Launch of new Company Long Term Incentive Plan

By

Regulatory News | 04 Jul, 2024

Updated : 14:22

RNS Number : 2131V
Allergy Therapeutics PLC
04 July 2024
 

    
Allergy Therapeutics plc

("Allergy Therapeutics" or "the Group")

 

Launch of new Company Long Term Incentive Plan

 

Grant of Options

 

Change of Name of Nominated Adviser and Broker

 

4 July 2024 Allergy Therapeutics (AIM: AGY), the fully integrated commercial biotechnology company specialising in allergy vaccines, announces that on 26 June 2024 it adopted a new long-term incentive plan ("New LTIP"), with share option awards to be made to key members of Allergy Therapeutics' management team including certain of its persons discharging managerial responsibilities ("PDMRs").

 

The Group's Remuneration Committee adopted the New LTIP and has granted options to encourage long-term value creation for the Company's shareholders, and so that the individuals identified as key people to lead the business into the future are appropriately incentivised in a manner that aligns with the interests of the Group's stakeholders.

Vesting is conditional on the satisfaction of performance criteria over a three year period. The vesting of any share options is subject to a share price threshold. So long as this share price threshold is exceeded, vesting of 70 per cent. of the award is subject to EBITDA performance and vesting of 30 per cent. of the award is subject to regulatory performance targets.

The following awards have been made in accordance with the New LTIP:

 

Name

Title

Number of share options granted

Performance period

Vesting Date

Exercise price

Manuel Llobet

Chief Executive Officer

9,650,663

3 years commencing 1 July 2023

30 June 2026

£0.001

Shaun Furlong

Chief Financial Officer

3,809,524

3 years commencing 1 July 2023

30 June 2026

£0.001

 

The number of Ordinary Shares stated above is the maximum number that could be issued to each PDMR upon full satisfaction of the performance conditions attached to the awards.

 

The Committee will review the performance conditions at periodic intervals to ensure they remain appropriate. As a result of any such review, the Committee will retain discretion to amend the conditions where appropriate having regard to overall Company performance and wider stakeholder experience.

 

Change of Name of Nominated Adviser and Broker

 

The Company also announces that its Nominated Adviser and Broker has changed its name to Panmure Liberum Limited following completion of its own corporate merger.

 

- ENDS -

 

For further information, please contact:

 

Allergy Therapeutics

Manuel Llobet, Chief Executive Officer

Shaun Furlong, Chief Financial Officer

+44 (0)1903 845 820

 

Panmure Liberum (Nominated Adviser and Broker)

Emma Earl, Will Goode, Freddy Crossley, Mark Rogers, Corporate Finance

Rupert Dearden, Corporate Broking

+44 (0)20 7886 2500

 

ICR Consilium

Mary-Jane Elliott / David Daley / Davide Salvi

+44 (0)20 3709 5700

allergytherapeutics@consilium-comms.com

 

 

Notes for editors:

 

About Allergy Therapeutics

Allergy Therapeutics is an international commercial biotechnology company, headquartered in the UK, focussed on the treatment and diagnosis of allergic disorders, including aluminium free 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. For more information, please see www.allergytherapeutics.com.

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations

1

Details of the persons discharging managerial responsibilities / person closely associated

a)

Name

1. Manuel Llobet

2. Shaun Furlong

2

Reason for the notification

a)

Position/status

1.   Chief Executive Officer

2.   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

Allergy Therapeutics plc

b)

LEI

213800PQ7AHK7KGVOE23

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

Ordinary shares of 0.1 pence each

 

Identification code

GB00B02LCQ05

b)

Nature of the transaction

Grant of options

c)

Price(s) and volume(s)

Exercise Prices per share

Volumes



1. £0.001

2. £0.001

1. 9,650,663

2. 3,809,524

 

d)

Aggregated information

- Aggregated volume

- Price

N/A

e)

Date of the transaction

27 June 2024

f)

Place of the transaction

Outside a trading venue

 

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