Long Term Incentive Plan Award Grants

RNS Number : 6700S

Wizz Air Holdings PLC

09 July 2015

 

Wizz Air Holdings Plc

("Wizz Air" or the "Company")

Wizz Air Long Term Incentive Plan ("LTIP") award grants

LONDON, 9 July - Wizz Air, the largest low-cost airline in Central and Eastern Europe, announces the first grant of awards under its LTIP, details of which were outlined in Wizz Air's IPO prospectus, to a number of persons discharging management responsibilities ("PDMRs").

On 8 July 2015, following approval by the Remuneration Committee, Wizz Air made a grant of options under the LTIP over 260,639 ordinary shares in the capital of Wizz Air of £0.0001 par value ("Awards"). Of these Awards, options over 211,639 ordinary shares in the capital of Wizz Air were granted to PDMRs as set out below.

The following PDMRs were granted Awards of Performance Options:

Name	No. of options over ordinary shares granted under LTIP
Gyorgy Abran	23,862
Owain Jones	18,749
George Michalopoulos	1,500
Zsolt Nemeth	1,500
Diederik Pen	19,499
Michael Powell	27,271
Andras Sebok	1,500
John Stephenson	35,453
József Váradi	73,805
Iain Wetherall	2,000
Total	205,139

The performance conditions (with a 50% weighting for each) applicable to the Performance Options as set by the Remuneration Committee are:

1.  Total shareholder return ("TSR") relative to the TSR of certain selected European airlines. The base measure for TSR will be the average trading price of shares during the 30 days immediately before the award date, and the closing measure will be the average trading price of shares during the 30 days immediately before the third anniversary of the award date. At vesting, payout is to be 25% of the award for TSR performance equal to median performance, with a 100% payout for performance equal to, or exceeding, upper quartile performance.  Linear interpolation will apply for performance between the median and upper quartile; and

2.  Absolute growth in underlying, fully-diluted earnings per share ("EPS"). EPS growth will be measured over the period from 1 April 2015 to 31 March 2018 (FY 2016 to FY 2018 inclusive).

Target EPS growth over the performance period has been set at an average of 17% per annum (achievement of which will result in 50% of the award vesting), with the threshold set at 14% per annum (triggering 25% vesting), and the maximum at 20% per annum (triggering 100% vesting). Linear interpolation applies for performance between 14% to 17% and 17% to 20%.

The following PDMRs will also receive Awards of Restricted Options which will ordinarily vest on the third anniversary of the award date and are not subject to performance conditions:

Name	No. of options over ordinary shares granted under LTIP
George Michalopoulos	1,500
Zsolt Nemeth	1,500
Andras Sebok	1,500
Iain Wetherall	2,000
Total	6,500

All vested options must be exercised within ten years of the date of grant. If exercised, then the underlying shares of the vested options will be issued at nil cost to the option holders. No amounts have been paid by the relevant PDMRs for the grant of these options. The closing, middle-market price of the Company's ordinary shares on 8 July 2015 was £15.94.

This announcement is made pursuant to Disclosure and Transparency Rule 3.1.4 R.

-End-

About Wizz Air

Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 62 Airbus A320 aircraft and offers more than 380 routes from 22 bases, connecting 112 destinations across 38 countries. At Wizz Air, a team of approximately 2,300 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of 16.5 million passengers in the financial year ended 31 March 2015. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices.

For more information:
Investors:	Iain Wetherall, Wizz Air:	[phone]
Media:	Doug Oliver, Wizz Air:	[phone]
	Edward Bridges / Jonathan Neilan, FTI Consulting LLP:	[phone]

Follow us on Twitter: @wizzair

Notes for Editors:

·      All flights operated on Airbus A320 aircraft, with 180 seats

·      New Airbus A321 deliveries start in November 2015

·      For free pictures of aircraft, crews and logo library please visit http://wizzair.com/en-GB/press

 

END

 

 

RDSLLFEEDDIAIIE