2 Aug 2021 07:00
2 August 2021
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 2021:
PDMR | Total number of shares under award | Type of award |
Martin Whitaker | 157,500 | Deferred bonus share |
Richard Bungay | 84,000 | Deferred bonus share |
Richard Ross | 26,892 | 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 2020 annual report. The bonus performance criteria for 2020/2021 were as follows:
Objective | Weighting | Performance assessed | % of bonus awarded |
Obtain approval for Chronocort® in congenital adrenal hyperplasia in the EU | 25% | 80% | 20% |
Exceed forecast revenues by 20% | 25% | 0% | 0% |
Complete supply chain enhancements for Alkindi® and Chronocort® to meet future capacity requirements and reduce cost of sales | 25% | 40% | 10% |
Complete DITEST™ preparatory work and submit IND application to the US FDA | 25% | 80% | 20% |
TOTAL | 100% | 50% |
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: Rupert Dearden | |
FTI Consulting (Media and Investor Relations) | +44 (0)20 3727 1000 |
Simon Conway | |
Victoria Foster Mitchell | |
Alex Davis | |
Notes to Editors
About Diurnal Group plc
Diurnal Group plc is a European, UK-headquartered, specialty pharmaceutical company dedicated to developing hormone therapeutics to aid lifelong treatment for rare and chronic endocrine conditions, including congenital adrenal hyperplasia, adrenal insufficiency, hypogonadism and hypothyroidism. 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
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 | 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 157,500 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 | 157,500 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 157,500 | ||||
- Price | £nil | ||||
e)
| Date of the transaction
| 2 August 2021 | |||
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 84,000 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 | 84,000 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 84,000 | ||||
- Price | £nil | ||||
e)
| Date of the transaction
| 2 August 2021 | |||
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 26,862 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 | 26,892 | ||||
d)
| Aggregated information | ||||
- Aggregated volume | 26,892 | ||||
- Price | £nil | ||||
e)
| Date of the transaction
| 2 August 2021 | |||
f)
| Place of the transaction
| Outside a trading venue | |||