Good to have this clarified for anyone new to PYC.
CLARIFICATION OF ASX RELEASES MADE IN RELATION to SECURITY CANCELLATIONS
Perth, Australia, 17 March 2017: Phylogica Limited (ASX: PYC) has become of aware of clarification requested by some shareholders in relation to the releases made on 10th and 13th March 2017, detailing the cancellation of securities following the cessation of employment of two executives.
Announcements were made on:
• 18 July 2016, that R Hopkins would cease employment in early October 2016; and
• 12 September 2016, that P Watt would transition from full time employment with Phylogica to a role with Telethon Kids Institute (TKI) whilst taking up a consulting position with Phylogica as Chief Scientific Advisor and becoming a non-executive director.
Following cessation of employment, there is a period of grace within which to exercise employee options or to repay the loan outstanding on employee loan funded shares. Details of these securities are available in the Company’s annual accounts.
None of the rights in relation to employee securities were exercised during the relevant period and the announcements of 10th and 13th March 2017 merely reflect the consequent lapsing of options and cancellation of loan funded shares.
Professsor Watt continues to advise on strategic direction of Phylogica’s screening program, which is conducted within TKI laboratories, under contract within the Drug Discovery Unit, which Professor Watt leads as Director of Research Services and Innovation.
Phylogica Limited
PYC Price at posting:
3.0¢ Sentiment: None Disclosure: Held
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