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Diurnal Group PLC (DNL)

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Monday 13 July, 2020

Diurnal Group PLC

Grant of Deferred Share Awards

RNS Number : 8455S
Diurnal Group PLC
13 July 2020
 

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

 


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