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Verona Pharma plc (VRP)

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Friday 09 March, 2018

Verona Pharma plc

Verona Pharma plc : Grant of Options and RSUs a...

Verona Pharma plc : Grant of Options and RSUs and PDMR Dealings

March 9, 2018, LONDON - Verona Pharma plc (AIM:VRP) (Nasdaq:VRNA) ("Verona Pharma"), a clinical-stage biopharmaceutical company focused on developing and commercializing innovative therapies for respiratory diseases, announces that it granted the following options over ordinary shares of £0.05 each (the "Ordinary Shares") and American Depositary Shares ("ADS") and restricted share units ("RSUs") and Restricted American Depositary Share Units ("RADSUs") to directors and employees of Verona Pharma under and in accordance with Verona Pharma's 2017 Incentive Award Plan (which is set out in Verona Pharma's 2017 annual report and 20-F):

  • 1,798,767 options to purchase Ordinary Shares;
  • 36,510 options to purchase ADSs, representing 292,080 Ordinary Shares;
  • 246,570 RSUs; and
  • 3,352 RADSUs, representing 26,816 Ordinary Shares.

Each RSU and RADSU represents an unfunded, unsecured right to receive, on the applicable settlement date, one Ordinary Share or the equivalent number of ADSs, as applicable, or an amount in cash or other consideration. Except where the context indicates otherwise, references hereunder to the Ordinary Shares shall be deemed to include a number of ADSs equal to an Ordinary Share.  No consideration was paid in respect of the grant of awards.

PDMR Dealings

Verona Pharma notifies the following transactions by persons discharging managerial responsibilities ("PDMRs") in its Ordinary Shares through the grant of options over Ordinary Shares and ADSs and RSUs under and in accordance with Verona Pharma's 2017 Incentive Award Plan.

Name Options overRSUs and RADSUs
Dr. Jan-Anders Karlsson 868,758 Ordinary Shares 136,986 RSUs
Piers Morgan 304,063 Ordinary Shares 47,944 RSUs
Dr. Ken Newman 10,316 ADSs
(Representing 82,528 Ordinary Shares)
1,626 RADSUs
(Representing 13,008 RSUs)

The options over Ordinary Shares have an exercise price of £1.46 per Ordinary Share, being the closing mid-market price on March 8, 2017. The options over ADSs have an exercise price of £11.68 per ADS, on the basis that each ADS represents 8 ordinary shares. The RSUs also have a value of £1.46 per RSU and the RADSUs have a value of £11.68 per RADSU.

The options, RSUs and RADSUs set forth in the table above will vest as to 50% of the Ordinary Shares or ADSs (as appropriate) in three substantially equal annual instalments following the grant date and as to 50% of the Ordinary Shares or ADSs (as appropriate) in four substantially equal annual instalments following the grant date.

The notification of dealing form in respect of option/RSU awards for each PDMR can be found below.

For further information, please contact:

  Verona Pharma plc
Tel: +44 (0)20 3283 4200
  Jan-Anders Karlsson, Chief Executive Officer
[email protected]

Stifel Nicolaus Europe Limited (Nominated Adviser and UK Broker)  
Stewart Wallace / Jonathan Senior / Ben Maddison  

Tel: +44 (0) 20 7710 7600
[email protected]

  FTI Consulting (UK Media and Investor enquiries)
Tel: +44 (0)20 3727 1000
  Simon Conway / Natalie Garland-Collins
[email protected]



1

 
Details of the person discharging managerial responsibilities / person closely associated

 
a)

 
Name

 
Dr. Jan-Anders Karlsson
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

 
Verona Pharma plc
b)

 
Legal Entity Identifier

 
213800EVI6O6J3TIAL06
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 5p each

 

 
  Identification code

 
ISIN Code: GB00BYW2KH80

 
b)

 
Nature of the transaction

 
Issue of options over Ordinary Shares
c)

 
Price(s) and volume(s)

 

 
Price(s)

 
Volume(s)
Exercise Price:  £1.46 Options over 868,758 Ordinary Shares
d)

 
Aggregated information

 

- Aggregated volume

 

- Price

 
N/a (single transaction)
e)

 
Date of the transaction

 

