REG - Ashtead Tech Hldgs - Grant of Awards under IPO Long-Term Incentive Plan

Ashtead Technology HoldingsAnnouncement

07/09/2022 07:00

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RNS Number : 5238Y  Ashtead Technology Holdings plc  07 September 2022

7 September 2022

Ashtead Technology Holdings plc

("Ashtead Technology" or the "Group")

 

Grant of Awards under IPO Long-Term Incentive Plan

 

Ashtead Technology, the international subsea rental equipment and solutions
specialist, announces that, following the Company's IPO in November 2021, and
under the terms of the Company's long term incentive plan (the "IPO LTIP"),
the Board has approved the award of and granted nil cost options (the
"Options") over 1,097,751 ordinary shares of 5 pence each in the Company
("Ordinary Shares") to certain employees, including persons discharging
managerial responsibilities ("PDMRs") detailed below.

 

As set out in the Admission Document and the Group's annual accounts for the
year ended 31 December 2021 the Options will become exercisable in equal
instalments over three years and, in each year, in proportion to the
attainment of an Adjusted Earnings per Share hurdle for that year.  If the
Company does not attain an Adjusted Earnings per Share in excess of a 25%
hurdle (as detailed below), no Options will vest and this proportion of the
Options will not be carried forward to the following year.  Where the Company
attains the Adjusted Earnings per Share hurdle for 25% vesting ("25% Hurdle"),
25% of the Options for that year will vest.  Where the Company attains the
Adjusted Earnings per Share hurdle for full vesting ("100% Hurdle"), all of
the Options due to vest that year will vest.  If Adjusted Earnings per share
is higher than the 25% Hurdle, but lower than the 100% Hurdle, the percentage
of Options vesting will be linearly interpolated.   Adjusted Earnings per
Share hurdles for each year are as follows:

 

                                             Year ending 31 December 2022  Year ending 31 December 2023  Year ending 31 December 2024
 Adjusted EPS needed for full vesting        18.30p                        20.61p                        23.59p
 Adjusted EPS needed for 25% hurdle vesting  15.96p                        17.17p                        19.15p

 

 

 Director/ PDMR  Position  Options granted
 Allan Pirie     CEO       406,389
 Ingrid Stewart  CFO       246,914

 

Following the grant, the total number of Options over Ordinary Shares under
the IPO LTIP is 1,097,751 representing 1.4 per cent. of the Company's issued
share capital.

 

For further information, please contact:

 

 Ashtead Technology                           (via Vigo Consulting)

 Allan Pirie, Chief Executive Officer

 Ingrid Stewart, Chief Financial Officer

 Vigo Consulting (financial PR)               Tel: +44 (0)20 7390 0230

 Patrick d'Ancona

 Finlay Thomson

 Numis Securities Limited (Nomad and Broker)  Tel: +44 (0)20 7260 1000

 Julian Cater

 George Price

 Jonny Abbott

 Kevin Cruickshank (QE)

 

Notes to editors:

 

Ashtead Technology is a leading subsea equipment rental and solutions provider
for the global offshore energy sector. Ashtead Technology's specialist
equipment, advanced-technologies and support services enable its customers to
understand the subsea environment and manage offshore energy production
infrastructure.

 

The Company's service offering is applicable across the lifecycle of offshore
wind farms and offshore oil and gas infrastructure.

 

In the fast-growing offshore wind sector, Ashtead Technology's specialist
equipment and services are essential through the project development,
construction and installation phase. Once wind farms are operational, Ashtead
Technology supports customers with inspection, maintenance and repair ("IMR")
equipment and services.  In the more mature oil and gas sector, Ashtead
Technology's focus is on IMR and decommissioning.

 

Headquartered in the UK, the Company operates globally, servicing customers
from its nine facilities located in key offshore energy hubs.

 

 

Notification of transactions of persons discharging managerial
responsibilities and persons closely associated with them.

 

 1    Details of the person discharging managerial responsibilities/person closely
      associated
 a)   Name                                                         Allan Pirie
 2    Reason for the notification
 a)   Position/status                                              CEO / PDMR

 b)   Initial notification /Amendment                              6(th) September 2022

 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Ashtead Technology Holdings PLC

 b)   LEI                                                          213800LHEWVY66RPGR58

 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  Share option

      Identification code

 b)   Nature of the transaction                                    Granting of share options

 c)   Price(s) and volume(s)                                       Price(s)                       Volume(s)

                                                                   Nil cost options            406,389

 d)   Aggregated information

       - Aggregated volume                                         406,389

       - Price                                                     Nil

 e)   Date of the transaction                                       5(th) September 2022

 f)   Place of the transaction                                     United Kingdom

 

 1    Details of the person discharging managerial responsibilities/person closely
      associated
 a)   Name                                                         Ingrid Stewart
 2    Reason for the notification
 a)   Position/status                                              CFO / PDMR

 b)   Initial notification /Amendment                              6(th) September 2022

 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer or auction monitor
 a)   Name                                                         Ashtead Technology Holdings PLC

 b)   LEI                                                          213800LHEWVY66RPGR58

 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  Share option

      Identification code

 b)   Nature of the transaction                                    Granting of share options

 c)   Price(s) and volume(s)                                       Price(s)                       Volume(s)

                                                                   Nil cost options            246,914

 d)   Aggregated information

       - Aggregated volume                                         246,914

       - Price                                                     Nil

 e)   Date of the transaction                                       5(th) September 2022

 f)   Place of the transaction                                     United Kingdom

 

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