19th Oct 2020 07:00
19 October 2020
Diurnal Group plc
("Diurnal" or the "Company")
Vesting of LTIP awards
Diurnal Group plc (AIM: DNL), the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces that the Remuneration Committee has determined the proportion of options over ordinary shares of 5 pence each in Diurnal previously granted under the Diurnal Group plc Long Term Incentive Plan (the "Plan") to Directors of the Company that are exercisable at the vesting date of 17 October 2020:
Maximum number of potential shares to be issued under the Plan | Date of grant | Options vesting on 17 October 2020 | |
Martin Whitaker | 148,698 | 17 October 2017 | 89,219 |
Richard Bungay | 94,795 | 17 October 2017 | 56,877 |
The awards were granted under award agreements that incorporated the terms of the Plan. Further details of the performance conditions and the Remuneration Committee's assessment of performance are as follows:
Objective | Weighting | Performance assessed | % of LTIP vesting |
Achieving a target share price of 201 pence for a one-month rolling period during the 5 years following grant | 20% | 100% | 20% |
Grant of market authorisation of Alkindi® in the US or out license of US marketing rights | 40% | 100% | 40% |
Completion of clinical trial report for US pivotal Phase 3 study for Chronocort® or out license of US marketing rights | 40% | 0% | 0% |
Total % of LTIP vesting | 60% |
The vested options remain subject to exercise. The exercise price payable per share under award is 5 pence per ordinary share. The awards are exercisable until 17 October 2027.
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
Related Shares:
DNL.L