Verona Pharma plc Grant Of Restricted Stock Units And Pdmr Dealings
March 05 2020 - 11:01AM
UK Regulatory
TIDMVRP
LONDON, March 05, 2020 (GLOBE NEWSWIRE) -- Verona Pharma plc (AIM:VRP)
(Nasdaq:VRNA) ("Verona Pharma" or the "Company"), a clinical-stage
biopharmaceutical company focused on developing and commercializing
innovative therapies for respiratory diseases, announces that, on March
3, 2020, it granted Restricted Stock Units in the form of an aggregate
of 133,648 Restricted American Depositary Share Units ("RADSUs") to Dr
David Zaccardelli and Mr Mark Hahn under and in accordance with the
terms of Verona Pharma's 2017 Incentive Award Plan (the "Incentive
Plan"). Details of the Incentive Plan are contained in the Company's
2019 Annual Report and 20-F SEC filing, both of which are available on
the "Investors" section of the Company's website (
https://www.globenewswire.com/Tracker?data=hsRYtzpXDb9kIYVM2KxNZZrY4UWbxSDAE4T5Irbs2k6wbPOJlFvEgvjNyhA9HK_K83zZ5HZ7aGSlGE_h9Sy-pkgDvKFf_GedJvBckWkYvAH8meKYR1h84f6fMgY2OVsOkEGLSo6iL47xJk0F42jUoDjDlwwlb4XAvmxGKzcyBny5F351Yo7dh-SjtVOCZPwk
https://www.veronapharma.com/investors/news-sec-filings). Each RADSU
represents an unfunded, unsecured right to receive, on the applicable
vesting date, one American Depositary Share ("ADS"), or, at the option
of the Company, an equivalent amount in cash.
The RADSUs have been granted to Dr Zaccardelli and Mr Hahn pursuant to
their employment agreements as payment in lieu of a portion of their
2020 annual base salaries, as detailed in the Company's 2019 20-F SEC
filing. Dr Zaccardelli was granted 89,099 RADSUs and Mr Hahn was granted
44,549 RADSUs.
The number of RADSUs granted has been calculated on the basis of the
closing price of GBP0.55 of the Company's ordinary shares ("Ordinary
Shares") quoted on AIM on March 2, 2020 (equivalent to GBP4.40 per RADSU
on the basis that each converts into an ADS representing 8 Ordinary
Shares), and based on the prevailing USD:GBP exchange rate of 1.2754 on
March 3, 2020.
The grants will vest in four equal installments at the end of each
quarter during 2020, subject to continued employment by the recipient.
When fully vested, Dr Zaccardelli will have an interest in the Company
of 89,099 ADSs, representing 712,792 Ordinary Shares, or 0.68% of the
Company's current issued share capital, and Mr Hahn will have an
interest in the Company of 44,549 ADSs, representing 356,392 Ordinary
Shares, or 0.34% of the Company's current issued share capital.
PDMR Dealings
The notification of dealing form in respect of the RADSU awards for each
PDMR can be found below.
For further information, please contact:
Verona Pharma plc Tel: +44 (0)20 3283
David Moskowitz, VP Capital Markets Strategy & Investor 4200
Relations (Investor Enquiries)
Victoria Stewart, Director of Communications (Media
Enquiries)
-------------------------------------------------------- --------------------
info@veronapharma.co
m
-------------------------------------------------------- --------------------
N+1 Singer Tel: +44 (0)20 3283
(Nominated Adviser and UK Broker) 4200
-------------------------------------------------------- --------------------
Aubrey Powell / George Tzimas / Iqra Amin (Corporate
Finance)
-------------------------------------------------------- --------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
------------------------------------------------------------------------------------
a) Name Dr David Zaccardelli
---------------------- ------------------------------------------------------------
2 Reason for the notification
------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
---------------------- ------------------------------------------------------------
b) Initial notification Initial Notification
/Amendment
---------------------- ------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------------
a) Name Verona Pharma plc
---------------------- ------------------------------------------------------------
b) Legal Entity 213800EVI6O6J3TIAL06
Identifier
---------------------- ------------------------------------------------------------
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 American Depositary Shares ("ADSs"), each representing
financial instrument, 8 Ordinary Shares.
type of instrument
Identification code ISIN Code: US9250501064
---------------------- ------------------------------------------------------------
b) Nature of the Grant of RADSUs
transaction
---------------------- ------------------------------------------------------------
c) Price(s) and volume(s)
---------------------- --------------------------- ---------------------------
Price(s) Volume(s)
--------------------------- ---------------------------
No consideration paid 89,099 RADSUs (representing
712,792 Ordinary Shares)
---------------------- --------------------------- ---------------------------
d) Aggregated information N/A (single transaction)
- Aggregated volume
- Price
---------------------- ------------------------------------------------------------
e) Date of the 3-Mar-20
transaction
---------------------- ------------------------------------------------------------
f) Place of the Outside a trading venue
transaction
---------------------- ------------------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
-----------------------------------------------------------------------------------------
a) Name Mark Hahn
---------------------- -----------------------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
---------------------- -----------------------------------------------------------------
b) Initial notification Initial Notification
/Amendment
---------------------- -----------------------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------------
a) Name Verona Pharma plc
---------------------- -----------------------------------------------------------------
b) Legal Entity 213800EVI6O6J3TIAL06
Identifier
---------------------- -----------------------------------------------------------------
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 American Depositary Shares ("ADSs"), representing
financial instrument, 8 Ordinary Shares.
type of instrument
Identification code ISIN Code: US9250501064
---------------------- -----------------------------------------------------------------
b) Nature of the Grant of RADSUs, each of which represents an unfunded,
transaction unsecured right to receive, on the applicable settlement
date, one ADS or an amount in cash or other consideration.
---------------------- -----------------------------------------------------------------
c) Price(s) and volume(s)
---------------------- ----------------------------- ------------------------------
Price(s) Volume(s)
----------------------------- ------------------------------
No consideration paid 44,549 RADSUs (representing
356,392 Ordinary Shares)
---------------------- ----------------------------- ------------------------------
d) Aggregated information N/A (single transaction)
- Aggregated volume
- Price
---------------------- -----------------------------------------------------------------
e) Date of the 3-Mar-20
transaction
---------------------- -----------------------------------------------------------------
f) Place of the Outside a trading venue
transaction
---------------------- -----------------------------------------------------------------
(END) Dow Jones Newswires
March 05, 2020 11:01 ET (16:01 GMT)
Copyright (c) 2020 Dow Jones & Company, Inc.
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