TIDMFAN
RNS Number : 7512M
Volution Group plc
17 October 2016
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
GBP1.70 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 Initial notification
/Amendment
--- ------------------------- --------------------------------
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 Ordinary shares of 1 pence
the financial each
instrument, type
of instrument
ISIN: GB00BN3ZZ526
Identification
code
--- ------------------------- --------------------------------
b) Nature of the Grant of nil-cost options
transaction 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: Price(s) Volume(s)
---------- ----------
GBPNIL 228,735
---------- ----------
DSBP: Price(s) Volume(s)
---------- ----------
GBPNIL 4,106
---------- ----------
--- ------------------------- --------------------------------
d) Aggregated information
- Aggregated volume LTIP: 228,735 ordinary shares
- Price at GBPNIL
DSBP: 4,106 ordinary shares
at GBPNIL
--- ------------------------- --------------------------------
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 Initial notification
/Amendment
--- ------------------------- --------------------------------
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 Ordinary shares of 1 pence
the financial each
instrument, type
of instrument
ISIN: GB00BN3ZZ526
Identification
code
--- ------------------------- --------------------------------
b) Nature of the Grant of nil-cost options
transaction 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: Price(s) Volume(s)
---------- ----------
GBPNIL 155,955
---------- ----------
DSBP: Price(s) Volume(s)
---------- ----------
GBPNIL 2,933
---------- ----------
--- ------------------------- --------------------------------
d) Aggregated information
- Aggregated volume LTIP: 155,955 ordinary shares
- Price at GBPNIL
DSBP: 2,933 ordinary shares
at GBPNIL
--- ------------------------- --------------------------------
e) Date of the transaction 17 October 2016
--- ------------------------- --------------------------------
f) Place of the transaction Outside a trading venue
--- ------------------------- --------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHLLFEEIVLDLIR
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October 17, 2016 11:55 ET (15:55 GMT)
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