REG - Flowtech Fluidpower - Option Exercise and Director's Dealings

Flowtech FluidpowerAnnouncement

14/05/2018 07:05

RNS Number : 8916N
Flowtech Fluidpower PLC
14 May 2018
 

 
 



The information contained within this announcement is deemed by the Company to constitute inside information stipulated under the Market Abuse Regulation (EU) No. 596/2014. Upon the publication of this announcement via the Regulatory Information Service, this inside information is now considered to be in the public domain.
 
FLOWTECH FLUIDPOWER PLC
("Flowtech" the "Group" or "Company")
 
Option Exercise and Director's Dealings




 
London: Monday, 14 May 2018:  AIM listed specialist technical fluid power products supplier Flowtech Fluidpower plc (LSE: AIM: symbol: FLO) announces the following dealings by Sean Fennon, Chief Executive Officer, and Bryce Brooks, Chief Financial Officer.
On 11 May 2018 Sean Fennon exercised his share options over 472,222 new ordinary shares (the "New Shares") at an exercise price of 100p per share.  These options were granted at the time of flotation in 2014.  249,999 of these options were qualifying options for the purpose of the Enterprise Management Incentive scheme and the remainder were unapproved.  Following this exercise Mr Fennon has share options over Nil shares.
Concurrent with exercise of the EMI option, Mr Fennon agreed to sell 311,644 New Shares, in order to settle the exercise price for the options and certain tax liabilities arising on the exercise of the unapproved options, to the Flowtech Fluidpower plc Employee Benefit Trust at 177.5 pence per share, being the closing mid-market price on 10 May 2018.  Completion of these arrangements will occur following Admission.
On 11 May 2018 Sean Fennon and Bryce Brooks exercised their put option over 340 and 103 A shares respectively in Flowtech MIP Limited which were granted at the time of flotation in 2014. In accordance with the terms of the Flowtech Management Incentive Plan ("MIP"), Flowtech has agreed to purchase these A shares by way of the issue of 561,693 and 170,160 new ordinary shares respectively (the "New MIP Shares").
Mr Fennon has also agreed to transfer the balance of 160,578 New Shares and transfer 560,987 New MIP Shares to his wife.  Completion of these arrangements will occur following Admission.
Following completion of these arrangements, Mr Fennon will be beneficially interested in 941,271 shares, an increase of 722,271 shares, and Mr Brooks will be beneficially interested in 299,160 shares, an increase of 170,160 shares.
Admission
Application will be made for the New Shares and the New MIP Shares to be admitted to AIM. It is expected that Admission will become effective and trading will commence at 8:00 a.m. on or around 18 May 2018 ("Admission").  The New Shares and the New MIP Shares will, following Admission, rank pari passu in all respects with the existing ordinary shares in issue and will carry the right to receive all dividends and distributions declared, made or paid on or in respect of the ordinary shares after Admission.
Total voting rights (TVR)
Following Admission, the total number of ordinary shares and voting rights in the Company will be 60,876,606.  The Company does not hold any shares in treasury.  Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the FCA's Disclosure and Transparency Rules.



 



Enquiries:
Flowtech Fluidpower plc
Sean Fennon, Chief Executive
Bryce Brooks, Chief Financial Officer
Tel: +44 (0) 1695 52796
Email: info@flowtechfluidpower.com
Website: www.flowtechfluidpower.com
 




Zeus Capital Limited (Nominated Adviser and Broker)
Andrew Jones, Alistair Donnelly (corporate finance)
Dominic King, John Goold (sales & broking)
Tel: +44 (0) 20 3829 5000
 
finnCap Limited (Joint Broker)
Ed Frisby, Kate Bannatyne (corporate finance)
Rhys Williams, Emily Morris (sales & broking)
Tel: +44 (0) 20 7220 0500
 
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
or email: fiona@tooleystreet.com
 



 
 
The information below, set out in accordance with the requirements of the MAR, provides further detail.
 



1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Sean Fennon




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


Flowtech Fluidpower plc




b)


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
Identification code


Ordinary shares of 50p each
 GB00BM4NR742




b)


Nature of the transaction


(i)           Exercise of EMI Options
(ii)          Sale to EBT
(iii)         Exercise of MIP Options
(iv)         Transfer of Ordinary Shares
 



 
 



c)


Price(s) and volume(s)





(i)           Price(s)


Volume(s)




100.0p


472,222




 


 




(ii)          Price(s)


Volume(s)




177.5p


311,644




(iii)         Price(s)


Volume(s)




177.5p


561,693




(iv)          Price(s)


Volume(s)




177.5p


722,271








d)


Aggregated information
-      Aggregated volume
-      Price
 
-      Aggregated volume
-      Price


 (i) Exercise of EMI Options
472,222
100.0p (weighted average)
(ii) Sale to EBT
311,644
177.5 (weighted average)
 (iii) Exercise of MIP Options
561,693
177.5 (weighted average)
 (iv) Transfer of Ordinary Shares
722,271
177.5 (weighted average)
 




e)


Date of the transaction


(i)           11 May 2018
(ii)          11 May 2018
(iii)         11 May 2018
(iv)         11 May 2018
 




f)


Place of the transaction


(i)          London Stock Exchange, AIM
(ii)         Outside normal trading venue - the transactions will take effect conditional only on formal admission of newly issued shares to AIM, but subject to this became legally binding on 11 May 2018
(iii)        London Stock Exchange, AIM
(iv)        Outside normal trading venue - the transactions will take effect conditional only on formal admission of newly issued shares to AIM, but subject to this became legally binding on 11 May 2018



 
 



1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Bryce Brooks




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


Flowtech Fluidpower plc




b)


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
Identification code


Ordinary shares of 50p each
 GB00BM4NR742




b)


Nature of the transaction


(i)           Exercise of MIP Options




c)


Price(s) and volume(s)





 


 




(i)          Price(s)


Volume(s)




177.5p


170,160








d)


Aggregated information


 N/A - Single transaction 




e)


Date of the transaction


(i)           11 May 2018




f)


Place of the transaction


(i)           London Stock Exchange, AIM



 
 



1


Details of the person discharging managerial responsibilities/person closely associated




a)


Name


Maureen Fennon




2


Reason for the notification




a)


Position/status


Person closely associated with Sean Fennon




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


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
Identification code


Ordinary shares of 50p each
 GB00BM4NR742




b)


Nature of the transaction


(i)           Transfer of Ordinary Shares




c)


Price(s) and volume(s)





 


 




(i)          Price(s)


Volume(s)




177.5p


722,271








d)


Aggregated information


N/A - Single transaction




e)


Date of the transaction


(i)           11 May 2018




f)


Place of the transaction


(i)           Outside normal trading venue - the transactions will take effect conditional only on formal admission of newly issued shares to AIM, but subject to this became legally binding on 11 May 2018



 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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