Aptamer Group plc (AIM: APTA), the York-based developer of next-generation synthetic Optimer® binders, has announced that its directors have agreed to a voluntary share price condition on their Award 1 share options following consultation with major shareholders. Under the new arrangement, directors will not exercise the 193,508,199 Award 1 options until the company's closing mid-market share price has traded above 0.6 pence for 30 consecutive dealing days. The move is designed to strengthen alignment between directors and shareholders at a critical stage in the company's commercial development.

Key Points

  • Aptamer Group plc (AIM: APTA) — developer of synthetic Optimer® binders for pharmaceutical discovery and therapeutics
  • Directors have voluntarily added a 0.6p share price hurdle, sustained for 30 consecutive dealing days, before Award 1 options can be exercised
  • Award 1 covers 193,508,199 director options with an exercise price of 0.1 pence per share, originally granted in August 2026; the voluntary condition took effect on 12 November 2026
  • Investors may be watching whether the company achieves the sustained 0.6p price threshold and progresses its licensing and fee-for-service revenue pipeline

Voluntary 0.6p Hurdle Agreed Following Major Shareholder Consultation

Aptamer's directors confirmed on 12 November 2026 that, following constructive discussions with major shareholders, they have voluntarily committed not to exercise Award 1 options until the closing mid-market price of the company's ordinary shares has remained above 0.6 pence for at least 30 consecutive dealing days. The commitment applies for three years from today's date. Following any future exercise of Award 1 options after the condition is met, the resulting shares will be subject to orderly market arrangements for a further 12 months, with disposals permitted only through the company's broker and with prior company consent.

Award 1 Options Reflect Directors' Contributions Between 2023 and 2025

The Award 1 options, covering 193,508,199 shares at an exercise price of 0.1 pence per share, were structured to recognise directors' contributions during the period from 2023 to 2025, during which the announcement states directors accepted below-market salaries and received no bonuses. The options vested immediately on grant in August 2026. The company noted that using share options avoids drawing on working capital for cash bonuses and is considered more tax-efficient than a direct share award. None of the Award 1 options have been exercised to date, the announcement confirms.

Three-Tranche Option Scheme Underpins Incentive Structure Across Directors and Staff

The broader option scheme, approved by shareholders on 13 April 2026, comprises three awards totalling 863,785,988 options across directors and employees. Award 2 provides 227,182,788 director options at 0.6 pence, subject to the share price exceeding 0.65 pence for 30 consecutive dealing days. Award 3 offers 443,095,001 options — split between directors and staff — at 0.69 pence, vesting across eight tranches tied to share price multiples ranging from 1.5 times to 3.25 times the 0.6 pence fundraise price. All options carry malus and clawback provisions in line with governance best practice.

Aptamer's Dual-Revenue Model and Pharma Pipeline Underpin Commercial Strategy

Aptamer operates a dual-revenue model, generating near-term income through fee-for-service Optimer® discovery programmes while building proprietary therapeutic assets intended to generate longer-term licensing and royalty revenues. The company targets top-20 global pharmaceutical companies and focuses on challenging biological targets, including so-called "undruggable" proteins. The announcement references the company's belief that it can achieve multiple material contracts and licensing deals in the £10 million to £50 million range, though these remain prospective and no contracts of that scale were confirmed in this update. The company did not disclose current revenue figures in this announcement.