Source - RNS
RNS Number : 8707L
Air Partner PLC
06 October 2016
 

6 October 2016

Air Partner plc

 

LTIP Award vest and option exercise and PDMR notification

Air Partner plc ('Air Partner', 'the Company' or 'Group'), the global aviation services group, announces that share awards under the Air Partner plc Long Term Share Incentive Plan 2012 in the form of nil cost options over Ordinary shares of 5 pence each vested on 3 October 2016. The vesting related to awards granted on 22 October 2013 ("the 2013 Award") and covered the performance period from 1 August 2013 to 31 July 2016.

 

The 2013 Award was subject to a performance condition with an Earnings per share ("EPS") element and Total Shareholder Return ("TSR") element, the details of which can be found on page 68 of the Group's Annual report for the year ended 31 January 2016.  The Remuneration Committee has satisfied itself that the recorded EPS growth and TSR ranking is a genuine reflection of the underlying business performance of the Group and accordingly has approved the vesting of the 2013 Award at the calculated percentages set out below:

 

Performance criterion

 Achieved

% of Award to vest

 

EPS growth

 

Growth greater than RPI +10%

 

100%

 

TSR

 

52nd percentile against the FTSE Small Company Index

 

31%

 

Following such vesting, the Company has been notified on 3 October 2016 that Mark Briffa and senior managers exercised options and acquired shares and that shares were surrendered for cash to pay the PAYE/NIC liabilities related with the option exercises as set out below:

 

2013 Award

Shares vested in award

Shares surrendered for cash to satisfy tax/NI liabilities

Shares retained

Mark Briffa

36,575

17,190

19,385

Senior Managers

22,045

10,361

11,684

 

Mark Briffa has transferred the shares retained to his wife.  His beneficial holding after the exercise of options is 52,446 shares, being 0.5% of the issued share capital of the Company.

 

The notification below is made in accordance with the requirements of the EU Market Abuse Regulation.

 

 

 

 

 

 

Details of the person discharging managerial responsibilities ("PDMR") or persons closely associated with them ("PCA")

a)

Name

 

Mark Briffa

 

b)

Position/status

 

Chief Executive Officer

 

c)

Initial notification/ Amendment

 

Initial notification

2

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

 

Air Partner plc

b)

LEI

 

213800JLR6YIRMSCUS98

3

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 share of 5 pence

 

 

 

 

 

GB0000115302

b)

Nature of the transaction

 

Shares surrendered to EBT to cover tax liabilities arising from exercise of options under Long Term Share Incentive Plan award

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

£4.86

 

 

17,190

 

d)

Aggregated information

-        Aggregated volume

-      Price

 

 

 

Not applicable - single transaction

e)

Date of the transaction

 

3 October  2016

 

f)

Place of the transaction

 

Outside a trading venue

 

3

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 share of 5 pence

 

 

 

 

 

GB0000115302

b)

Nature of the transaction

 

Exercise of nil-cost options and transfer of ordinary shares to wife

 

c)

Price(s) and volume(s)

 

 

Price(s)

Volume(s)

N/A

 

 

19,385

 

d)

Aggregated information

-        Aggregated volume

-      Price

 

 

 

Not applicable - single transaction

e)

Date of the transaction

 

3 October 2016

 

f)

Place of the transaction

 

Outside a trading venue

 

Ends

Enquiries:


Air Partner                                   

01293 844800

Neil Morris, Chief Financial Officer




Temple Bar Advisory

020 7002 1080

Tom Allison

07789 998 020

Ed Orlebar

07738 724 630

Alycia MacAskill          

07776 253 482

           

About Air Partner:

Founded in 1961, Air Partner is a global aviation services group that provides worldwide solutions to industry, commerce, governments and private individuals. The Group has two divisions‎: (a) Broking division, comprising air charter broking and remarketing through the Air Partner and Cabot brands respectively; and (b) