Last checked at 22 Jun 2020 07:00
PureTech Health plc
22 June 2020
PureTech Health plc
PDMR Notifications
PureTech Health plc (LSE: PRTC) ("PureTech" or the "Company"), a clinical-stage biotherapeutics company dedicated to discovering, developing and commercialising highly differentiated medicines for devastating diseases, announces that awards of restricted share units ("RSUs") granted by PureTech on 19 May 2017 to certain directors and other persons discharging managerial responsibilities ("PDMRs") pursuant to its Performance Share Plan ("PSP") vested in full on 27 February 2020 following satisfaction of all of the performance conditions measured over the three year period to 31 December 2019.
The vesting would have resulted in the award of ordinary shares in the Company (subject to deduction of payroll taxes) in accordance with the following table:
Director/PDMR | Ordinary Share Award |
Daphne Zohar | 1,362,393 |
Bharatt Chowrira | 1,010,495 |
Joseph Bolen | 455,039 |
Eric Elenko | 455,039 |
Stephen Muniz | 455,039 |
The Company's Remuneration Committee decided to exercise its discretion in accordance with the Company's revised remuneration policy adopted by the Company on 11 June 2020 and the rules of the PSP and took the decision to cash settle the vested shares in full, resulting in the PDMRs receiving cash payments (after deduction of payroll taxes) and not ordinary shares in the Company.
The market price per ordinary share in the Company used to calculate the amount payable to the PDMRs was 268 pence, being the average closing price of the Company's shares over the three trading day period immediately preceding the settlement, and the exchange rate used to calculate the cash payment was £1:$1.25.
The Company's total issued ordinary share capital is 285,497,461 shares, which is unchanged by the above transactions.
PDMR Notification
The information contained in the below notification is disclosed in accordance with Article 19 of the EU Market Abuse Regulation.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||||||||||
a) | Name | Daphne Zohar Bharatt Chowrira Joseph Bolen Eric Elenko Stephen Muniz | ||||||||||||
2 | Reason for the notification | |||||||||||||
a) | Position/status | Daphne Zohar - Chief Executive Officer Bharatt Chowrira - President and Chief of Business and Strategy Joseph Bolen - Chief Scientific Officer Eric Elenko - Chief Innovation Officer Stephen Muniz - Chief Operating Officer | ||||||||||||
b) | Initial notification/Amendment | Initial Notification | ||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||
a) | Name | PureTech Health plc | ||||||||||||
b) | LEI | 213800LVPDNO2Z9T9I39 | ||||||||||||
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 |
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b) | Nature of the transaction | Cash settlement by PureTech Health plc of an amount equivalent to the value of Ordinary Shares on the vesting of RSU's under the Puretech Health Performance Share Plan, after the deduction of payroll taxes | ||||||||||||
c) | Price(s) and volume(s) |
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d) | Aggregated information
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e) | Date of the transaction | 18 June 2020 | ||||||||||||
f) | Place of the transaction | Outside a trading venue | ||||||||||||
About PureTech Health
PureTech is a clinical-stage biotherapeutics company dedicated to discovering, developing and commercialising highly differentiated medicines for devastating diseases, including intractable cancers, lymphatic and gastrointestinal diseases, central nervous system disorders and inflammatory and immunological diseases, among others. The Company has created a broad and deep pipeline through the expertise of its experienced research and development team and its extensive network of scientists, clinicians and industry leaders. This pipeline, which is being advanced both internally and through PureTech's Founded Entities, is comprised of 24 products and product candidates, including two that have been cleared by the US Food and Drug Administration (FDA). All of the underlying programmes and platforms that resulted in this pipeline of product candidates were initially identified or discovered and then advanced by the PureTech team through key validation points based on the Company's unique insights into the biology of the brain, immune and gut, or BIG, systems and the interface between those systems, referred to as the BIG Axis.
For more information, visit www.puretechhealth.com or connect with us on Twitter @puretechh.
Contact: Investors |
EU media |
Allison Mead Talbot +1 617 651 3156 amt@puretechhealth.com | Ben Atwell, Rob Winder +44 (0) 20 3727 1000 ben.atwell@FTIconsulting.com |