Award of Options, Issue of Equity & Total V...
AVINGTRANS PLC
Award of Options, Issue of Equity and Total Voting Rights
Avingtrans plc ("Avingtrans" or "the Company") announces that the Company has
today, under the terms of the Company's CSOP share scheme (the "CSOP") and its
Executive Shared Ownership Plan ("the ExSOP "), made a grant of awards over
ordinary shares of 5p each in the Company ("Ordinary Shares") to directors and
senior managers, as set out below.
Awards under the CSOP
On 19 December 2012, the Board of Avingtrans, in accordance with the Company's
CSOP, granted options over 189,000 Ordinary Shares at an option price of 96.0
pence per share. The following were issued to Directors:
Name Number of options over Total number of options
Ordinary Shares granted over Ordinary Shares now
held
S McQuillan 30,000 30,000
SM King 30,000 105,000
PJ Kenny 20,000 75,000
All of the options granted may not be exercised until 3 years from the date of
grant and are subject to a performance condition. The performance condition for
each of these options is that the increase in adjusted EPS must be at least
equal to the increase in RPI over the vesting period.
Awards under the ExSOP
On 18 December 2012, the Board of Avingtrans, in accordance with the Company's
ExSOP, granted options over 330,000 Ordinary Shares at an option price of 96.0
pence per share. The following were issued to Directors:
Director Number of Ordinary Beneficial interest in
Shares subject to awards Ordinary Shares
Stephen McQuillan 145,000 150,000
Stephen King 95,000 135,000
Peter Kenny 25,000 40,000
Furthermore, one senior manager has been granted awards over a total of 85,000
Ordinary Shares.
Consequently, in order to satisfy the awards under the ExSOP, application has
been made for admission to trading on AIM of a total of 330,000 Ordinary Shares
("Admission"). It is expected that Admission will be effective on 21 December
2012.
Under the provisions of the ExSOP, Ordinary Shares are jointly owned between
the individuals above and by an employees' share trust, on terms, similar to a
share option scheme, whereby the participant can benefit only from the future
growth in the value of the Ordinary Shares above the closing market value of
the shares on the award date (being therefore the closing market value on 18
December 2012) in excess of a carrying cost.
Awards are subject to a performance and participants may not normally realise
any such benefit before 21 December 2015. The performance condition for each of
the ExSOP options is that the increase in adjusted EPS must be at least equal
to the increase in RPI over the vesting period
Subsequent to issue of the Ordinary Shares as above, the Company's total issued
share capital is 26,959,397 Ordinary Shares. Avingtrans does not hold any
Ordinary Shares in treasury. Therefore, the total number of voting rights in
Avingtrans is 26,959,397.
The above figure 26,959,397 may be used by shareholders as the denominator for
the calculations by which they will determine if they are required to notify
their interest in, or a change to their interest in, Avingtrans under the FSA's
Disclosure and Transparency Rules.
Enquiries:
Avingtrans plc 0115 949 9020
Steve McQuillan, CEO
Numis Securities Limited 020 7260 1000
David Poutney (Corporate Broking)
Richard Thomas (Corporate Finance and Nominated Adviser)
Newgate Threadneedle
020 7653 9850
(Financial PR)
Josh Royston
Heather Armstrong
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