Grant of RADSUs and PDMR Dealings
LONDON and RALEIGH, N.C., August 26, 2020 – Verona Pharma plc (AIM:VRP) (Nasdaq:VRNA) (“Verona Pharma” or the “Company”), a clinical-stage biopharmaceutical company focused on respiratory diseases, announces that, on August 20, 2020 it granted 6,794,521 Restricted American Depositary Share Units (“RADSUs”), representing 54,356,168 ordinary shares of 5 pence each (“Ordinary Shares”), to directors and employees of Verona Pharma under and in accordance with Verona Pharma’s 2017 Incentive Award Plan (the “Incentive Plan”). In aggregate these RADSU awards are over shares representing 13.11% of the total voting rights in the Company’s current issued share capital (the “TVR”). 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.veronapharma.com/investors/news-sec-filings). Additional authority to issue new shares arising from the exercise of options or RADSUs was granted by shareholders at the Company’s most recent annual general meeting held on April 16, 2020.
Each RADSU represents an unfunded, unsecured right to receive, on the applicable settlement date, one American Depositary Share (“ADS”), or an amount in cash or other consideration.
Grants to PDMRs
Of the RADSUs granted, the following grants were made to persons discharging managerial responsibilities (“PDMRs”):
•14,500 RADSUs, representing 116,000 Ordinary Shares or 0.03% of the TVR, were granted to each non-executive director of the Company. The RADSUs granted to the non-executive directors will vest 50% at November 1, 2020, 25% at February 1, 2021 and the remaining 25% at May 1, 2021.
•1,785,203 RADSUs, representing 14,281,624 Ordinary Shares, were granted to Dr David Zaccardelli, CEO, and 1,916,861 RADSUs, representing 15,334,888 Ordinary Shares, were granted to Mr Mark Hahn, CFO, pursuant to their employment agreements, as detailed in the Company’s 2019 20-F SEC filing. Following the grants, Dr Zaccardelli will hold 2,356,386 RADSUs, representing 18,851,088 Ordinary Shares or 4.55% of the TVR, and Mr Hahn will hold 2,334,111 RADSUs, representing 18,672,888 Ordinary Shares, or 4.50% of the TVR. The newly granted RADSUs will vest as to 25% on February 1, 2021, being the first anniversary of commencement of Dr Zaccardelli’s and Mr Hahn’s employment, and the balance over the remaining three years in twelve equal instalments upon completion of each successive three-month period of continued employment by the relevant executive.
•383,395 RADSUs, representing 3,067,160 Ordinary Shares or 0.74% of the TVR, were granted to Dr Kathleen Rickard, CMO, and 340,000 RADSUs, representing 2,720,000 Ordinary Shares or 0.66% of the TVR, were granted to Claire Poll, General Counsel. These RADSUs will vest as to 25% on August 1, 2021, and the balance over the remaining three years in twelve equal instalments upon completion of each successive three-month period of continued employment by the relevant executive.
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The notification of dealing form in respect of RADSU awards for each PDMR can be found below.
Grants to employees
Additional RADSU grants were made to certain employees over a total of 2,253,062 ADSs, representing 18,024,496 Ordinary Shares, or 4.35% of the TVR. The vesting of these RADSUs is on the same basis as for the RADSUs granted to Dr Rickard and Mrs Poll described above.
For further information, please contact:
| Verona Pharma plc | Tel: +44 (0)20 3283 4200 | ||||
| David Zaccardelli, Chief Executive Officer | info@veronapharma.com | ||||
| Victoria Stewart, Director of Communications | |||||
N+1 Singer (Nominated Adviser and UK Broker) | Tel: +44 (0)20 7496 3000 | ||||
| Aubrey Powell / George Tzimas / Iqra Amin | |||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Dr David Ebsworth | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Non-Executive Chairman | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | |||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 14,500 RADSUs (representing 116,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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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 /Amendment | Initial Notification | ||||||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||||||||||
a) | Name | Verona Pharma plc | ||||||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | ||||||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | ||||||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | |||||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | ||||||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 1,785,203 RADSUs (representing 14,281,624 Ordinary Shares) | |||||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | ||||||||||||||||||
e) | Date of the transaction | 20 August 2020 | ||||||||||||||||||
f) | Place of the transaction | Outside a trading venue | ||||||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Dr Ken Cunningham | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Non-Executive Director | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | |||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 14,500 RADSUs (representing 116,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Dr Martin Edwards | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Non-Executive Director | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | |||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 14,500 RADSUs (representing 116,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Mr Rishi Gupta | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Non-Executive Director | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | |||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 14,500 RADSUs (representing 116,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Dr Mahendra Shah | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Non-Executive Director | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | |||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 14,500 RADSUs (representing 116,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Dr Andrew Sinclair | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Non-Executive Director | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | |||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 14,500 RADSUs (representing 116,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Mr Vikas Sinha | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Non-Executive Director | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | |||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 14,500 RADSUs (representing 116,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Dr Anders Ullman | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Non-Executive Director | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs | |||||||||||||||
c) | Price(s) and volume(s) | Price(s) No consideration paid | Volume(s) 14,500 RADSUs (representing 116,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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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 /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs, each of which represents an unfunded, 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) No consideration paid | Volume(s) 1,916,861 RADSUs (representing 15,334,888 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Claire Poll | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | General Counsel | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs, each of which represents an unfunded, 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) No consideration paid | Volume(s) 340,000 RADSUs (representing 2,720,000 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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1 | Details of the person discharging managerial responsibilities / person closely associated | ||||||||||||||||
a) | Name | Kathleen Rickard | |||||||||||||||
2 | Reason for the notification | ||||||||||||||||
a) | Position/status | Chief Medical Officer | |||||||||||||||
b) | Initial notification /Amendment | Initial Notification | |||||||||||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||||||||||||||
a) | Name | Verona Pharma plc | |||||||||||||||
b) | Legal Entity Identifier | 213800EVI6O6J3TIAL06 | |||||||||||||||
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 | Restricted American Depositary Share Units (RADSUs) over American Depositary Shares (“ADSs”), each ADS representing 8 Ordinary Shares. | |||||||||||||||
Identification code | ADS ISIN Code: US9250501064 | ||||||||||||||||
b) | Nature of the transaction | Grant of RADSUs, each of which represents an unfunded, 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) No consideration paid | Volume(s) 383,395 RADSUs (representing 3,067,160 Ordinary Shares) | ||||||||||||||
d) | Aggregated information - Aggregated volume - Price | N/A (single transaction) | |||||||||||||||
e) | Date of the transaction | 20 August 2020 | |||||||||||||||
f) | Place of the transaction | Outside a trading venue | |||||||||||||||
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