22nd Dec 2020 15:29
22 December 2020
Diurnal Group plc
("Diurnal" or the "Company")
Issue of Long-Term Incentive Plan awards
On 22 December 2020, Diurnal issued a total of 2,235,383 par value options over ordinary shares of 5 pence in the Company under the Diurnal Group plc Long Term Incentive Plan (the "Plan"), of which the following were issued to persons discharging managerial responsibilities ("PDMR"):
PDMR | Total number of shares awarded | Type of awards |
Martin Whitaker | 514,705 | Performance share award |
Richard Bungay | 411,764 | Performance share award |
Richard Ross | 137,860 | Performance share award |
The performance share awards will ordinarily vest no earlier than the third anniversary of their grant subject to the grantee's continued service and to the extent to which the performance conditions set for the awards are satisfied. Such awards may potentially vest until the fifth anniversary of their grant date. Performance conditions are as follows:
· Achieving a target share price of 100 pence for a three-month rolling period during the five years following grant
· Confirmation from the US FDA of progression of DITEST™ to Phase 3 development
· Global Alkindi® and Chronocort® sales for the year ended 30 June 2023 in line with Company forecasts
· Submission of Marketing Authorisation Application in Japan for Alkindi® or a Japanese partner in place
· Chronocort® approved in adrenal insufficiency (AI) in at least one major global territory
The awards were granted under award agreements that incorporated the terms of the Plan. No consideration is due to be payable on vesting.
Details of the full notifications received by the Company are set out below:
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 | Grant of award of options under the Diurnal Group plc Long Term Incentive Plan over Ordinary shares of 5p each | |||
Identification code | Ordinary shares: GB00BDB6Q760 | ||||
b)
| Nature of the transaction
| Grant of awards under the Diurnal Group plc Long Term Incentive Plan as par value options as follows:
Performance share award over 514,705 ordinary shares.
The performance share award will ordinarily vest no earlier than the third anniversary of its grant subject to continued service and to the extent to which the performance conditions set for the awards are satisfied. Such award may potentially vest until the fifth anniversary of its grant date.
No consideration is due to be payable on vesting. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil exercise price | 514,705 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | Award over 514,705 ordinary shares. | ||||
- Price | Nil price payable for grant and upon exercise | ||||
e)
| Date of the transaction
| 22 December 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 | Grant of award of options under the Diurnal Group plc Long Term Incentive Plan over Ordinary shares of 5p each | |||
Identification code | Ordinary shares: GB00BDB6Q760 | ||||
b)
| Nature of the transaction
| Grant of awards under the Diurnal Group plc Long Term Incentive Plan as par value options as follows:
Performance share award over 411,764 ordinary shares.
The performance share award will ordinarily vest no earlier than the third anniversary of its grant subject to continued service and to the extent to which the performance conditions set for the awards are satisfied. Such award may potentially vest until the fifth anniversary of its grant date.
No consideration is due to be payable on vesting. | |||
c)
| Price(s) and volume(s) | ||||
Price(s) | Volume(s) | ||||
Nil exercise price | 411,764 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | Award over 411,764 ordinary shares. | ||||
- Price | Nil price payable for grant and upon exercise | ||||
e)
| Date of the transaction
| 22 December 2020 | |||
f)
| Place of the transaction
| Outside a trading venue | |||
Details of the person discharging managerial responsibilities / person closely associated
| ||||
Name
| Richard Ross | |||
Reason for the notification
| ||||
Position/status
| Chief Scientific Officer | |||
Initial notification /Amendment
| Initial notification | |||
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||
Name
| Diurnal Group plc | |||
LEI
| 213800I2HNUNZN1LDH29 | |||
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
| ||||
Description of the financial instrument, type of instrument | Grant of award of options under the Diurnal Group plc Long Term Incentive Plan over Ordinary shares of 5p each | |||
Identification code | Ordinary shares: GB00BDB6Q760 | |||
Nature of the transaction
| Grant of awards under the Diurnal Group plc Long Term Incentive Plan as par value options as follows:
Performance share award over 137,860 ordinary shares.
The performance share award will ordinarily vest no earlier than the third anniversary of its grant subject to continued service and to the extent to which the performance conditions set for the awards are satisfied. Such award may potentially vest until the fifth anniversary of its grant date.
No consideration is due to be payable on vesting. | |||
Price(s) and volume(s) | ||||
Price(s) | Volume(s) | |||
Nil exercise price | 137,860 | |||
Aggregated information | ||||
- Aggregated volume | Award over 137,860 ordinary shares. | |||
- Price | Nil price payable for grant and upon exercise | |||
Date of the transaction
| 22 December 2020 | |||
Place of the transaction
| Outside a trading venue | |||
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: Rupert Dearden | |
FTI Consulting (Media and Investor Relations) | +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 specialty pharma company developing high quality products for the global market for the life-long treatment of chronic endocrine conditions, including congenital adrenal hyperplasia, adrenal insufficiency and hypogonadism. 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
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