 
8 March 2018
f)

 
Place of the transaction

 
London Stock Exchange, AIM


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 5p each 
Identification code

 
ISIN Code: GB00BYW2KH80

 
b)

 
Nature of transaction

 
Grant of RSUs, each of which represents an unfunded, unsecured right to receive, on the applicable settlement date, one  Ordinary Share or an amount in cash or other consideration
c)

 
Price(s) and volume(s)

 

 
Price(s)

 
Volume(s)

 
No
consideration
136,986
d)

 
Aggregated information

 

- Aggregated volume

 

- Price

 
N/a (single transaction)
e)

 
Date of the transaction

 

 
8 March 2018
f)

 
Place of the transaction

 
London Stock Exchange, AIM



1

 
Details of the person discharging managerial responsibilities / person closely associated

 
a)

 
Name

 
Piers Morgan
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

 
Verona Pharma plc
b)

 
Legal Entity Identifier

 
213800EVI6O6J3TIAL06
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 5p each

 

 
  Identification code

 
ISIN Code: GB00BYW2KH80

 
b)

 
Nature of the transaction

 
Issue of options over Ordinary Shares
c)

 
Price(s) and volume(s)

 

 
Price(s)

 
Volume(s)
Exercise Price:  
£1.46

 
Options over 304,063  Ordinary Shares
d)

 
Aggregated information

 

- Aggregated volume

 

- Price

 
N/a (single transaction)
e)

 
Date of the transaction

 

 
8 March 2018
f)

 
Place of the transaction

 
London Stock Exchange, AIM


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 5p each 
Identification code

 
ISIN Code: GB00BYW2KH80

 
b)

 
Nature of transaction

 
Grant of RSUs, each of which represents  an unfunded, unsecured right to receive, on the applicable settlement date, one Ordinary Share or an amount in cash or other consideration
c)

 
Price(s) and volume(s)

 

 
Price(s)

 
Volume(s)

 
No
consideration
47,944
d)

 
Aggregated information

 

- Aggregated volume

 

- Price

 
N/a (single transaction)
e)

 
Date of the transaction

 

 
8 March 2018
f)

 
Place of the transaction

 
London Stock Exchange, AIM


1

 
Details of the person discharging managerial responsibilities / person closely associated

 
a)

 
Name

 
Dr. Ken Newman
2

 
Reason for the notification

 
a)

 
Position/status

 
Chief Medical Officer

 
b)

 
Initial notification /Amendment

 
Initial Notification
3

 
Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

 
a)

 
Name

 
Verona Pharma plc
b)

 
Legal Entity Identifier

 
213800EVI6O6J3TIAL06
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

 
American Depositary Shares ("ADSs"), representing ordinary shares of 5p each, on deposit with a U.S. banking institution selected by the Company and which are registered pursuant to a Form F-6.

 

 
  Identification code

 
ISIN Code: GB00BYW2KH80

 
b)

 
Nature of the transaction

 
Issue of options over ADSs
c)

 
Price(s) and volume(s)

 

 
Price(s)

 
Volume(s)
Exercise Price:  
£11.68
Options over 10,316 ADSs
(representing 82,528 Ordinary Shares)

 
d)

 
Aggregated information

 

- Aggregated volume

 

- Price

 
N/a (single transaction)
e)

 
Date of the transaction

 

 
8 March 2018
f)

 
Place of the transaction

 
NASDAQ


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

 
ADSs
Identification code

 
ISIN Code:  US9250501064

 
b)

 
Nature of transaction

 
Grant of RADSUs, each of which represents an unfunded, unsecured right to receive, on the applicable settlement date, one ADS or an amount in cash or other consideration
c)

 
Price(s) and volume(s)

 

 
 

Price(s)

 
 

Volume(s)
No
consideration

 
1,626
(representing 13,008 Ordinary Shares)
d)

 
Aggregated information

 

- Aggregated volume

 

- Price

 
N/a (single transaction)
e)

 
Date of the transaction

 

 
8 March 2018
f)

 
Place of the transaction

 
NASDAQ



This announcement is distributed by Nasdaq Corporate Solutions on behalf of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: Verona Pharma plc via Globenewswire


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