TIDMFAN
RNS Number : 1320Q
Volution Group plc
16 October 2019
Wednesday 16 October 2019
Volution Group plc
Awards under the Company's Long Term Incentive Plan
and Deferred Share Bonus Plan
Volution Group plc ("Volution" or the "Company", LSE: FAN), a
leading supplier of ventilation products to the residential and
commercial construction markets, today announces that on 15 October
2019 the Executive Directors were granted awards under the
Company's 2014 Long Term Incentive Plan ("LTIP awards") and 2014
Deferred Share Bonus Plan ("DSBP awards") as set out below:
Long Term Incentive Plan
Executive Director Type of LTIP Number of LTIP Earliest Exercise
Award awards Date
Ronnie George, Nil-cost option 356,846 5 years front grant
Chief Executive (1) (3)
Officer
---------------- --------------- -------------------------
Andy O'Brien, Nil-cost option 208,096 5 years from grant
Chief Financial (1) (3)
Officer
---------------- --------------- -------------------------
Nil-cost option 34,090 1 year from appointment
(2)
---------------- --------------- -------------------------
Nil-cost option 34,091 2 years from appointment
(2)
---------------- --------------- -------------------------
Notes:
(1.) Subject to performance criteria as set out below.
(2.) Andy O'Brien forfeited share awards on leaving his last
employer. In accordance with the Volution Remuneration Policy, the
Remuneration Committee approved the grant of additional awards to
Andy O'Brien to partially compensate him for remuneration forgone
at his previous employer. These LTIP awards were granted to
replicate as far as possible, the likely value and time horizons
associated with the share awards forfeited at his previous
employer. The LTIP awards will vest, subject to continued
employment with Volution after the time period set out above and
will not be subject to any performance conditions, reflecting the
criteria of the forfeited share awards. He will be required to
exercise these LTIP awards at the normal vesting date and hold at
least 50% of the shares (after the deduction of income tax and
national insurance) in order to build up a shareholding of 200% of
base salary in accordance with the Volution Share Ownership
Guidelines.
(3.) In accordance with the Volution Remuneration Policy, these
LTIP awards are subject to a three year vesting period followed by
an additional two year holding period before they can be
exercised.
Those LTIP awards set out above which are subject to performance
criteria will vest subject to the achievement of performance
against Earnings per Share growth targets and relative Total
Shareholder Return (against a direct peer group), measured over a
three year performance period. The amounts shown above represent
the maximum number of nil-cost options which could vest.
The price used to calculate the number of LTIP awards was
GBP1.76 per ordinary share, being the average of the mid-market
closing price of a Volution ordinary share on the three consecutive
business days immediately preceding the date of grant. No
consideration was paid for the LTIP awards.
Deferred Share Bonus Plan
DSBP award
Ronnie George, Chief Executive Officer 43,271
-----------
As set out in the Volution Remuneration Policy in the Annual
Report and Accounts, under the Company's Annual Bonus Plan ("ABP")
for the financial year ended 31 July 2019, one third of any bonus
payment earned by the Executive Directors will normally be deferred
into awards over the Company's shares.
The DSBP award set out above was made in the form of a
conditional award, which will, subject to the rules of the DSBP,
have a normal vesting date of 15 October 2022. No consideration was
paid for the DSBP award and no consideration is due to be payable
on vesting.
The attached notifications, made pursuant to Article 19(3) of
the Market Abuse Regulation, provide further details.
-ends-
Enquiries:
Volution Group plc
Michael Anscombe, Company Secretary +44 (0) 1293 441562
Legal Entity Identifier: 213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading supplier of
ventilation products to the residential and commercial construction
markets in the UK, the Nordics, Central Europe and Australasia.
The Volution Group operates through two divisions: the
Ventilation Group and the OEM (Torin-Sifan) division. The
Ventilation Group comprises 15 key brands - Vent-Axia, Manrose,
Diffusion, National Ventilation, Airtech, Breathing Buildings,
Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair,
Simx and Ventair, focused primarily on the UK, the Nordic, Central
European and Australasian ventilation markets. The Ventilation
Group principally supplies ventilation products for residential and
commercial ventilation applications. The OEM (Torin-Sifan) division
supplies motors, fans and blowers to OEMs of heating and
ventilation products for both residential and commercial
construction applications in Europe. For more information, please
go to: www.volutiongroupplc.com
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 Ronnie George
-------------------------- -----------------------------------------
2 Reason for the notification
---------------------------------------------------------------------
a) Position/status Chief Executive Officer
-------------------------- -----------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- -----------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
---------------------------------------------------------------------
a) Name Volution Group plc
-------------------------- -----------------------------------------
b) LEI 213800EPT84EQCDHO768
-------------------------- -----------------------------------------
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 1 pence each
financial instrument,
type of instrument
ISIN: GB00BN3ZZ526
Identification code
-------------------------- -----------------------------------------
b) Nature of the transaction Grant of nil-cost options under the
Volution Long Term Incentive Plan
(LTIP).
Grant of conditional awards under
the Volution Deferred Share Bonus
Plan (DSBP).
-------------------------- -----------------------------------------
c) Price(s) and volume(s) LTIP: Price(s) Volume(s)
GBPNIL 356,846
----------
DSBP: Price(s) Volume(s)
GBPNIL 43,271
----------
-------------------------- -----------------------------------------
d) Aggregated information
- Aggregated volume LTIP: 356,846 ordinary shares at
- Price GBPNIL
DSBP: 43,271 ordinary shares at GBPNIL
-------------------------- -----------------------------------------
e) Date of the transaction 15 October 2019
-------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- -----------------------------------------
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 Andy O'Brien
---------------------------- -------------------------------------
2 Reason for the notification
-------------------------------------------------------------------
a) Position/status Chief Financial Officer
---------------------------- -------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------- -------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------
a) Name Volution Group plc
---------------------------- -------------------------------------
b) LEI 213800EPT84EQCDHO768
---------------------------- -------------------------------------
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 1 pence each
financial instrument,
type of instrument
ISIN: GB00BN3ZZ526
Identification code
---------------------------- -------------------------------------
b) Nature of the transaction Grant of nil-cost options under the
Volution Long Term Incentive Plan
(LTIP).
---------------------------- -------------------------------------
c) Price(s) and volume(s) LTIP: Price(s) Volume(s)
GBPNIL 276,277
----------
---------------------------- -------------------------------------
d) Aggregated information
- Aggregated volume LTIP: 276,277 ordinary shares at
- Price GBPNIL
---------------------------- -------------------------------------
e) Date of the transaction 15 October 2019
---------------------------- -------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------- -------------------------------------
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END
DSHLLFESILLRLIA
(END) Dow Jones Newswires
October 16, 2019 10:55 ET (14:55 GMT)
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