REG - Jet2 PLC - Grant of Options and Vesting of Deferred Awards

Jet2Announcement

21/07/2021 16:20

RNS Number : 0356G
  
Jet2 PLC
  
21 July 2021
  
 

21 July 2021
Jet2 plc
("Jet2", the "Group" or the "Company")
 
Grant of Options under Share Reward Plan 
and Vesting of Deferred Awards under Senior Executive Incentive Plan
 
Jet2 plc, the Leisure Travel group, announces that it has implemented a new Share Reward Plan (the "Plan").  The Plan is intended to ensure that the recipients have both a straightforward retention mechanism in place and that they also have direct alignment with shareholders in the period, as we seek to drive the business recovery of the Company.  Further details of the Plan will be included in the Remuneration Committee Report within the Company's Annual Report and Accounts for the financial year ended 31 March 2021.
Awards under the Plan take the form of options to acquire the Company's ordinary shares of 1.25p each ("Ordinary Shares") which will be exercisable upon payment of the nominal value of the Ordinary Shares from the date which is three years following the date of grant and will lapse ten years from the anniversary of the date of grant. Recipients must be employed and not be under notice given or received at vesting and must have worked and contributed throughout the vesting period. 
The Company has today granted 1,213,000 options under the Plan representing 0.57% of the Company's issued share capital, being within the 10% in 10 years share plans dilution limit.
Details of the awards to PDMRs under the Plan are as follows:



Director


 Number of Options issued under the Plan




Stephen Heapy, Chief Executive Officer


136,000




Gary Brown, Group Chief Financial Officer


105,000



 
The awards to our Chief Executive Officer and Group Chief Financial Officer under the Plan, are the first awards (beyond part deferral of bonus outcomes awarded previously as deferred shares under the Senior Executive Incentive (Deferred Award) Plan ("SEIP")) which they have received since their last awards under the SEIP in July 2019.  
In addition, on 20 July 2021, Stephen Heapy and Gary Brown subscribed for 20,421 and 19,156 Ordinary Shares at 1.25p per Ordinary Share, respectively, pursuant to the vesting of a deferred award granted under the SEIP, representing the deferred element of the bonus earned for the financial year ended 31 March 2018.
In order to fund only the income tax, National Insurance liabilities and administrative fees arising on vesting, Stephen Heapy and Gary Brown subsequently sold 9,867 and 9,256 Ordinary Shares at £10.50 per Ordinary Share and retained the balance of 10,554 and 9,900 Ordinary Shares, respectively.
Following these transactions, Mr Heapy beneficially holds a total of 261,165 Ordinary Shares, representing approximately 0.12% of the Company's issued share capital, and Mr Brown beneficially holds a total of 90,576 Ordinary Shares, representing approximately 0.04% of the Company's issued share capital.
The notifications below, made in accordance with the requirements of the UK version of Regulation (EU) No 596/2014, provide further details.
 



 For further information, please contact:
 



Jet2 plc
Philip Meeson, Executive Chairman
Ian Day, Company Secretary


Tel:        0113 239 7692
 




 


 




Cenkos Securities plc - Nominated Adviser
Katy Birkin/Camilla Hume
 


Tel:        020 7397 8900




Buchanan - Financial PR
Richard Oldworth


Tel:        020 7466 5000






 


 



 
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


Stephen Heapy




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


Jet2 plc




b)


LEI


I72RQ3PNLDPW8R7JIJ56




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 1.25p each




 


Identification code


GB00B1722W11




b)


Nature of the transaction


Grant of options under the Company's Share Reward Plan




c)


Price(s) and volumes(s)


Price(s)


Volume(s)




£0.0125


136,000




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


21 July 2021




f)


Place of the transaction


Outside of a trading venue



 



1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Gary Brown




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


Jet2 plc




b)


LEI


I72RQ3PNLDPW8R7JIJ56




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 1.25p each




 


Identification code


GB00B1722W11




b)


Nature of the transaction


Grant of options under the Company's Share Reward Plan




c)


Price(s) and volumes(s)


Price(s)


Volume(s)




£0.0125


105,000




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


21 July 2021




f)


Place of the transaction


Outside of a trading venue



 



1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Stephen Heapy




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


Jet2 PLC




b)


LEI


I72RQ3PNLDPW8R7JIJ56




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 1.25p each




 


Identification code


GB00B1722W11




b)


Nature of the transaction


Subscription for shares pursuant to the vesting of a deferred award granted under the Senior Executive Incentive (Deferred Award) Plan representing the deferred element of the bonus earned for the financial year ended 31 March 2018




c)


Price(s) and volumes(s)


Price(s)


Volume(s)




£0.0125


20,421




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


20 July 2021




f)


Place of the transaction


XOFF



 



1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Stephen Heapy




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


Jet2 plc




b)


LEI


I72RQ3PNLDPW8R7JIJ56




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 1.25p each




 


Identification code


GB00B1722W11




b)


Nature of the transaction


Sale of Ordinary Shares received pursuant to the vesting of a deferred award under the Senior Executive Incentive (Deferred Award) Plan to fund only the income tax and National Insurance liabilities and administrative fees arising on vesting. The balance of 10,554 Ordinary Shares has been retained.




c)


Price(s) and volumes(s)


Price(s)


Volume(s)




£10.50


9,867




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


20 July 2021




f)


Place of the transaction


XOFF



 
 



1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Gary Brown




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


Jet2 plc




b)


LEI


I72RQ3PNLDPW8R7JIJ56




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 1.25p each




 


Identification code


GB00B1722W11




b)


Nature of the transaction


Subscription for shares pursuant to the vesting of a deferred award granted under the Senior Executive Incentive (Deferred Award) Plan representing the deferred element of the bonus earned for the financial year ended 31 March 2018




c)


Price(s) and volumes(s)


Price(s)


Volume(s)




£0.0125


19,156




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


20 July 2021




f)


Place of the transaction


XOFF



 



1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Gary Brown




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


Jet2 plc




b)


LEI


I72RQ3PNLDPW8R7JIJ56




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 1.25p each




 


Identification code


GB00B1722W11




b)


Nature of the transaction


Sale of Ordinary Shares received pursuant to the vesting of a deferred award under the Senior Executive Incentive (Deferred Award) Plan to fund only the income tax and National Insurance liabilities and administrative fees arising on vesting. The balance of 9,900 Ordinary Shares has been retained.




c)


Price(s) and volumes(s)


Price(s)


Volume(s)




£10.50


9,256




d)


Aggregated information


N/A single transaction




 


Aggregated volume


N/A single transaction




 


Price


N/A single transaction




e)


Date of the transaction


20 July 2021




f)


Place of the transaction


XOFF



 

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