REG - Flowtech Fluidpower - Awards under Long-Term Incentive Plan

Flowtech FluidpowerAnnouncement

05/06/2023 07:00

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RNS Number : 5722B  Flowtech Fluidpower PLC  05 June 2023

 NEWS RELEASE

 Issued on behalf of Flowtech Fluidpower plc

 Immediate Release

 Monday, 5 June 2023

 

 

 

FLOWTECH FLUIDPOWER PLC

("Flowtech" or the "Company")

Specialist full-service supplier of technical fluid power products and
services

 

Awards under Long-Term Incentive Plan

 

 

Flowtech Fluidpower plc, the UK's leading specialist supplier of technical
fluid power products, announces that the Board's Remuneration Committee has
approved the grant of nil cost options over ordinary shares of 50 pence each
(the "2023 Options") under the Company's new Long-Term Incentive Plan
("LTIP").  The LTIP is designed to incentivise the executive directors to
deliver value creation for shareholders and ensure alignment with shareholder
interests.

 

On 2 June 2023, 2,345,588 2023 Options, in aggregate, were granted under the
LTIP to the executive directors as set out below:

 

 Director           Number of 2023 Options awarded  2023 Options as % of current issued share capital  Total options as % of current issued share capital
 Mike England, CEO  1,583,333                       2.6%                                               2.6%
 Russell Cash, CFO  762,255                         1.2%                                               1.7%

 

The vesting of the 2023 Options is subject to Flowtech's share price
performance.  The awards are in three tranches, which each have different
share price hurdles in order to vest in full, being £2.00 for the first
tranche (comprising 1,638,970 2023 Options), £2.50 for the second (comprising
423,971 2023 Options) and £3.00 for the third (comprising 282,647 2023
Options).  The second tranche of 2023 Options will vest on a straight line
basis between a share price of £2.00 and £2.50, with the third tranche
vesting on a straight line basis between a share price of £2.50 and £3.00.
A third of each tranche will be tested after each of the third, fourth and
fifth anniversaries of the commencement of the LTIP scheme and vesting is
subject to the discretion of the Remuneration Committee. Ordinary shares from
the vesting of the LTIP are subject to a minimum hold period until the fifth
anniversary of the commencement of the LTIP and are subject to customary malus
and clawback provisions.  The above awards to Russell Cash replace LTIP
awards previously made to him in 2021 and 2022, which have now been
surrendered.

 

Following implementation of the LTIP, outstanding options represent 7.1% of
the Company's issued share capital.

 

Related party transaction

The granting of awards to the executive directors constitutes a related party
transaction pursuant to rule 13 of the AIM Rules for Companies.  The
Company's Non-Executive Directors, who are not party to the LTIP and are
therefore independent directors for these purposes, consider, having consulted
with the Company's Nominated Adviser Liberum Capital Limited, that the terms
of the transaction are fair and reasonable insofar as the Company's
shareholders are concerned.

 

 

 

 ENQUIRIES:
 Flowtech Fluidpower plc

 Jamie Brooke, Non-executive Director

 Mike England, Chief Executive Officer

 Russell Cash, Chief Financial Officer

 Tel: +44 (0) 1695 52759

 Email: info@flowtechfluidpower.com (mailto:info@flowtechfluidpower.com)

 Liberum (Nominated adviser and Sole Broker)

 Richard Lindley / Ben Cryer / Will King

 Tel: +44 (0) 20 3100 2000

 TooleyStreet Communications (IR and media relations)

 Fiona Tooley

 Tel: +44 (0) 7785 703523

 or email: fiona@tooleystreet.com (mailto:fiona@tooleystreet.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                                                         Mike England
 2    Reason for the notification
 a)   Position/status                                              Chief Executive Officer /PDMR
 b)   Initial notification /Amendment                              Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer, or auction monitor
 a)   Name                                                         FLOWTECH FLUIDPOWER PLC
 b)   LEI                                                          LEI: 213800N68SQY5X5XS290
 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  Ordinary shares of 50 pence each

      Identification code                                          GB00BM4NR742
 b)   Nature of the transaction                                    Grant of options over ordinary shares (LTIP)
 c)   Price(s) and volume(s)                                                             Price:  Nil

                                                                                         Volume: 1,583,333
 d)   Aggregated information

      -  Aggregated volume                                         N/a - single transaction

      -  Price
 e)   Date of the transaction                                      2 June 2023
 f)   Place of the transaction                                     Off market transaction

 

 

 

 1    Details of the person discharging managerial responsibilities / person closely
      associated
 a)   Name                                                         Russell Cash
 2    Reason for the notification
 a)   Position/status                                              Chief Financial Officer/PDMR
 b)   Initial notification /Amendment                              Initial notification
 3    Details of the issuer, emission allowance market participant, auction
      platform, auctioneer, or auction monitor
 a)   Name                                                         FLOWTECH FLUIDPOWER PLC
 b)   LEI                                                          LEI: 213800N68SQY5X5XS290
 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  Ordinary shares of 50 pence each

      Identification code                                          GB00BM4NR742
 b)   Nature of the transaction                                    Grant of options over ordinary shares (LTIP)
 c)   Price(s) and volume(s)                                                             Price:  Nil

                                                                                         Volume: 762,255
 d)   Aggregated information

      -  Aggregated volume                                         N/a - single transaction

      -  Price
 e)   Date of the transaction                                      2 June 2023
 f)   Place of the transaction                                     Off market transaction

 

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