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17 Oct 2016 16:55
17 October 2016
Volution Group plc
Awards under the Company's Long Term Incentive Plan
and Deferred Share Bonus Plan
Volution Group plc ("Volution" or the "Company", LSE: FAN), a leading supplier of ventilation products to the residential and commercial construction markets, today announces that on 17 October 2016 the Executive Directors were granted awards under the Company's 2014 Long Term Incentive Plan ("LTIP awards") and 2014 Deferred Share Bonus Plan ("DSBP awards") as follows:
Executive Director | LTIP awards
| DSBP awards |
Ronnie George, Chief Executive Officer
| 228,735 | 4,106 |
Ian Dew, Chief Financial Officer
| 155,955 | 2,933 |
The LTIP awards were made in the form of nil-cost options, which will, subject to the rules of the LTIP, vest following the Remuneration Committee's determination of the extent to which performance conditions applicable to the awards have been satisfied. To the extent the performance conditions have been satisfied, the nil-cost options will have a normal vesting date of 18 October 2021 (which includes a two year holding period) and the options will lapse on 17 October 2026.
The LTIP awards will vest subject to the achievement of performance against relative Total Shareholder Return (against two comparator groups) and Earnings per Share growth targets, measured over a three year performance period. The amounts shown above represent the maximum number of nil-cost options which could vest.
The price used to calculate the number of LTIP awards was £1.70 per ordinary share, being the average of the mid-market closing price of a Volution ordinary share on the three consecutive business days immediately preceding the date of grant. No consideration was paid for the LTIP awards.
As set out in the Remuneration Policy in the Annual Report and Accounts 2015, under the Company's Annual Bonus Plan, 50% of any bonus payment above the target incentive (which is 60% of the maximum opportunity) earned by the Executive Directors will normally be deferred into awards over the Company's shares.
The DSBP awards were made in the form of a conditional award, which will, subject to the rules of the DSBP, have a normal vesting date of 17 October 2019. No consideration was paid for the DSBP awards and no consideration is due to be payable on vesting.
Following the LTIP awards and DSBP awards, the interests of the Chief Executive Officer and Chief Financial Officer are as follows:
Executive Director | Shares | LTIP awards *
| DSBP awards |
Ronnie George, Chief Executive Officer
| 5,622,833 | 660,593 | 8,772 |
Ian Dew, Chief Financial Officer
| 855,327 | 464,425 | 6,266 |
* unvested awards subject to performance criteria
The attached notifications, made pursuant to Article 19(3) of the Market Abuse Regulation, provide further details.
-ends-
Enquiries:
Volution Group plc
Michael Anscombe, Company Secretary +44 (0) 1293 441562
Note to Editors
Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential and commercial construction markets in the UK and northern Europe.
The Group sold approximately 22 million ventilation products and accessories in the twelve months ended 31 July 2016. The Volution Group operates through two divisions: the Ventilation Group and the OEM (Torin-Sifan) division. The Ventilation Group consists of 11 key brands - Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Fresh, PAX, Welair, inVENTer, Brüggemann and Ventilair, focused primarily on the UK, Nordic and central European ventilation markets. The Ventilation Group principally supplies ventilation products for residential and commercial ventilation applications. The OEM (Torin-Sifan) division, supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe.
For more information, please go to: http://www.volutiongroupplc.com/
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||
a)
| Name
| Ronnie George | ||||||||
2
| Reason for the notification | |||||||||
a)
| Position/status
| Chief Executive Officer | ||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||
a)
| Name
| Volution Group 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
Identification code
| Ordinary shares of 1 pence each
ISIN: GB00BN3ZZ526 | ||||||||
b)
| Nature of the transaction
| Grant of nil-cost options under the Volution Long Term Incentive Plan (LTIP).
Grant of conditional awards under the Volution Deferred Share Bonus Plan (DSBP). | ||||||||
c)
| Price(s) and volume(s)
| LTIP:
DSBP:
| ||||||||
d)
| Aggregated information
- Aggregated volume - Price |
LTIP: 228,735 ordinary shares at £NIL DSBP: 4,106 ordinary shares at £NIL
| ||||||||
e)
| Date of the transaction
| 17 October 2016 | ||||||||
f)
| Place of the transaction
| Outside a trading venue | ||||||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||
a)
| Name
| Ian Dew | ||||||||
2
| Reason for the notification | |||||||||
a)
| Position/status
| Chief Financial Officer | ||||||||
b)
| Initial notification /Amendment
| Initial notification | ||||||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||
a)
| Name
| Volution Group 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
Identification code
| Ordinary shares of 1 pence each
ISIN: GB00BN3ZZ526 | ||||||||
b)
| Nature of the transaction
| Grant of nil-cost options under the Volution Long Term Incentive Plan (LTIP).
Grant of conditional awards under the Volution Deferred Share Bonus Plan (DSBP). | ||||||||
c)
| Price(s) and volume(s)
| LTIP:
DSBP:
| ||||||||
d)
| Aggregated information
- Aggregated volume - Price |
LTIP: 155,955 ordinary shares at £NIL DSBP: 2,933 ordinary shares at £NIL
| ||||||||
e)
| Date of the transaction
| 17 October 2016 | ||||||||
f)
| Place of the transaction
| Outside a trading venue | ||||||||
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