Last checked at 22 Jul 2016 13:26
AO World plc
Share Option Awards / PDMR Notification
On 21 July 2016 AO World plc ("the Company") granted conditional nil-cost options over a total of 9,514,489 ordinary shares to Executive Directors and certain members of its senior management population.
Of these, options over 3,047,821 ordinary shares (the "2016 PSP Award") were granted under the terms of the AO Performance Share Plan which was approved by shareholders of the Company on 25 February 2014 ("PSP") as part of our normal remuneration policy.
An award was also made to senior management (but not Executive Directors) following approval by shareholders of the AO World Plc 2016 Employee Reward Plan on 21 July 2016 ("ERP") with the grant of conditional nil cost options over 6,466,668 ordinary shares (the "2016 ERP Award").
The Company has received notification from ten of its "persons discharging managerial responsibilities" pursuant to article 19 of regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse ("Market Abuse Regulation" or "MAR"), on 21 July 2016, who were granted conditional awards in respect of the following number of ordinary shares of 0.25p, under the plans in accordance with the respective rules.
Name | Position | Number of shares under options granted pursuant to the 2016 PSP Award*/** | Number of shares under options granted pursuant to the 2016 ERP Award* | Total share options outstanding *** |
John Roberts | Chief Executive Officer and Founder | 502,232 | n/a | 502,232 |
Steve Caunce | Chief Operations Officer | 435,268 | n/a | 435,268 |
Mark Higgins | Chief Financial Officer | 669,643 | n/a | 1,306,915 |
David Ashwell | Group Logistics Director | 126,488 | 1,000,000 | 1,763,760 |
John Coulter | Group Trading Director | 126,488 | 666,667 | 991,831 |
Daniel Emmett | Group Retail Operations Director | 111,607 | 666,667 | 936,764 |
Andrew Kirkcaldy | Group Brand Director | 111,607 | 1,000,000 | 1,735,009 |
David Lawson | Group e-Commerce Director | 111,607 | 666,667 | 936,764 |
Kevin Monk | Group International Director | 111,607 | 1,000,000 | 1,735,009 |
Adam Warne | Group IT Director | 96,726 | 333,333 | 482,830 |
* The amounts shown above represent the maximum possible number of ordinary shares that may be granted to the above named participants under the 2016 PSP Award and the 2016 ERP Award.
*\* The price used to calculate the maximum number of ordinary shares under the 2016 PSP Award was 134.4p, being the closing price of the Company's shares on the main market of the London Stock Exchange on 20 July 2016, the last dealing day prior to the grant of the 2016 PSP Awards.
***includes the IPO LTIP Awards granted 25 February 2014 and the 2015 LTIP Awards granted on 30 June 2015.
The 2016 PSP Awards are subject to three performance conditions linked to Relative Total Shareholder Return, growth in the Group Adjusted EBITDA and Sales growth and have equal weighting.
The 2016 ERP Awards are subject to one performance condition being that of Sales growth.
For both awards the performance conditions are measured over a 3 year period ending on 31 March 2019 and are expected to vest in July 2019.
For the purposes of article 19 of MAR, the above transactions took place in the United Kingdom, with a grant date of 21 July 2016 and the Directors being notified on 21 July 2016.
Enquiries:
AO World plc
Julie Finnemore
Company Secretary
Tel: +44(0)1204 672400
Tulchan Communications
Susanna Voyle
Michelle Clarke
Tel: +44(0) 20 7353 4200