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LONDON and PHILADELPHIA - Avacta Therapeutics (AIM:AVCT), a developer of targeted oncology drugs, has applied for a block listing of 6.5 million ordinary shares to facilitate the future trading of shares post-option exercises under its employee incentive scheme. The application, submitted today, is set to become effective on May 14, 2025.
The shares, each with a nominal value of 10 pence, will be issued as needed following the exercise of options granted to employees under the Group’s Long Term Incentive Plan (LTIP) and Employee Stock Option Scheme (ESOS). These new shares will have the same rights as the existing ordinary shares.
Avacta’s move to secure a block listing is a common practice for companies seeking to streamline the process of admitting shares to trading on the Alternative Investment Market (AIM), particularly after option exercises by employees.
As of today, Avacta has 389,788,205 ordinary shares in issue. This figure is relevant for shareholders who need to determine whether they must disclose changes in their shareholding as per the Financial Conduct Authority’s Disclosure Guidance and Transparency Rules.
The company has committed to making semi-annual announcements regarding the utilization of the block admission, adhering to the AIM Rule 29 requirements.
This information is based on a press release statement from Avacta Group plc.
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