hVIVO PLC Long Term Incentive Plan / PDMR Notification (9332O)
06 February 2023 - 6:05PM
UK Regulatory
TIDMHVO
RNS Number : 9332O
hVIVO PLC
06 February 2023
hVIVO plc
("hVIVO" or the "Company")
Long Term Incentive Plan / PDMR Notification
and Related Party Transaction
hVIVO plc (AIM & Euronext: HVO) (formerly Open Orphan plc),
a rapidly growing specialist contract research organisation (CRO)
and world leader in testing infectious and respiratory disease
products using human challenge clinical trials, announces that on 6
February 2023, the Company implemented a Long Term Incentive Plan
("LTIP") for Yamin 'Mo' Khan, the Company's Chief Executive
Officer.
The LTIP has been designed to reward, incentivise and retain Mr
Khan to deliver sustainable growth for shareholders. The deemed
date of award is 24 February 2022, which is the date Mr Khan was
appointed CEO. Under the LTIP, Mr Khan has been awarded 7,227,273
nominal cost long term incentive options (" LTIP Options ") over
ordinary shares of GBP0.001 each in the Company.
Vesting of the LTIP Options is conditional upon a three-year
total shareholder return ("TSR") performance against an initial 11p
reference price. A portion of the LTIP Options will vest on the
third anniversary of the date of award subject to the achievement
of a minimum 10% CAGR TSR performance increasing on a straight-line
basis to vesting in full subject to the achievement of a 22.5% CAGR
TSR performance.
The award of the LTIP Options is also subject to continued
employment, malus and clawback provisions and will vest in full on
a takeover of the Company.
Related Party Transaction
As a director of the Company, Yamin 'Mo' Khan is deemed to be a
related party under the AIM Rules for Companies (the "AIM Rules")
and, on account of the award of LTIP Options, the implementation of
the LTIP and the award of the LTIP Options constitute a related
party transaction for the purposes of Rule 13 of the AIM Rules.
The directors of the Group (excluding Mr Khan) consider, having
consulted with Liberum, the Company's nominated adviser, that the
terms of the transaction are fair and reasonable insofar as its
shareholders are concerned.
For further information please contact:
hVIVO plc +44 (0) 20 7756 1300
Yamin 'Mo' Khan, Chief Executive Officer
Stephen Pinkerton, Chief Financial Officer
Liberum Capital (Nominated Adviser and Joint Broker) +44 (0) 20 3100 2000
Ben Cryer, Edward Mansfield, Phil Walker, Will King
finnCap plc (Joint Broker) +44 (0) 20 7220 0500
Geoff Nash, Charlie Beeson, Nigel Birks, Harriet Ward (ECM)
Davy (Euronext Growth Adviser and Joint Broker) +353 (0) 1 679 6363
Anthony Farrell, Niall Gilchrist
Walbrook PR (Financial PR & IR) +44 (0) 20 7933 8780 or hvivo@walbrookpr.com
Stephanie Cuthbert / Phillip Marriage / +44 (0) 7796 794 663 / +44 (0) 7867 984 082 /
Louis Ashe-Jepson +44 (0) 7747 515 393
Notes to Editors
hVIVO plc (ticker: HVO) (formerly Open Orphan plc) is a rapidly
growing specialist contract research organisation (CRO) and the
world leader in testing infectious and respiratory disease vaccines
and therapeutics using human challenge clinical trials. The Group
provides end-to-end early clinical development services to its
large, established and growing repeat client base, which includes
four of the top 10 largest global biopharma companies.
The Group's fast-growing services business includes a unique
portfolio of 10+ human challenge models to test a broad range of
infectious and respiratory disease products, world class challenge
agent manufacturing, specialist drug development and clinical
consultancy services via its Venn Life Sciences brand, and a lab
offering via its hLAB brand, which includes virology, immunology
biomarker and molecular testing. The Group offers additional
clinical field trial services such as patient recruitment and
clinical trial site services.
hVIVO runs challenge studies in London from its Whitechapel
quarantine clinic, its state-of-the-art QMB clinic with its highly
specialised on-site virology and immunology laboratory, and its
clinic in Plumbers Row. To recruit volunteers / patients for its
studies, the Company leverages its unique clinical trial
recruitment capacity via its FluCamp volunteer screening facilities
in London and Manchester.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them:
1 Details of the person discharging managerial responsibilities/person
closely associated
a. Name of PDMR Yamin 'Mo' Khan
----------------------------------------- -----------------------------------
2 Reason for notification
------------------------------------------------------------------------------
a. Position/Status CEO
----------------------------------------- -----------------------------------
b. Initial notification/ Initial
Amendment
----------------------------------------- -----------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
------------------------------------------------------------------------------
a. Name hVIVO plc
----------------------------------------- -----------------------------------
b. LEI 213800VT5KBM7JLIV118
----------------------------------------- -----------------------------------
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 Ordinary shares of GBP0.001 each
financial instrument,
type of instrument ESVUFR
ISIN GB00B9275X97
Identification Code
----------------------------------------- -----------------------------------
b. Nature of the transaction Grant of options under LTIP
----------------------------------------- -----------------------------------
c. Price(s) and volume(s) Price(s) Volume(s)
----------------------------------------- ---------------- -----------------
0.001 7,227,273
---------------------------------------------- ---------------- -----------------
Aggregated information
- Aggregated Volume 7,227,273
d. - Price 0.001
----------------------------------------- -----------------------------------
e. Date of the transaction 6 February 2023
----------------------------------------- -----------------------------------
f. Place of the transaction Outside a trading venue
----------------------------------------- -----------------------------------
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END
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