Volution Group PLC

Director's Dealing • Oct 12, 2021

National Storage Mechanism | Additional information

RNS Number : 8554O

Volution Group plc

12 October 2021

Tuesday 12 October 2021

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 7 October 2021, 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	34,722	16,361	460 pence	18,361

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 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	37,886	0.02%

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 international designer and manufacturer of energy efficient indoor air quality solutions.  Volution Group comprises 19 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, Rtek, inVENTer, Ventilair, ClimaRad, ERI Corporation.

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)

	Price(s)	Volume(s)
Acquisition of shares on exercise of LTIP 2019 Award. Sale of shares to satisfy income tax, national insurance and dealing costs. Retention of shares.	£Nil 460 pence per share £Nil	34,722 16,361 18,361

d)

Aggregated information

- Aggregated volume

- Price

Aggregated volume:

Exercise

Volume: 34,722

Price: £Nil

Sale to cover income tax, national insurance and dealing costs

Volume: 16,361

Price:  460 pence per share

Retention of shares

Volume: 18,361

Price:  £Nil

e)

Date of the transaction

8 October 2021

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).

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