Some context ……..
23 September 2022 – Dr Daniel Tillett, Chief Scientific Officer and Executive Director of Race Oncology comments: “I have chosen to purchase additional Race shares on market to maximise my ownership of Race. When I was appointed Chief Scientific Officer in 2019, I accepted payment for this executive role in options in lieu of a cash salary. I was granted 2.5 million options with a strike price of 19c, a strike price more than 80% above the share price at the time. These options expire on the 25th November 2022. The cash cost of converting these options is $475,000.
The Race Employee Long Term Incentive Program allows cashless conversion of these options whereby a limited number of options are ‘trade in’ at the market price of Race shares at the date of conversion. For example, if the share price of Race is $3.00 at the date of option conversion, then 158,334 options would be deducted and I would receive 2,334,666 shares. The purpose of this cashless conversion option is to avoid Race employees having to sell shares on market to pay for option conversions.
While I had intended to pay cash to convert these options, the current Race share price enables me to buy more shares in total provided the share price is higher than my average on-market purchase price before the 25th November 2022. For example, if I acquire 239,899 shares on market at an average price of $1.98 (total cost of $475,000) and later cashless convert the options when the share price is $3.00, I would be able to acquire 2,574,566 rather than 2,500,000 shares for the same total cash cost.
To avoid perception of a potential conflict of interest, I am taking no part in the Race share buyback decision making process.
I have not sold any Race shares, nor do I intend to sell any shares in the immediate or medium term future. I continue to believe Race Oncology has an extraordinary and growing opportunity and I look forward to seeing our clinical plans progressing for Zantrene as the first-in-class, best-in-class FTO inhibitor and as a chemotherapy cardioprotective agent with improved anti- cancer activity.“
A copy of the Appendix 3Y is attached to this announcement. -ENDS-
About Race Oncology
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