REG - Volex PLC - Director/PDMR Shareholding

VolexAnnouncement

22/12/2022 10:15

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RNS Number : 6214K  Volex PLC  22 December 2022

22 December 2022

Volex plc

("Volex" or the "Company")

Director / PDMR Dealing

Volex plc (AIM:VLX) announces that on 21 December 2022 the following
directors/persons discharging managerial responsibility ("PDMRs") were granted
nil-cost options (the "LTIP Awards") over ordinary shares of 25 pence each in
the capital of the Company (the "Shares") under the Company's Long Term
Incentive Plan.

 

 PDMR            Type of Award    Maximum Number of Shares
 Nat Rothschild  Nil-cost option  950,000
 John Molloy     Nil-cost option  800,000
 Jon Boaden      Nil-cost option  475,000

 

The performance targets for the LTIP Awards are based on achieving and
outperforming the five-year plan announced in June 2022, with half of the
awards vesting in five years, and half in six years. In addition to the above
named directors/PDMRs, a small number of senior leaders within the business
who are expected to make a significant impact on delivering the Company's
five-year plan will receive LTIP Awards over, in aggregate, a maximum of
1,480,000 Shares. This will align the senior team with the strategy and
provide an important retention mechanism over the plan period.

 

Rather than receive an annual award this year and for the following two years,
participants will receive a single cumulative award this year which is aligned
to the performance targets of the five-year plan. The maximum number of Shares
subject to the LTIP Awards reflects the fact that further awards will not be
granted to participants in the next two years.

 

As noted above, in the ordinary course, 50% of the LTIP Awards will become
exercisable on the fifth anniversary of the date of grant with the remaining
50% of the LTIP Awards exercisable on the sixth anniversary. Vesting of the
LTIP Awards is subject to the individuals continuing employment with the
Company and the satisfaction of annual underlying profit performance
conditions based on the Company's five-year plan, measured in FY25, FY26 and
FY27 respectively.

 

Following the grant of these awards, the aggregate number of Shares which have
been or may be issued in connection with awards granted during the previous
ten years under the LTIP, together with any other employee share plan adopted
by the Company, will not exceed 10% of the Company's issued share capital.

 

The following disclosure is made in accordance with Article 19 of the UK
version of the EU Market Abuse Regulation 596/2014 which has effect in English
law by virtue of the European Union (Withdrawal) Act 2018:

 

 1   Details of the person discharging managerial responsibilities/person closely
     associated
 a)  Name                                                         Nat Rothschild
 2   Reason for the notification
 a)  Position/status                                              PDMR, Executive Chairman
 b)  Initial notification /Amendment                              Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Volex PLC
 b)  LEI                                                          213800HBLQNH5FXXGE63
 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  Options over ordinary shares of 25 pence each

     Identification code
 b)  Nature of the transaction                                    Grant of awards under the Volex plc Long Term Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)                         Volume(s)

                                                                  £nil                             950,000
 d)  Aggregated information                                       n/a - single transaction

     - Aggregated volume

     - Price
 e)  Date of the transaction                                      21 December 2022
 f)  Place of the transaction                                     Outside a trading venue

 

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         John Molloy
 2   Reason for the notification
 a)  Position/status                                              PDMR, Chief Operating Officer
 b)  Initial notification /Amendment                              Initial Notification
 3   Details of the issuer, emission allowance market participant, auction
     platform, auctioneer or auction monitor
 a)  Name                                                         Volex PLC
 b)  LEI                                                          213800HBLQNH5FXXGE63
 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  Options over ordinary shares of 25 pence each

     Identification code
 b)  Nature of the transaction                                    Grant of awards under the Volex plc Long Term Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)                         Volume(s)

                                                                  £nil                             800,000
 d)  Aggregated information                                       n/a - single transaction

     - Aggregated volume

     - Price
 e)  Date of the transaction                                      21 December 2022
 f)  Place of the transaction                                     Outside a trading venue

 

 

 1   Details of the person discharging managerial responsibilities / person closely
     associated
 a)  Name                                                         Jon Boaden
 2   Reason for the notification
 a)  Position/status                                              PDMR, 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                                                         Volex PLC
 b)  LEI                                                          213800HBLQNH5FXXGE63
 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  Options over ordinary shares of 25 pence each

     Identification code
 b)  Nature of the transaction                                    Grant of awards under the Volex plc Long Term Incentive Plan
 c)  Price(s) and volume(s)                                       Price(s)                         Volume(s)

                                                                  £nil                             475,000
 d)  Aggregated information                                       n/a - single transaction

     - Aggregated volume

     - Price
 e)  Date of the transaction                                      21 December 2022
 f)  Place of the transaction                                     Outside a trading venue

 

 

For further information please contact:

 Volex plc                                                       +44 (0)7971 156 431
 Nat Rothschild, Executive Chairman
 Jon Boaden, Chief Financial Officer
 Christian Bedford, Group General Counsel and Company Secretary

 

 

 Singer Capital Markets - Nominated Adviser & Joint Broker      +44 (0)20 7496 3000
 Shaun Dobson
 George Tzimas

 

 

 HSBC Bank plc - Joint Broker  +44 (0)20 7991 8888
 Simon Alexander
 Joe Weaving

 

 

 Powerscourt - Media Enquiries    +44 (0)20 7250 1446
 James White
 Nick Johnson

 

 

 

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