Diurnal Group PLC Vesting of LTIP awards (4012C)

TIDMDNL

RNS Number : 4012C

Diurnal Group PLC

19 October 2020

19 October 2020

Diurnal Group plc

("Diurnal" or the "Company")

Vesting of LTIP awards

Diurnal Group plc (AIM: DNL), the specialty pharmaceutical company targeting patient needs in chronic endocrine (hormonal) diseases, announces that the Remuneration Committee has determined the proportion of options over ordinary shares of 5 pence each in Diurnal previously granted under the Diurnal Group plc Long Term Incentive Plan (the "Plan") to Directors of the Company that are exercisable at the vesting date of 17 October 2020:

 
                    Maximum number   Date of grant     Options vesting 
                     of potential                       on 17 October 
                     shares to be                       2020 
                     issued under 
                     the Plan 
 Martin Whitaker    148,698          17 October 2017   89,219 
                   ---------------  ----------------  ---------------- 
 Richard Bungay     94,795           17 October 2017   56,877 
                   ---------------  ----------------  ---------------- 
 

The awards were granted under award agreements that incorporated the terms of the Plan. Further details of the performance conditions and the Remuneration Committee's assessment of performance are as follows:

 
 Objective                               Weighting   Performance   % of LTIP 
                                                      assessed      vesting 
 Achieving a target share price of 
  201 pence for a one-month rolling 
  period during the 5 years following 
  grant                                  20%         100%          20% 
                                        ----------  ------------  ---------- 
 Grant of market authorisation of 
  Alkindi(R) in the US or out license 
  of US marketing rights                 40%         100%          40% 
                                        ----------  ------------  ---------- 
 Completion of clinical trial report 
  for US pivotal Phase 3 study for 
  Chronocort(R) or out license of US 
  marketing rights                       40%         0%            0% 
                                        ----------  ------------  ---------- 
 Total % of LTIP vesting                                           60% 
--------------------------------------  ----------  ------------  ---------- 
 

The vested options remain subject to exercise. The exercise price payable per share under award is 5 pence per ordinary share. The awards are exercisable until 17 October 2027.

 
 For further information, please visit www.diurnal.co.uk or 
  contact: 
 
                                                   [phone] 
 Diurnal Group plc                                  1000 
 Martin Whitaker, Chief Executive Officer 
 Richard Bungay, Chief Financial Officer 
 
 Panmure Gordon (UK) Limited (Nominated Adviser    [phone] 
  and Sole Broker)                                  2500 
 Corporate Finance: Freddy Crossley, Emma Earl 
 Corporate Broking: Rupert Dearden 
 
                                                   [phone] 
 FTI Consulting (Media and Investor Relations)      1000 
 Simon Conway 
 Victoria Foster Mitchell 
 

Notes to Editors

About Diurnal Group plc

Founded in 2004, Diurnal is a UK-headquartered, European specialty pharma company developing high quality products for the global market for the life-long treatment of chronic endocrine conditions, including congenital adrenal hyperplasia, adrenal insufficiency and hypogonadism. 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

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October 19, 2020 02:00 ET (06:00 GMT)