Last checked at 22 Dec 2016 18:25
22 December 2016
Avingtrans Plc
("Avingtrans" or the "Company" or the "Group")
Share Incentive Awards, Issue of Equity and TVR
Avingtrans plc announces that the Company has under the terms of the Company's Executive Shared Ownership Plan (the "ExSOP") made grants of awards over ordinary shares of 5p each in the Company ("Ordinary Shares") as set out below.
Awards under the ExSOP
On 21 December 2016, the Board of Avingtrans, in accordance with the Company's ExSOP, granted awards over 984,250 Ordinary Shares at an option price of 193p. The following ExSOP awards were granted to Directors and senior managers, with each Director paying 0.1 pence for his interest in each Ordinary Share subject to his ExSOP award:
Director | Number of Ordinary Shares subject to ExSOP awards |
Steve McQuillan | 434,750 |
Stephen King | 314,750 |
Furthermore, other employees of the Company have been granted ExSOP awards over a total of 234,750 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 22 December 2016) in excess of a carrying cost.
Awards are subject to a performance condition and participants may not normally realise any such benefit before 21 December 2019. The performance condition for each of the ExSOP awards is that the increase in adjusted EPS must be at least equal to the increase in RPI over the vesting period.
The awards under the ExSOP have been satisfied in part by the reallocation of 189,249 existing Ordinary Shares already in the employees' share trust and in part through the issue of 795,001 new Ordinary Shares. Application has been made for admission to trading on AIM for the 795,001 new Ordinary Shares ("Admission"). It is expected that Admission will be effective on 3 January 2017.
Subsequent to the issue of the new Ordinary Shares as above, the Company's total issued share capital is 19,143,890 Ordinary Shares. Avingtrans does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in Avingtrans is 19,143,890.
Enquiries:
Avingtrans plc Steve McQuillan, CEO Stephen King, CFO
| 0135 469 2391 |
N+1 Singer Shaun Dobson Lauren Kettle
| 020 7496 3000 |
Newgate (Financial PR) Adam Lloyd Ed Treadwell | 020 7653 9850 |
About Avingtrans
Avingtrans plc is engaged in the provision of highly engineered components, systems and services to the energy, medical and traffic management industries worldwide.
Energy and medical, engaged in the design and manufacture of safety critical equipment for the energy, medical, science and research communities, including oil and gas extraction and processing equipment, nuclear process plant, machined and fabricated pressure and vacuum vessels and components. Also, design and manufacture of fabricated poles and cabinets for roadside safety cameras and rail track signalling.
The strategy of the group, is to "buy and build" in regulated engineering niche markets, where we can see potential consolidation opportunities, which can lead to significantly increased shareholder value over the medium to long term.
EU Market Abuse Regulation
The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||
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a) | Name | Steve McQuillan | ||||||||||
2 | Reason for the notification | |||||||||||
a) | Position/status | CEO | ||||||||||
b)
| Initial notification /Amendment | Initial | ||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
a) | Name | Avingtrans plc | ||||||||||
b) | LEI | n/a | ||||||||||
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 5p each in the Company awarded under the ExSOP share scheme
| ||||||||||
| Identification Code | GB0009188797 | ||||||||||
b) | Nature of the transaction | Share award
| ||||||||||
c) | Price(s) and volume(s)
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d) | Aggregated information - Aggregated volume - Price |
n/a - single transaction | ||||||||||
e) | Date of the transaction | 22 December 2016
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f) | Place of the transaction | London Stock Exchange | ||||||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||
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a) | Name | Stephen King | ||||||||||
2 | Reason for the notification | |||||||||||
a) | Position/status | CFO | ||||||||||
b)
| Initial notification /Amendment | Initial | ||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
a) | Name | Avingtrans plc | ||||||||||
b) | LEI | n/a | ||||||||||
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 5p each in the Company awarded under the ExSOP share scheme
| ||||||||||
| Identification Code | GB0009188797 | ||||||||||
b) | Nature of the transaction | Share award
| ||||||||||
c) | Price(s) and volume(s)
|
| ||||||||||
d) | Aggregated information - Aggregated volume - Price |
n/a - single transaction | ||||||||||
e) | Date of the transaction | 22 December 2016
| ||||||||||
f) | Place of the transaction | London Stock Exchange | ||||||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||
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a) | Name | Austen Adams | ||||||||||
2 | Reason for the notification | |||||||||||
a) | Position/status | Managing Director, Energy & Medical Division (PDMR) | ||||||||||
b)
| Initial notification /Amendment | Initial | ||||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||||||
a) | Name | Avingtrans plc | ||||||||||
b) | LEI | n/a | ||||||||||
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 5p each in the Company awarded under the ExSOP share scheme
| ||||||||||
| Identification Code | GB0009188797 | ||||||||||
b) | Nature of the transaction | Share award
| ||||||||||
c) | Price(s) and volume(s)
|
| ||||||||||
d) | Aggregated information - Aggregated volume - Price |
n/a - single transaction
| ||||||||||
e) | Date of the transaction | 22 December 2016
| ||||||||||
f) | Place of the transaction | London Stock Exchange | ||||||||||