Director's Dealing • Oct 17, 2018
Director's Dealing
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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 £1.865 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 /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
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) |
| £NIL | 328,552 |
DSBP:
| Price(s) | Volume(s) |
| £NIL | 39,248 |
d)
Aggregated information
- Aggregated volume
- Price
LTIP: 328,552 ordinary shares at £NIL
DSBP: 39,248 ordinary shares at £NIL
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 /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
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) |
| £NIL | 186,662 |
DSBP:
| Price(s) | Volume(s) |
| £NIL | 26,759 |
d)
Aggregated information
- Aggregated volume
- Price
LTIP: 186,662 ordinary shares at £NIL
DSBP: 26,759 ordinary shares at £NIL
e)
Date of the transaction
17 October 2018
f)
Place of the transaction
Outside a trading venue
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
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