13th Jul 2020 13:28
13 July 2020
Diurnal Group plc
("Diurnal" or the "Company")
Grant of Deferred Share Awards
Diurnal Group plc (AIM: DNL), the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces the following deferred bonus share awards over ordinary shares of 5 pence ("Ordinary Shares") in Diurnal were granted under the Diurnal Group plc Long Term Incentive Plan (the "Plan") to persons discharging managerial responsibilities ("PDMR") in respect of the bonus due for the financial year ended 30 June 2020:
PDMR | Total number of shares under award | Type of award |
Martin Whitaker | 376,230 | Deferred bonus share |
Richard Bungay | 225,738 | Deferred bonus share |
Richard Ross | 77,800 | Deferred bonus share |
Under the rules of the Plan, up to 50% of the annual bonus payable to the senior management team are settled in deferred share bonus awards. Annual bonuses are payable at the sole discretion of the Remuneration Committee on the basis set out in the 2019 annual report. The bonus performance criteria for 2019/2020 were as follows:
Objective | Weighting | Performance assessed | % of bonus awarded |
Raise sufficient financing to fund the Group beyond Chronocort approval in Europe | 40% | 100% | 40% |
Complete a minimum of one licensing deal in either US, China or Japan | 20% | 100% | 20% |
Ensure that the Group is on track for EMA positive opinion in Q4 2020 to enable commercial launch in Q2 2021 | 20% | 50% | 10% |
Exceed forecast revenues by 10% or more | 20% | 100% | 20% |
TOTAL | 100% | 90% |
The deferred bonus share awards will ordinarily vest on the first anniversary of their grant, subject to the grantee's continued service. The awards were granted under award agreements that incorporated the terms of the Plan. No consideration is due to be payable on vesting.
For further information, please visit www.diurnal.co.uk or contact: | |
Diurnal Group plc | +44 (0)20 3727 1000 |
Martin Whitaker, Chief Executive Officer | |
Richard Bungay, Chief Financial Officer | |
Panmure Gordon (UK) Limited (Nominated Adviser and Sole Broker) | +44 (0) 20 7886 2500 |
Corporate Finance: Freddy Crossley, Emma Earl | |
Corporate Broking: James Stearns | |
FTI Consulting | +44 (0)20 3727 1000 |
Simon Conway | |
Victoria Foster Mitchell | |
Notes to Editors
About Diurnal Group plc
Founded in 2004, Diurnal is a UK-headquartered, European-based specialty pharma company developing pharmaceutical products for the global market for the life-long treatment of chronic endocrine conditions, including Congenital Adrenal Hyperplasia and Adrenal Insufficiency. Its expertise and innovative research activities focus on circadian-based endocrinology to yield novel product candidates in the rare and chronic endocrine disease arena.
For further information about Diurnal, please visit www.diurnal.co.uk
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Martin Whitaker | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Executive Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Diurnal Group plc | |||
b)
| LEI
| 213800I2HNUNZN1LDH29 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary Shares of 5 pence each in Diurnal Group plc | |||
Identification code | GB00BDB6Q760 | ||||
b)
| Nature of the transaction
| Grant of nil cost awards under the Diurnal Group plc Long Term Incentive Plan as follows:
Deferred bonus award over 376,230 ordinary shares.
The deferred bonus award will ordinarily vest on the first anniversary of their grant subject to continued service.
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
£nil | 376,230 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 376,230 | ||||
- Price | £nil | ||||
e)
| Date of the transaction
| 10 July 2020 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Richard Bungay | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Financial Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Diurnal Group plc | |||
b)
| LEI
| 213800I2HNUNZN1LDH29 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary Shares of 5 pence each in Diurnal Group plc | |||
Identification code | GB00BDB6Q760 | ||||
b)
| Nature of the transaction
| Grant of nil cost awards under the Diurnal Group plc Long Term Incentive Plan as par value options as follows:
Deferred bonus award over 225,738 ordinary shares.
The deferred bonus award will ordinarily vest on the first anniversary of their grant subject to continued service.
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
£nil | 225,738 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 225,738 | ||||
- Price | £nil | ||||
e)
| Date of the transaction
| 10 July 2020 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated
| ||||
a)
| Name
| Richard Ross | |||
2
| Reason for the notification
| ||||
a)
| Position/status
| Chief Scientific Officer | |||
b)
| Initial notification /Amendment
| Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
a)
| Name
| Diurnal Group plc | |||
b)
| LEI
| 213800I2HNUNZN1LDH29 | |||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted
| ||||
a)
| Description of the financial instrument, type of instrument | Ordinary Shares of 5 pence each in Diurnal Group plc | |||
Identification code | GB00BDB6Q760 | ||||
b)
| Nature of the transaction
| Grant of nil cost awards under the Diurnal Group plc Long Term Incentive Plan as par value options as follows:
Deferred bonus award over 77,800 ordinary shares.
The deferred bonus award will ordinarily vest on the first anniversary of their grant subject to continued service.
| |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
£nil | 77,800 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 77,800 | ||||
- Price | £nil | ||||
e)
| Date of the transaction
| 10 July 2020 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
Related Shares:
DNL.L