Director/PDMR Shareholding

RNS Number : 2194C

Volution Group plc

15 October 2020

 

Thursday 15 October 2020

 Volution Group plc

Awards under the Company's Long Term Incentive Plan

Volution Group plc ("Volution" or the "Company", LSE: FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, today announces that on 14 October 2020 the Executive Directors were granted awards under the Company's Long Term Incentive Plan ("LTIP awards") as follows:

Executive Director	LTIP awards
Ronnie George, Chief Executive Officer	327,672
Andy O'Brien, Chief Financial Officer	191,083

The LTIP awards were made in the form of nil-cost options, which will, subject to the rules of the LTIP, vest following the Remuneration Committee's determination of the extent to which performance conditions applicable to the awards have been satisfied. To the extent the performance conditions have been satisfied, the nil-cost options will have a normal vesting date of 14 October 2025 (which includes a two year holding period) and the options will lapse on 15 October 2030. 

The LTIP awards will vest subject to the achievement of performance against Earnings per Share growth targets and relative Total Shareholder Return (against a direct peer group), measured over a three year performance period. The amounts shown above represent the maximum number of nil-cost options which could vest. 

75% of the maximum potential award is based on an Earnings per Share ("EPS") performance condition with 25% vesting at a threshold of 6% p.a. EPS growth and 100% vesting on achievement of 12% p.a. EPS growth.

25% of the maximum potential award is based on a Total Shareholder Return ("TSR") performance condition relative to a direct peer group index of 16 companies. 25% of the TSR element will vest at threshold on achieving median in the index and 100% for achieving upper quartile in the index.

The Committee considers these targets to be at least as challenging as those set in prior years, given performance will be measured over the normal three year period (1 August 2020 to 31 July 2023) and subject to the same vesting schedule as in prior years. 

The price used to calculate the grant of LTIP awards was 191.67 pence per ordinary share, being the average of the mid-market closing price of a Volution ordinary share on the three consecutive business days immediately preceding the date of grant. No consideration was paid for the LTIP awards.

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    [phone]

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 16 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, inVENTer, Ventilair.

Australasia: Simx, Ventair.

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	Ronnie George
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	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	Grant of nil-cost options under the Volution Long Term Incentive Plan (LTIP).
c)	Price(s) and volume(s)	Price(s) Volume(s) £NIL 327,672
d)	Aggregated information - Aggregated volume - Price	LTIP: 327,672  ordinary shares at £NIL
e)	Date of the transaction	14 October 2020
f)	Place of the transaction	Outside a trading venue

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	Grant of nil-cost options under the Volution Long Term Incentive Plan (LTIP).
c)	Price(s) and volume(s)	Price(s) Volume(s) £NIL 191,083
d)	Aggregated information - Aggregated volume - Price	LTIP: 191,083 ordinary shares at £NIL
e)	Date of the transaction	14 October 2020
f)	Place of the transaction	Outside a trading venue

 

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