Firebrick Pharma to Issue 42 Million Unlisted Director Incentive Options Expiring 2031

Aakashdeep

12 November 2026 10:15 AM AEDT

Firebrick Pharma to Issue 42 Million Unlisted Director Incentive Options Expiring 2031

Image Source: Krish Capital Pty Ltd

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Firebrick Pharma Limited (ASX:FRE) has disclosed a proposed issue of 42,000,000 unlisted options to directors as a retention incentive component of their remuneration packages, with the securities carrying an exercise price of $0.06 and an expiry date of 16 November 2031.

Key Points

Firebrick Pharma proposes to issue 42,000,000 unlisted options expiring five years from the date of issue at an exercise price of $0.06 per option.
The proposed issue date is 16 November 2026, with the options expiring on 16 November 2031.
The options are being issued as Director Incentive Options, with the stated purpose being to provide a retention incentive component in director remuneration packages.
Securityholder approval for the issue under ASX Listing Rule 7.1 was obtained at a meeting held on 11 November 2026.

Director Incentive Option Terms

According to the filing lodged on 12 November 2026, the proposed securities are unlisted options denominated in Australian dollars with an exercise price of AUD $0.06 each. Each option, if exercised, will result in the issue of one fully paid ordinary share in Firebrick Pharma (ASX:FRE). The options represent a new class of securities not currently quoted or recorded by ASX, and the company confirmed it will not be seeking quotation of this new class on ASX. All securities issued in this class will rank equally in all respects from their issue date.

Purpose and Consideration for the Proposed Issue

The filing states that the main purpose of the Director Incentive Options is to provide a retention incentive component in the remuneration package for the directors of Firebrick Pharma. The options are not being issued for cash consideration. The filing discloses no lead manager or broker to the proposed issue and confirms the issue will not be underwritten. No other material fees or costs in connection with the proposed issue were disclosed, and no changes to the company's dividend or distribution policy are proposed if the issue proceeds.

Securityholder Approval and Issue Timetable

Firebrick Pharma disclosed that securityholder approval for the entire issue under ASX Listing Rule 7.1 was obtained at a meeting held on 11 November 2026. The filing confirms that a party referred to in Listing Rule 10.11 is participating in the proposed issue. The options are noted to be restricted securities for the purposes of the ASX Listing Rules and will be subject to voluntary escrow. No external approvals or other conditions need to be satisfied before the placement can proceed on an unconditional basis, according to the filing.

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