16th Apr 2010 13:16
NOTIFICATION OF TRANSACTIONS OF DIRECTORS, PERSONS DISCHARGING MANAGERIAL RESPONSIBILITY OR CONNECTED PERSONS
VERNALIS PLC (the "Company")
16 April 2010
Vernalis plc (LSE: VER) announces that, in accordance with DTR 3.1.4R(1)(a) and the rules of the Vernalis plc Bonus Long-Term Incentive Plan ("LTIP") scheme arrangements approved by shareholders, the following Investment Awards over new ordinary shares of 1p each in the Company were today granted to Executive Directors and other Persons Discharging Managerial Responsibilities who are members of the management committee ("PDMRs").
|
Executive Director |
No of Investment Awards |
Exercise Price |
% of Issued Share Capital |
|
Ian Garland |
550,089 |
1 pence |
0.55 |
|
David Mackney |
217,215 |
1 pence |
0.22 |
|
PDMRs |
No of Investment Awards |
Exercise Price |
% of Issued Share Capital |
|
Mike Wood |
133,501 |
1 pence |
0.13 |
|
Stephen Pawsey |
104,940 |
1 pence |
0.11 |
|
Alison Hood |
12,695 |
1 pence |
0.01 |
In accordance with the rules of the LTIP, the above grant of Investment Awards is as a result of the Executive Directors and other PDMRs volunteering to sacrifice their cash bonuses for 2009, in their entirety.
The Investment Awards were calculated with reference to the annual performance-related bonus earned by each participant for the year ended 31 December 2009. The awards will not normally vest, or become exercisable, prior to the third anniversary of the date of grant and will normally remain exercisable until the sixth anniversary of the date of grant.
All participants have also received a Matching Award which vests if challenging share price growth targets are achieved over a three-year period. The performance targets and Matching Award percentages based on achieving those targets are as follows:
|
Performance |
Overall Share Price Growth Over Three-Year Period |
Equivalent Per Annum Share Price Growth |
Matching Award as a % of Investment Award |
|
Target |
33.1% |
10% |
10% |
|
Very Good |
52.1% |
15% |
20% |
|
Superior |
72.8% |
20% |
40% |
|
Exceptional |
174.4% |
40% |
60% |
As a result, if exceptional performance is achieved, the maximum Matching Awards that may accrue to Executive Directors and PDMRs are as follows:
|
Executive Director |
Maximum No of Matching Awards |
Exercise Price |
% of Issued Share Capital |
|
Ian Garland |
330,053 |
1 pence |
0.33 |
|
David Mackney |
130,329 |
1 pence |
0.13 |
|
PDMRs |
Maximum No of Matching Awards |
Exercise Price |
% of Issued Share Capital |
|
Mike Wood |
80,101 |
1 pence |
0.08 |
|
Stephen Pawsey |
62,964 |
1 pence |
0.06 |
|
Alison Hood |
7,617 |
1 pence |
0.01 |
The Executive Directors and PDMRs have agreed to pay the employer's National Insurance contributions arising on the exercise of these Investment Awards and Matching Awards.
Enquiries:
|
Vernalis |
+44 (0) 118 989 9360 |
|
Ian Garland, Chief Executive Officer David Mackney, Chief Financial Officer
|
|
|
Brunswick Group |
+44 (0) 20 7404 5959 |
|
Jon Coles Justine McIlroy Will Carnwath |
|
About Vernalis:
Vernalis is a development stage pharmaceutical company with significant expertise in taking promising product candidates along a commercially-focused path to market. The Group has one marketed product, frovatriptan for the acute treatment of migraine, and eleven candidates in development, eight of which are designated priority programmes. Five of these priority programmes are currently unpartnered and three are partnered. Pipeline programmes are derived from both our own research activities where we have significant expertise in fragment and structure based drug discovery, as well as from collaborations. Our technologies, capabilities and products are endorsed by collaborations with Biogen Idec, Chiesi, Endo, GSK, Menarini, Novartis and Servier. For further information about Vernalis, please visit www.vernalis.com
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