc
Tim Mitchell, CEO 01223 497 700
Strand Hanson Limited (Nominated Adviser)
James Dance / Richard Tulloch 020 7409 3494
Hybridan LLP (Nominated Broker)
Claire Noyce 020 3764 2341
Citigate Dewe Rogerson (Financial PR)
Mark Swallow/ David Dible 020 7638 9571
The information contained within this announcement is deemed by
the Company to constitute inside information under the Market Abuse
Regulation (EU) No. 596/2014
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS
DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY
ASSOCIATED WITH THEM
A
1 Details of the person discharging managerial responsibilities/person
closely associated
a) Name (a) Dr Stephen Parker
(b) Dr Tim Mitchell
(c) Dr John Reader
(d) Dr Michael Owen
(e) Clive Birch
------------------------ ------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status (a) Non-executive Chairman
(b) Chief Executive Officer
(c) Chief Scientific Officer
(d) Non-executive Director
(e) Non-executive Director
------------------------ ------------------------------------------------
b) Initial notification/ Initial Notification
Amendment
------------------------ ------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Sareum Holdings plc
------------------------ ------------------------------------------------
b) LEI 213800PKERN2DY8FFM72
------------------------ ------------------------------------------------
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 Ordinary shares of 0.025p each
of the financial
instrument,
type of instrument
Identification GB00B02RFS12
code
------------------------ ------------------------------------------------
b) Nature of the Shares in lieu of deferred salary payments
transaction
------------------------ ------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) (a) 0.6p (a) 2,160,686 shares
(b) 0.6p (b) 5,118,679 shares
(c) 0.6p (c) 5,100,880 shares
(d) 0.6p (d) 548,846 shares
(e) 0.6p (e) 751,394 shares
---------------------------
------------------------ ------------------------------------------------
d) Aggregated
information (a) 2,160,686 shares
- Aggregated (b) 5,118,679 shares
volume (c) 5,100,880 shares
- Price (d) 548,846 shares
(e) 751,394 shares
All at 0.6p
------------------------ ------------------------------------------------
e) Date of the 30 June 2020
transaction
------------------------ ------------------------------------------------
f) Place of the Outside a trading venue
transaction
------------------------ ------------------------------------------------
About Sareum
Sareum is a specialist drug development company delivering
targeted small molecule therapeutics to improve the treatment of
cancer and autoimmune diseases. The Company aims to generate value
through licensing its candidates to international pharmaceutical
and biotechnology companies at the preclinical or early clinical
trials stage.
Sareum is advancing internal programmes focused on distinct dual
tyrosine kinase 2 (TYK2) / Janus kinase 1 (JAK1) inhibitors through
preclinical development as therapies for autoimmune diseases,
including the "cytokine storm" immune system overreaction to
Covid-19 and other viral infections, (SDC-1801) and cancer
immunotherapy (SDC-1802). The Company is targeting completion of
preclinical development for each molecule in 2020.
The Company's preclinical FLT3+Aurora inhibitor programme
targeting haematological cancers is licensed to a China-based
specialty pharma company.
Sareum also has an economic interest in SRA737, a clinical-stage
oral, selective Checkpoint kinase 1 (Chk1) inhibitor that targets
cancer cell replication and DNA damage repair mechanisms.
Preliminary data suggest SRA737 may have broad application in
combination with other oncology and immune-oncology drugs in
genetically defined patients.
SRA737 was discovered and initially developed by scientists at
The Institute of Cancer Research in collaboration with Sareum, and
with funding from Sareum and Cancer Research UK. SRA737 was
licensed by CRT Pioneer Fund (CPF) to Sierra Oncology Inc., which
is currently seeking to on-license SRA737 to a third party for
further development.
Sareum Holdings plc is listed on the AIM market of the London
Stock Exchange, trading under the ticker SAR. For further
information, please visit the Company's website at
www.sareum.com.
- Ends -
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END
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