Allergy Therapeutics PLC Grant and Vesting of Awards (4370I)

TIDMAGY

RNS Number : 4370I

Allergy Therapeutics PLC

01 April 2020

Allergy Therapeutics plc

("Allergy Therapeutics" or the "Group")

Grant and Vesting of Awards under Long Term Incentive Plan

Allergy Therapeutics (AIM:AGY), the fully integrated pharmaceutical company specialising in allergy vaccines, announces that,

   1.    Grant of Award 

Pursuant to the Company's Long Term Incentive Plan ("LTIP") t he following conditional awards of shares of 0.1 pence each were made to Executive Directors at a nominal cost of 0.1 pence each on 27 March 2020 (the "Awards").

 
 Executive Director    Number of Conditional shares 
                        awarded 
 Manuel Llobet                   900,000 
                      ----------------------------- 
 Nick Wykeman                    450,000 
                      ----------------------------- 
 

The Awards have been granted in accordance with the LTIP rules and vesting is conditional on the satisfaction of performance conditions in respect of earnings growth and share price growth over three years.

   2.       Vesting of Award 

Performance conditions attaching to provisional awards ("Awards") made pursuant to the Company's Long Term Incentive Plan ("LTIP") for the three years ended 30 June 2019, details of which were announced on 30 December 2016, have been met in part.

Consequently, on 27 March 2020, Allergy Therapeutics granted certain of its directors low cost options ("Options") over the Company's ordinary shares of 0.1 pence each ("Ordinary Shares") in replacement for the Awards made under the LTIP as follows:

 
  Director           Percentage of     Total number      Exercise Price 
                      Award Vested   of Ordinary Shares 
                                     over which Options 
                                          granted 
 M anuel L lobet,        50%              845,000          0.1 pence 
                    --------------  -------------------  -------------- 
 Nicolas Wykeman         50%              211,250          0.1 pence 
                    --------------  -------------------  -------------- 
 

In accordance with the rules of the LTIP, 50% of these Options are exercisable immediately and the remaining 50% are subject to a holding period of three years. The exercise period is ten years from date of grant.

Following the above share transactions, the Executive Directors hold the following:

 
 Director           Unvested LTIP   Low cost Share   Interest in Ordinary 
                     Awards          Options          Shares 
 Manuel Llobet      2,700,000       3,000,423        3,325,000 
                   --------------  ---------------  --------------------- 
 Nicolas Wykeman    1,350,000       211,250          300,000 
                   --------------  ---------------  --------------------- 
 

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                   Manuel Llobet 
     ---------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status        Manuel Llobet - Chief Executive Office and PDMR 
     ---------------------  ------------------------------------------------- 
 b)   Initial notification   Initial notification 
       /Amendment 
     ---------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                   ALLERGY THERAPEUTICS PLC 
     ---------------------  ------------------------------------------------- 
 b)   LEI                    LEIR97215202003301009534776 
     ---------------------  ------------------------------------------------- 
 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            Conditional award of shares and grant of share 
       of the financial       options under the Company's Long Term Incentive 
       instrument,            Plan 
       type of instrument 
     ---------------------  ------------------------------------------------- 
 b)   Identification         GB00B02LCQ05 
       code 
     ---------------------  ------------------------------------------------- 
 c)   Nature of the          Grant of Conditional Awards 
       transaction 
     ---------------------  ------------------------------------------------- 
 d)   Price(s) and            Award                 Price(s)    Volume(s) 
       volume(s)               Conditional Shares    GBP0.001    900,000 
                               Share options         GBP0.001    845,000 
     ---------------------  ------------------------------------------------- 
 e)   Aggregated 
       information              n/a 
     ---------------------  ------------------------------------------------- 
 f)   Date of the            27 March 2020 
       transaction 
     ---------------------  ------------------------------------------------- 
 g)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ------------------------------------------------- 
 

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                   Nick Wykeman 
     ---------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status        Nick Wykeman - Chief Financial Officer and PDMR 
     ---------------------  ------------------------------------------------- 
 b)   Initial notification   Initial notification 
       /Amendment 
     ---------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                   ALLERGY THERAPEUTICS PLC 
     ---------------------  ------------------------------------------------- 
 b)   LEI                    LEIR97215202003301009534776 
     ---------------------  ------------------------------------------------- 
 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            Conditional award of shares and grant of share 
       of the financial       options under the Company's Long Term Incentive 
       instrument,            Plan 
       type of instrument 
     ---------------------  ------------------------------------------------- 
 b)   Identification         GB00B02LCQ05 
       code 
     ---------------------  ------------------------------------------------- 
 c)   Nature of the          Grant of Conditional Awards 
       transaction 
     ---------------------  ------------------------------------------------- 
 d)   Price(s) and            Award                 Price(s)    Volume(s) 
       volume(s)               Conditional Shares    GBP0.001    450,000 
                               Share options         GBP0.001    211,250 
     ---------------------  ------------------------------------------------- 
 e)   Aggregated 
       information              n/a 
     ---------------------  ------------------------------------------------- 
 f)   Date of the            27 March 2020 
       transaction 
     ---------------------  ------------------------------------------------- 
 g)   Place of the           Outside a trading venue 
       transaction 
     ---------------------  ------------------------------------------------- 
 

This announcement contains inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 ("MAR").

For further information, please contact:

Allergy Therapeutics

[phone]

Manuel Llobet, Chief Executive Officer

Nick Wykeman, Chief Financial Officer

Panmure Gordon

[phone]

Freddy Crossley, Emma Earl, Corporate Finance

Erik Anderson, Corporate Broking

Consilium Strategic Communications

[phone]

Mary-Jane Elliott / David Daley / Nicholas Brown / Olivia Manser

[e-mail]

Stern Investor Relations, Inc.

[phone]

Christina Tartaglia

[e-mail]

Notes for editors:

About Allergy Therapeutics

Allergy Therapeutics is an international specialty pharmaceutical group focussed on the treatment and diagnosis of allergic disorders, including immunotherapy vaccines, that have the potential to cure disease. The Group sells proprietary and third party products from its subsidiaries in nine major European countries and via distribution agreements in an additional ten countries. Its broad pipeline of products in clinical development include vaccines for grass, tree and house dust mite, and peanut allergy vaccine in pre-clinical development. Adjuvant systems to boost performance of vaccines outside allergy are also in development.

Formed in 1999 out of Smith Kline Beecham, Allergy Therapeutics is headquartered in Worthing, UK with more than 11,000m(2) of state-of-the-art MHRA-approved manufacturing facilities and laboratories. The Group, which has achieved double digit compound annual growth since formation, employs c.600 employees and is listed on the London Stock Exchange (AIM:AGY). For more information, please see www.allergytherapeutics.com .

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

DSHGZGGDZMDGGZM

(END) Dow Jones Newswires

April 01, 2020 08:09 ET (12:09 GMT)