Last checked at 18 Dec 2020 18:07
Friday 18 December 2020
Volution Group plc
Exercise of awards under the Company's Long Term Incentive Plan
Volution Group plc ("Volution", "Group" or the "Company", LSE: FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, announces that on 18 December 2020, nil-cost options awarded to the Chief Financial Officer on 15 October 2019 under the Volution Long Term Incentive Plan ("LTIP 2019 Awards") were exercised as set out below. The table shows the number of nil-cost options exercised, the number of shares sold to satisfy income tax, national insurance and dealing costs and the number of shares retained:
LTIP 2019 Awards exercised | Number of shares sold to satisfy income tax, national insurance liability and dealing costs | Price at which each share sold | Number of shares retained | |
Andy O'Brien Chief Financial Officer
|
34,568 |
15,043 |
285 pence |
19,525 |
As outlined in the announcement dated 16 October 2019, Andy O'Brien forfeited share awards on leaving his last employer. In accordance with the Volution Remuneration Policy, the Remuneration Committee approved the grant of additional awards to Andy O'Brien to partially compensate him for remuneration forgone at his previous employer. These LTIP awards were granted to replicate as far as possible, the likely value and time horizons associated with the share awards forfeited at his previous employer. The LTIP awards were due to vest as follows: 50% on the first anniversary of appointment (1 August 2020) and 50% on the second anniversary of appointment (1 August 2021), subject to continued employment with Volution and were not subject to any performance conditions, reflecting the criteria of the forfeited share awards.
The Volution Employee Benefit Trust has today transferred shares to the Chief Financial Officer representing the number of shares retained following the sale of shares to satisfy income tax, national insurance and dealing costs.
Following the exercise, sale and retention of shares under the LTIP, the shareholding of the Chief Financial Officer is as follows:
Total holding of ordinary shares | % of issued share capital
| |
Andy O'Brien, Chief Financial Officer
| 19,525 | 0.01% |
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
Legal Entity Identifier: 213800EPT84EQCDHO768
Notes to Editors:
Volution Group plc (LSE: FAN) is a leading international designer and manufacturer of energy efficient indoor air quality solutions. Volution Group comprises 17 key brands across three regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair, ClimaRad.
Australasia: Simx, Ventair, Manrose.
For more information, please go to: 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
| Andy O'Brien | ||||||
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
| 213800EPT84EQCDHO768 | ||||||
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
| Exercise of nil-cost options under the Long Term Incentive Plan (LTIP), sale of shares to fund the income tax, national insurance and dealing costs and retention of balance of shares.
| ||||||
c)
| Price(s) and volume(s)
|
| ||||||
d)
| Aggregated information
- Aggregated volume - Price | Aggregated volume:
Exercise Volume: 34,568 Price: £Nil
Sale to cover income tax, national insurance and dealing costs Volume: 15,043 Price: 285 pence per share
Retention of shares Volume: 19,525 Price: £Nil | ||||||
e)
| Date of the transaction
| 18 December 2020 | ||||||
f)
| Place of the transaction
| Outside a trading venue (exercise of nil-cost options and retention of shares) and London Stock Exchange, Main Market (XLON) (sale of shares). | ||||||