Clinigen Group plc Confirmation of terms of service with Chris Rigg (2608U)

TIDMCLIN

RNS Number : 2608U

Clinigen Group plc

20 October 2017

20 October 2017

Clinigen Group plc

("Clinigen" or the "Company")

Clinigen confirms terms of service with Chris Rigg

Further to the announcement of the Recommended Acquisition of Quantum Pharma Plc ("Quantum") on 13 September 2017, and the circular to Quantum shareholders dated 29 September 2017 (the "Scheme Document"), in which it was stated that Clinigen had offered to Chris Rigg (Quantum's Chief Executive Officer) that, upon successful completion of the Recommended Acquisition, he will join Clinigen's executive management team and be appointed as an executive Director on the Clinigen Board on a remuneration package broadly equivalent to his existing terms of employment with Quantum, the Company is pleased to confirm that outline terms of service have been agreed in principle with Chris Rigg in the event that the Scheme of Arrangement becoming effective.

Under the terms of his service agreement, it is expected that he will receive an annual salary of GBP300,000 plus discretionary annual bonus of up to 75% of salary dependent on achievement of corporate and personal performance targets. The service contract is expected to be terminable at 12 months' notice by either party.

It is also expected that he will be granted a one-time initial LTIP award of three times salary once the key terms of the LTIP award, including exercise price, have been agreed.

N+1 Singer, as Rule 3 independent adviser to Quantum, is of the opinion that the key terms discussed are fair and reasonable.

Capitalised terms used but not defined in this announcement shall have the meaning given to them in the Scheme Circular.

-Ends-

Contact Details

 
 Clinigen Group plc 
 Shaun Chilton, Group Chief Executive    Tel: +44 (0) 
  Officer                                 1283 495010 
  Martin Abell, Group Chief Financial 
  Officer 
  Matt Parrish, Head of Investor 
  Relations 
 
                                         Tel: +44 (0) 
 Numis Securities Limited                 20 7260 1000 
 Michael Meade / Freddie Barnfield 
  (Nominated Adviser) 
  James Black / Tom Ballard (Corporate 
  Broking) 
 
                                         Tel: +44 (0) 
 RBC Capital Markets - Joint Broker       20 7653 4000 
 Marcus Jackson / Elliot Thomas 
  / Jack Wood 
 
                                         Tel: +44 (0) 
 Instinctif Partners (media)              20 7457 2020 
 Melanie Toyne-Sewell / Alex Shaw        Email: [e-mail] 
 

Notes to Editors

About Clinigen Group

Clinigen Group plc (AIM: CLIN) is a global pharmaceutical and services company with a unique combination of businesses focused on providing access to medicines. Its mission is to deliver the right medicine to the right patient at the right time through three areas of global medicine supply; clinical trial, unlicensed and licensed medicines.

Clinical Trial Services

Clinigen is the global market leader in the specialist supply and management of quality-assured comparator medicines and services to clinical trials and Investigator Initiated Trials.

Unlicensed Medicines

Clinigen is the global leader in ethically sourcing and supplying unlicensed medicines to hospital pharmacists and physicians for patients with a high unmet medical need. The Group manages early access programmes to innovative new medicines and provides 'on-demand' access globally to medicines which remain unlicensed at the point of care.

Commercial Medicines

The Group acquires global rights to niche hospital-only and critical care products, revitalising these assets around the world and returning them back to sustained growth. The Group also provides access to licensed and branded generic medicines in the Africa and Asia Pacific region.

For more information, please visit www.clinigengroup.com.

This information is provided by RNS

The company news service from the London Stock Exchange

END

MSCBRBDGCBDBGRG

(END) Dow Jones Newswires

October 20, 2017 13:21 ET (17:21 GMT)