Flowtech Fluidpower PLC Grants under the Management Incentive Plan (9686Z)
June 02 2016 - 1:00AM
UK Regulatory
TIDMFLO
RNS Number : 9686Z
Flowtech Fluidpower PLC
02 June 2016
Issued on behalf of Flowtech
Fluidpower PLC
Thursday, 2 June 2016
FLOWTECH FLUIDPOWER PLC
("Flowtech" or the "Group" or "Company")
Grants Under the Management Incentive Plan
Flowtech Fluidpower PLC (AIM.FLO) announces the grants set out
below under the Management Incentive Plan established at the time
of Admission. Of the original grants that were made on Admission,
those to Sean Fennon and Bryce Brooks remain and vest in 2017.
These are detailed in the Annual Report and Accounts for the year
ended 31 December 2015. The new grants provide management
incentivisation to 2019 and deliver value to the holder above a
150p Company share price (compared with 130p for the original
grant).
On 1 June 2016, the following new shares in the capital of
Fluidpower MIP Limited (formerly Flowtech MIP Limited, the
intermediate holding company that is a subsidiary of the Company)
were issued for nominal value:
(1) 3,000 voting C Ordinary Shares of GBP0.01 each to Nick
Fossey, Managing Director of the Power Motion Control Division, who
was appointed on 1 March 2016;
(2) 5 non-voting D Ordinary Shares of GBP0.01 each to Sean Fennon; and
(3) 5 non-voting D Ordinary Shares of GBP0.01 each to Bryce Brooks.
The C Ordinary Shares and the D Ordinary Shares substantially
adopt the rights attaching to the A Ordinary Shares and the B
Ordinary Shares in the capital of Fluidpower MIP Limited, as
described in the Company's admission document dated 9 May 2014
("Admission Document"), save that:
(a) the holders of these shares may require the Company to
purchase the shares at any time between the third and seventh
anniversary of the date on which they were issued (subject to
earlier transfers if the Company is the subject of a takeover offer
(when the shares shall be sold for fair value)) or if the holder
ceases to be employed by the Company, at which time they will be
sold for the lower of their fair value and their cost, unless the
holder is a Good Leaver (as described in the Admission Document)
when they will realise their fair value (in the case of a Good
Leaver the sale of the shares at fair value is deferred until the
end of the three year holding period if that has not expired);
(b) the aggregate fair value of the C Ordinary Shares shall be
1.74102% of the amount by which the market capitalisation of the
Company exceeds GBP65,067,696, (which is 4.35 per cent. above the
Company's market capitalisation as at the close of business on 31
May 2016, being the latest practicable date prior to the issue of
such C Ordinary Shares); and
(c) the aggregate fair value of the D Ordinary Shares shall be
2.92898% of the amount by which the market capitalisation of the
Company exceeds GBP65,067,696, (which is 4.35 per cent. above the
Company's market capitalisation as at the close of business on 31
May 2016, being the latest practicable date prior to the issue of
such D Ordinary Shares).
The Company may satisfy the awards to the holders of such shares
in cash or by an issue of new ordinary shares in the capital of the
Company that are equal to that market value.
Enquiries:
FLOWTECH FLUIDPOWER PLC
Malcolm Diamond MBE, Executive Chairman
Nigel Richens, NED & Chair of the
Remuneration Committee
Tel: +44 (0) 1695 52796
AIM: symbol: FLO
email: info@flowtechfluidpower.com
website: www.flowtechfluidpower.com
Zeus Capital Limited (Nominated
Adviser and Broker)
Dominic King, Andrew Jones
Tel: +44 (0) 20 3829 5000
TooleyStreet Communications Limited
(IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523 or email:
fiona@tooleystreet.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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