Business
New lease agreement and related party transaction
New lease agreement and related party transaction.
About this update from Diaceutics Plc
[{"type":"text","content":"\n \n \n \n RNS Number : 8651T\n Diaceutics PLC\n 30 March 2021\n \n \n \n \n \n 30 March 2021\n \n Diaceutics PLC\n (\"Diaceutics\" or \"the Company\")\n \n New lease agreement and related party transaction\n \n \n Diaceutics PLC\n \n , (\n AIM: DXRX), the diagnostic commercialisation company for precision testing announces that it is moving its head office to the Dataworks at Kings Hall Life Sciences Park in Belfast, in order to expand the Company's operations and reach.\n \n \n The new larger site will provide the increased capacity required to support Diaceutics' operational footprint and assist in advancing the corporate strategy of creating a precision medicine hub in Northern Ireland. The creation of a scientific hub with a precision medicine focus in line with government policy has been key in the Company's decision, and the Life Sciences Park will bring together a convergence of companies from drug development to health technology. The move will enable Diaceutics to leverage the talent from the leading universities in the region to create a diverse group with a core focus on the latest science, data and technology.\n \n \n Peter Keeling, CEO of Diaceutics commented:\n \"These new premises in this exciting and dynamic area mark a new stage of growth for our business. Based in South Belfast, Dataworks at Kings Hall Life Sciences Park is well placed for us to work alongside two of the UK's leading universities and innovative medical research facilities. In this way we are using the strength in our location, to further support our goal to improve patient testing and health globally, and we continue to build on this through our DXRX platform.\" \n \n \n \n \n \n Related Party Transactions\n \n The Company has signed an agreement to lease a 10,000 square foot Grade A building for a ten year period called the \"Dataworks\" at Kings Hall Life Sciences Park, with an annual rent of £195,000 per annum. The ownership of the lease lies within the landlord company, O Connor McCann Limited (\"OCMCL\"). Peter Keeling is a director of OCMCL, his wife and two children have a 13% interest in OCMCL in aggregate, and Ryan Keeling, Chief Innovation Officer of the Company holds a 2.5% interest in OCMCL.\n \n \n \n \n The entering into the lease with OCMCL \n comprises a related party...