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Biotech / Medical : Chiroscience
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To: Elayne Shochet Tatar who wrote (31)7/6/1998 12:04:00 PM
From: Elayne Shochet Tatar  Read Replies (1) of 69
 
from today's (Monday) Wall Street Journal Interactive:

Dow Jones Newswires -- July 6, 1998
Chiroscience Reaches Settlement With
Nowell Stebbing

Dow Jones Newswires

LONDON -- U.K. pharmaceutical and biotech company Chiroscience
Group PLC (U.CCC) said Monday that it has reached an out-of-court
settlement with former Deputy Chairman Nowell Stebbing relating to a writ he filed over his change in executive status.

Chiroscience said Stebbing's claim followed a 1995 agreement which
served to change his status to that of non-executive director from executive director. The claim particularly related to his entitlement to share options.

Chiroscience said in a statement that it has agreed to pay Stebbing a final settlement of GBP3.25 million, inclusive of all costs. This sum is equivalent to the value of options over 1.25 million ordinary Chiroscience shares.

The sum will be funded partly by a placement with institutional investors of 800,000 existing shares held in the company's employee share-ownership plan.

A provision has been made in the company's accounts to Feb. 1998 which will cover a "significant" part of the balance of the payment, the group said.

At 1122 GMT, Chiroscience shares were down 2.5 pence at 269 pence.

-By Nicole Heidemann;44-171-832-9069;nheidemann@ap.org

Copyright c 1998 Dow Jones & Company, Inc. All Rights Reserved.

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