Last checked at 16 Nov 2018 09:30
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") and CSOP share scheme (the "CSOP") made grants of awards over ordinary shares of 5p each in the Company ("Ordinary Shares") as set out below.
Awards under the ExSOP
On 15 November 2018, the Board of Avingtrans, in accordance with the Company's ExSOP, granted awards over 285,000 Ordinary Shares at an option price of 220p. The following ExSOP awards were granted to Directors and a PDMR, with each 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 | 115,000 |
Stephen King | 100,000 |
Furthermore Austen Adams, Managing Director of the Group's PSRE Division and a PDMR of the Company, has been granted ExSOP awards over a total of 70,000 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 15 November 2018) in excess of a carrying cost.
Awards are subject to a performance condition and participants may not normally realise any such benefit before 15 November 2021. 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 through the issue of 285,000 new Ordinary Shares. Application has been made for admission to trading on AIM for the 285,000 new Ordinary Shares ("Admission"). It is expected that Admission will be effective on 22 November 2018.
Subsequent to the issue of the new Ordinary Shares as above, the Company's total issued share capital is 31,362,053 Ordinary Shares. Avingtrans does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in Avingtrans is 31,362,053.
Awards under the CSOP
On 15 November 2018, the Board of Avingtrans, in accordance with the Company's CSOP, granted options over 205,000 Ordinary Shares with an option price of 218.5 pence per Ordinary Share.
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.
Enquiries:
Avingtrans plc | 01354 692391 |
Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer | |
N+1 Singer (Nominated Adviser) | 02074 963000 |
Shaun Dobson Lauren Kettle | |
Newgate (Financial PR) | 02076 539850 |
Adam Lloyd Tom Carnegie |
About Avingtrans:
Avingtrans is engaged in the provision of highly engineered components, systems and services to the energy, medical and traffic management industries worldwide.
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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
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2 | Reason for the notification
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a) | Position/status | CEO
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b)
| Initial notification /Amendment | Initial
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3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a) | Name | Avingtrans plc
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b) | LEI | 213800ZZ96CKPI423E86
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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
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a)
| Description of the financial instrument, type of instrument
| Ordinary shares of 5p each in the Company awarded under the ExSOP share scheme
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Identification Code | GB0009188797
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b) | Nature of the transaction | Share award
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c) | Price(s) and volume(s)
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d) | Aggregated information
- Aggregated volume
- Price
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n/a - single transaction | ||||||||||
e) | Date of the transaction | 15 November 2018
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f) | Place of the transaction | London Stock Exchange
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1 | Details of the person discharging managerial responsibilities / person closely associated
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a) | Name | Stephen King
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2 | Reason for the notification
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a) | Position/status | CFO
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b)
| Initial notification /Amendment | Initial
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3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a) | Name | Avingtrans plc
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b) | LEI | 213800ZZ96CKPI423E86
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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
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Identification Code | GB0009188797
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b) | Nature of the transaction | Share award
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c) | Price(s) and volume(s)
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d) | Aggregated information
- Aggregated volume
- Price
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n/a - single transaction | ||||||||||
e) | Date of the transaction | 15 November 2018
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f) | Place of the transaction | London Stock Exchange
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1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||||||
a) | Name | Austen Adams
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2 | Reason for the notification
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a) | Position/status | Managing Director, PSRE Division | ||||||||||
b)
| Initial notification /Amendment | Initial
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3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
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a) | Name | Avingtrans plc
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b) | LEI | 213800ZZ96CKPI423E86
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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
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Identification Code | GB0009188797
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b) | Nature of the transaction | Share award
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c) | Price(s) and volume(s)
|
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d) | Aggregated information
- Aggregated volume
- Price
|
n/a - single transaction
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e) | Date of the transaction | 15 November 2018
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f) | Place of the transaction | London Stock Exchange
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