AMED Amedeo Res

RNS No 9209f
CHIROSCIENCE GROUP PLC
6th July 1998
                                      
                 CHIROSCIENCE GROUP PLC ANNOUNCES SETTLEMENT
                          WITH DR NOWELL STEBBING
 
Chiroscience Group plc announces today that  it has reached a settlement  out
of Court with Dr Nowell Stebbing, the former Deputy Chairman of Chiroscience,
in  respect of his claim for damages brought against the Company  by  a  writ
issued on 13 February 1996.
 
Dr Stebbing's claim arose in connection with an agreement dated 25 April 1995
which served to change his status from that of an Executive Director to a non-
Executive  Director. This agreement had been negotiated between  Dr  Stebbing
and  the  Company's former Chairman, Dr Henry Simon, both of whom  had  acted
throughout  with the benefit of legal advice. In particular,  the  claim  was
brought following a dispute regarding a reduction in his entitlement to share
options.
 
Chiroscience  has   agreed  to  pay,  in full  and  final  settlement  of  Dr
Stebbing's  claims,  the sum of #3.25m, inclusive of all costs.  This sum  is
equivalent to the value of options over 1.25m ordinary Chiroscience Group plc
shares, which had been approved by shareholders on flotation.
 
The  sum will be  funded partly by a placing with institutional investors  of
800,000   existing shares held in the company Employee Share  Ownership  Plan
(ESOP).   These shares have been  held in the ESOP since the time  the  claim
arose and include shares to which Dr Stebbing would have been entitled had he
remained  in  an  executive  position.  A provision  had  been  made  in  the
Company's  accounts to February 1998 which will cover a significant  part  of
the balance of the payment.
 
Dr Stebbing joined Chiroscience as Chief Executive in January 1993 and became
Deputy Chairman later that year.  Due to his ill health towards the middle of
1993, Chiroscience appointed a new Chief Executive Officer, Dr John Padfield,
who joined the Company on 1 April 1994, shortly after the Company had floated
on  the London Stock Exchange in February 1994. With effect from 1 May  1995,
Dr  Stebbing became a non-Executive Director of Chiroscience and ceased to be
Deputy  Chairman. Also effective from 1 May 1995, Dr Henry Simon  retired  as
non-Executive  Chairman  and  was succeeded by Lord  Chilver  .  Dr  Stebbing
resigned  from the Board on 7 August 1995 and received #101,000  compensation
for  loss  of  office, in accordance with his entitlement under  his  Service
Agreement.  On 13 September 1995 he exercised options over 3,151,110 ordinary
Chiroscience Group plc shares, with a gross value at that time of #7.4m;  the
net  value was #6.2m on the basis that the effective average option price was
40p  and  the mid-market price on that day was 236p. These options  had  also
been  approved  by  shareholders upon flotation and were  additional  to  the
options in respect of which there was a dispute.
 
 
For further information:
Dr. John Padfield, Chief Executive                Giles Sanderson
Rebecca Iveson, Media and Investor Relations      Financial Dynamics
Tel: +44 (0) 1223 420430                          Tel: +44 (0) 171 831 3113
http://www.chiroscience.com                  
 
END

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