Last checked at 19 Dec 2012 09:15
AVINGTRANS PLC - Award of Options, Issue of Equity & Total Voting RightsAVINGTRANS PLC - Award of Options, Issue of Equity & Total Voting Rights
PR Newswire
London, December 19
Avingtrans plc ("Avingtrans" or "the Company") announces that the Company hastoday, under the terms of the Company's CSOP share scheme (the "CSOP") and itsExecutive Shared Ownership Plan ("the ExSOP "), made a grant of awards overordinary shares of 5p each in the Company ("Ordinary Shares") to directors andsenior managers, as set out below.
Awards under the CSOP
On 19 December 2012, the Board of Avingtrans, in accordance with the Company'sCSOP, granted options over 189,000 Ordinary Shares at an option price of 96.0pence per share. The following were issued to Directors:
Name Number of options over Total number of options Ordinary Shares granted over Ordinary Shares now held S McQuillan 30,000 30,000 SM King 30,000 105,000 PJ Kenny 20,000 75,000All of the options granted may not be exercised until 3 years from the date ofgrant and are subject to a performance condition. The performance condition foreach of these options is that the increase in adjusted EPS must be at leastequal to the increase in RPI over the vesting period.
Awards under the ExSOP
On 18 December 2012, the Board of Avingtrans, in accordance with the Company'sExSOP, granted options over 330,000 Ordinary Shares at an option price of 96.0pence per share. The following were issued to Directors:
Director Number of Ordinary Beneficial interest in Shares subject to awards Ordinary Shares Stephen McQuillan 145,000 150,000 Stephen King 95,000 135,000 Peter Kenny 25,000 40,000Furthermore, one senior manager has been granted awards over a total of 85,000Ordinary Shares.
Consequently, in order to satisfy the awards under the ExSOP, application hasbeen made for admission to trading on AIM of a total of 330,000 Ordinary Shares("Admission"). It is expected that Admission will be effective on 21 December2012.
Under the provisions of the ExSOP, Ordinary Shares are jointly owned betweenthe individuals above and by an employees' share trust, on terms, similar to ashare option scheme, whereby the participant can benefit only from the futuregrowth in the value of the Ordinary Shares above the closing market value ofthe shares on the award date (being therefore the closing market value on 18December 2012) in excess of a carrying cost.
Awards are subject to a performance and participants may not normally realiseany such benefit before 21 December 2015. The performance condition for each ofthe ExSOP options is that the increase in adjusted EPS must be at least equalto the increase in RPI over the vesting period
Subsequent to issue of the Ordinary Shares as above, the Company's total issuedshare capital is 26,959,397 Ordinary Shares. Avingtrans does not hold anyOrdinary Shares in treasury. Therefore, the total number of voting rights inAvingtrans is 26,959,397.
The above figure 26,959,397 may be used by shareholders as the denominator forthe calculations by which they will determine if they are required to notifytheir interest in, or a change to their interest in, Avingtrans under the FSA'sDisclosure and Transparency Rules.
Enquiries:Avingtrans plc 0115 949 9020Steve McQuillan, CEONumis Securities Limited 020 7260 1000
David Poutney (Corporate Broking)
Richard Thomas (Corporate Finance and Nominated Adviser)
Newgate Threadneedle 020 7653 9850(Financial PR)Josh RoystonHeather Armstrong