REG - hVIVO PLC - Long Term Incentive Plan / PDMR Notification

hVIVOAnnouncement

06/02/2023 07:16

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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 £0.001 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
(https://eur05.safelinks.protection.outlook.com/?url=http%3A%2F%2Fwww.flucamp.com%2F&data=05%7C01%7CCarol.Dalton%40openorphan.com%7Cfb9f1a50aaa9492d81ed08da875cca71%7C131abc777e104bbd90170559abc5d601%7C1%7C0%7C637971129881295595%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&sdata=fQdtQTHu9Bo70yRgWcZW5liNTXPYiWl9YayUA01E%2FlA%3D&reserved=0)
 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 financial instrument, type of instrument  Ordinary shares of £0.001 each

     Identification Code

                                                                  ESVUFR

                                                                  ISIN  GB00B9275X97
 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
 d.  Aggregated information

                                                                  7,227,273

     - Aggregated Volume

                                                                  0.001

     - Price
 e.  Date of the transaction                                      6 February 2023
 f.  Place of the transaction                                     Outside a trading venue

 

 

 

 

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