REG - Volution Group plc - Director/PDMR Shareholding
RNS Number : 8554OVolution Group plc12 October 2021
Tuesday 12 October 2021
Volution Group plc
Exercise of awards under the Company's Long Term Incentive Plan
Volution Group plc ("Volution", "Group" or the "Company", LSE: FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, announces that on 7 October 2021, nil-cost options awarded to the Chief Financial Officer on 15 October 2019 under the Volution Long Term Incentive Plan ("LTIP 2019 Awards") were exercised as set out below. The table shows the number of nil-cost options exercised, the number of shares sold to satisfy income tax, national insurance and dealing costs and the number of shares retained:
LTIP 2019 Awards exercised
Number of shares sold to satisfy income tax, national insurance liability and dealing costs
Price at which each share sold
Number of shares retained
Andy O'Brien
Chief Financial Officer
34,722
16,361
460 pence
18,361
As outlined in the announcement dated 16 October 2019, Andy O'Brien forfeited share awards on leaving his last employer. In accordance with the Volution Remuneration Policy, the Remuneration Committee approved the grant of additional awards to Andy O'Brien to partially compensate him for remuneration forgone at his previous employer. These LTIP awards were granted to replicate as far as possible, the likely value and time horizons associated with the share awards forfeited at his previous employer. The LTIP awards were due to vest as follows: 50% on the first anniversary of appointment (1 August 2020) and 50% on the second anniversary of appointment (1 August 2021), subject to continued employment with Volution and were not subject to any performance conditions, reflecting the criteria of the forfeited share awards.
The Volution Employee Benefit Trust has transferred shares to the Chief Financial Officer representing the number of shares retained following the sale of shares to satisfy income tax, national insurance and dealing costs.
Following the exercise, sale and retention of shares under the LTIP, the shareholding of the Chief Financial Officer is as follows:
Total holding of ordinary shares
% of issued share capital
Andy O'Brien, Chief Financial Officer
37,886
0.02%
The attached notifications, made pursuant to Article 19(3) of the Market Abuse Regulation, provide further details.
-ends-
Enquiries:
Volution Group plc
Michael Anscombe, Company Secretary +44 (0) 1293 441562
Legal Entity Identifier: 213800EPT84EQCDHO768
Note to Editors:
Volution Group plc (LSE: FAN) is a leading international designer and manufacturer of energy efficient indoor air quality solutions. Volution Group comprises 19 key brands across three regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, Rtek, inVENTer, Ventilair, ClimaRad, ERI Corporation.
Australasia: Simx, Ventair, Manrose.
For more information, please go to: www.volutiongroupplc.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
Andy O'Brien
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
Volution Group plc
b)
LEI
213800EPT84EQCDHO768
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 1 pence each
ISIN: GB00BN3ZZ526
b)
Nature of the transaction
Exercise of nil-cost options under the Long Term Incentive Plan (LTIP), sale of shares to fund the income tax, national insurance and dealing costs and retention of balance of shares.
c)
Price(s) and volume(s)
Price(s)
Volume(s)
Acquisition of shares on exercise of LTIP 2019 Award.
Sale of shares to satisfy income tax, national insurance and dealing costs.
Retention of shares.
£Nil
460 pence per share
£Nil
34,722
16,361
18,361
d)
Aggregated information
- Aggregated volume
- Price
Aggregated volume:
Exercise
Volume: 34,722
Price: £Nil
Sale to cover income tax, national insurance and dealing costs
Volume: 16,361
Price: 460 pence per share
Retention of shares
Volume: 18,361
Price: £Nil
e)
Date of the transaction
8 October 2021
f)
Place of the transaction
Outside a trading venue (exercise of nil-cost options and retention of shares) and London Stock Exchange, Main Market (XLON) (sale of shares).
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