Last checked at 30 Oct 2014 16:14
Thursday 30 October 2014
Volution Group plc
Awards under the Company's Long Term Incentive Plan
Volution Group plc ("Volution" or the "Company", LSE: FAN), a leading supplier of ventilation products to the residential construction market, today announces that on 29 October 2014 the Executive Directors were granted awards under the Company's 2014 Long Term Incentive Plan ("LTIP awards"). These are the first awards to be made to the Executive Directors under the LTIP since the Company was listed on the London Stock Exchange on 23 June 2014.
Executive Director | Nil-cost options awarded
|
Ronnie George, Chief Executive Officer
| 243,325 |
Ian Dew, Chief Financial Officer
| 173,804 |
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 29 October 2017 and the last date of exercise shall be 29 October 2024, subject to the individual's ongoing employment.
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 £1.4384 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. The LTIP awards were made for £nil consideration.
This announcement is made in accordance with Disclosure and Transparency Rule 3.1.4. Volution was notified of the above transactions on 29 October 2014.
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Enquiries:
Volution Group plc
Michael Anscombe, Company Secretary +44 (0) 1293 441562
Notes to Editors
Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential construction market in the UK, Sweden and Germany.
The Group sold approximately 20 million ventilation products and accessories in the financial year ended 31 July 2014. It consists of five key brands, focused primarily on the UK, Swedish and German ventilation markets - Vent-Axia, Manrose, Fresh, PAX and inVENTer - and operates through two divisions: the Ventilation Group, which principally supplies ventilation products for residential construction applications in the UK, Sweden and Germany and ventilation products for commercial construction applications in the UK; and OEM (Torin-Sifan), which 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/