Diurnal Group PLC Grants of options and award of conditional shares (9526U)
April 12 2016 - 6:15AM
UK Regulatory
TIDMDNL
RNS Number : 9526U
Diurnal Group PLC
12 April 2016
12 April 2016
Diurnal Group plc
("Diurnal" or the "Company")
Grants of share options and award of conditional shares
Diurnal Group plc (AIM: DNL), the specialty pharmaceutical
company targeting patient needs in chronic endocrine (hormonal)
diseases, announces the following grants of share options and award
of conditional shares on 12 April 2016. The grants and award were
described in detail in the Company's AIM Admission Document,
published on 21 December 2015.
Exchange of existing share option agreements
In September 2015, Diurnal Limited granted share options to a
number of individuals, including four of its directors; Peter
Allen, Martin Whitaker, Ian Ardill and Richard Ross. It was
intended that following admission to trading on AIM, existing
options over shares in the capital of Diurnal Limited would be
exchanged for replacement options over the capital of Diurnal Group
plc. The share capital reorganisation of Diurnal Group plc involved
the issue of 500 Diurnal Group plc ordinary shares for every one
Diurnal Limited ordinary share. The share options will vest in
thirds on each of the first, second and third anniversaries of
grant (11 September 2015 for Martin Whitaker and Ian Ardill and 23
September 2015 for Peter Allen and Richard Ross) at exercise prices
of GBP0.4377 (Martin Whitaker and Ian Ardill) and GBP0.002 (Peter
Allen and Richard Ross) per share.
Grant of share options to Peter Allen
To deliver terms agreed in connection with his recruitment,
Peter Allen has been granted share options over 104,421 ordinary
shares of GBP0.05 each at an exercise price of GBP0.002 per share.
The share options will vest in thirds on each of the first, second
and third anniversaries of 24 December 2015, being the date of
admission to trading on AIM. There are no other performance
criteria.
Award of conditional shares to John Goddard
To deliver terms agreed in connection with his recruitment, John
Goddard has been awarded 32,374 ordinary shares of GBP0.05 each for
which Mr Goddard will pay the nominal value for each share. The
award of shares will vest in thirds after 18, 24 and 36 months from
24 December 2015, being the date of admission to AIM. There are no
other performance criteria.
The numbers of options and share awards held by the directors
are as follows:
Number
of share
options Number Total Total
exchanged Number of number Number number
prior of share share of share of conditional of conditional
to admission options options options shares shares
Name Position to AIM exchanged granted now held awarded now held
-------------- --------------- -------------- ----------- --------- ---------- --------------- ----------------
Peter Non-executive
Allen Chairman 0 69,000 104,421 173,421 0 0
-------------- --------------- -------------- ----------- --------- ---------- --------------- ----------------
Martin
Whitaker CEO 424,500 495,000 0 919,500 0 0
-------------- --------------- -------------- ----------- --------- ---------- --------------- ----------------
Ian Ardill CFO 0 330,000 0 330,000 0 0
-------------- --------------- -------------- ----------- --------- ---------- --------------- ----------------
Richard
Ross CSO 1,019,000 330,000 0 1,349,000 0 0
-------------- --------------- -------------- ----------- --------- ---------- --------------- ----------------
Non-executive
John Goddard Director 0 0 0 0 32,374 32,374
-------------- --------------- -------------- ----------- --------- ---------- --------------- ----------------
Total 1,443,500 1,224,000 104,421 2,771,921 32,374 32,374
------------------------------- -------------- ----------- --------- ---------- --------------- ----------------
For further information, please visit www.diurnal.co.uk
or contact:
+44 (0)20 3727
Diurnal Group plc 1000
Martin Whitaker, CEO
Ian Ardill, CFO
Numis Securities Ltd (Nominated +44 (0)20 7260
Adviser) 1000
Nominated Adviser: Michael Meade,
Freddie Barnfield, Paul Gillam
Corporate Broking: James Black
+44 (0)20 3727
FTI Consulting 1000
Simon Conway
Victoria Foster Mitchell
Notes to Editors
About Diurnal
Diurnal is a clinical stage specialty pharmaceutical company
targeting patient needs in chronic endocrine (hormonal) diseases
which the Company believes are currently not satisfactorily met by
existing treatments. It has identified a number of specialist
endocrinology market opportunities in Europe and the US that are
together estimated to be worth more than $11bn per annum.
On its admission to AIM in December 2015, the Company raised
GBP30 million by way of a placing of new ordinary shares and a
convertible loan. The new funds will accelerate the development of
two leading product candidates which are in, or expected to
commence shortly, Phase III clinical trials, targeting diseases of
cortisol deficiency; Chronocort(R) , to be used for Congenital
Adrenal Hyperplasia ("CAH") in adults, and Infacort(R) , to be used
for Adrenal Insufficiency ("AI"), including CAH in children. The
lead product candidate, Infacort(R) , is anticipated to receive its
first regulatory approval in Europe towards the end of 2017.
For further information about Diurnal, please visit
www.diurnal.co.uk
This information is provided by RNS
The company news service from the London Stock Exchange
END
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