TIDMFAN
RNS Number : 4009E
Volution Group plc
17 October 2018
Wednesday 17 October 2018
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
2018 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 328,552 39,248
------------ ------------
Ian Dew, Chief Financial
Officer 186,662 26,759
------------ ------------
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
17 October 2023 (which includes a two year holding period) and the
options will lapse on 18 October 2028.
The LTIP awards will vest subject to the achievement of
performance against Earnings per Share growth targets and relative
Total Shareholder Return (against a direct peer group), 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
GBP1.865 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, under the Company's Annual Bonus Plan for the financial
year ended 31 July 2018, one third of any bonus payment 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 2021. 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 5,632,833 1,226,226 74,900
---------- ------------ ------------
Ian Dew, Chief Financial
Officer 855,327 777,182 51,352
---------- ------------ ------------
* Includes vested (but unexercised) and unvested LTIP Awards.
LTIP Awards which remain unvested are 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
Legal Entity Identifier: 213800EPT84EQCDHO768.
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, the Nordics, Central Europe and Australasia.
The Volution Group operates through two divisions: the
Ventilation Group and the OEM (Torin-Sifan) division. The
Ventilation Group comprises 15 key brands - Vent-Axia, Manrose,
Diffusion, National Ventilation, Airtech, Breathing Buildings,
Fresh, PAX, VoltAir, Welair, Kair, Air Connection, inVENTer,
Ventilair and Simx, focused primarily on the UK, the Nordic,
Central European and Australasian 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: 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 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 Ordinary shares of 1 pence each
financial instrument,
type of instrument
ISIN: GB00BN3ZZ526
Identification code
-------------------------- -----------------------------------------
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: Price(s) Volume(s)
GBPNIL 328,552
----------
DSBP: Price(s) Volume(s)
GBPNIL 39,248
----------
-------------------------- -----------------------------------------
d) Aggregated information
- Aggregated volume LTIP: 328,552 ordinary shares at
- Price GBPNIL
DSBP: 39,248 ordinary shares at GBPNIL
-------------------------- -----------------------------------------
e) Date of the transaction 17 October 2018
-------------------------- -----------------------------------------
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 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 Ordinary shares of 1 pence each
financial instrument,
type of instrument
ISIN: GB00BN3ZZ526
Identification code
-------------------------- -----------------------------------------
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: Price(s) Volume(s)
GBPNIL 186,662
----------
DSBP: Price(s) Volume(s)
GBPNIL 26,759
----------
-------------------------- -----------------------------------------
d) Aggregated information
- Aggregated volume LTIP: 186,662 ordinary shares at
- Price GBPNIL
DSBP: 26,759 ordinary shares at GBPNIL
-------------------------- -----------------------------------------
e) Date of the transaction 17 October 2018
-------------------------- -----------------------------------------
f) Place of the transaction Outside a trading venue
-------------------------- -----------------------------------------
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END
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