Last checked at 11 Dec 2014 07:00
AVINGTRANS PLC
("Avingtrans" or "the Company")
Award of Options
Avingtrans plc announces that the Company has today, under the terms of the Company's CSOP share scheme (the "CSOP") and its Executive Shared Ownership Plan ("the ExSOP "), made a grant of awards over ordinary shares of 5p each in the Company ("Ordinary Shares") to directors and senior managers, as set out below.
Awards under the CSOP
On 10 December 2014, the Board of Avingtrans, in accordance with the Company's CSOP, granted options over 189,500 Ordinary Shares at an option price of 109.0 pence per share to a number of senior managers.
All of the options granted may not be exercised until 3 years from the date of grant and are subject to a performance condition. The performance condition for each of these options is that the increase in adjusted EPS must be at least equal to the increase in RPI over the vesting period.
Awards under the ExSOP
On 10 December 2014, the Board of Avingtrans, in accordance with the Company's ExSOP, granted options over 285,000 Ordinary Shares at an option price of 111.0 pence per share. The following were issued to Directors:
Director | Number of Ordinary Shares subject to awards |
Stephen McQuillan | 100,000 |
Stephen King | 75,000 |
Furthermore, two senior managers have been granted awards over a total of 110,000 Ordinary Shares.
Under the provisions of the ExSOP, Ordinary Shares are jointly owned between the individuals above and by an employees' share trust, on terms, similar to a share option scheme, whereby the participant can benefit only from the future growth in the value of the Ordinary Shares above the closing market value of the shares on the award date (being therefore the closing market value on 10 December 2014) in excess of a carrying cost.
The awards under the ExSOP is satisfied by shares already held by the employees' share trust.
Awards are subject to a performance and participants may not normally realise any such benefit before 9 December 2017. The performance condition for each of the ExSOP options is that the increase in adjusted EPS must be at least equal to the increase in RPI over the vesting period
Enquiries:
Avingtrans plc Steve McQuillan, CEO Steve King, CFO
| 0115 949 9020 |
Numis Securities Limited David Poutney (Corporate Broking) Richard Thomas (Corporate Finance and Nominated Adviser)
| 020 7260 1000 |
Newgate Threadneedle (Financial PR) Adam Lloyd Heather Armstrong | 020 7653 9850 |