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) |
| ||||||
| 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 | ||||||
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.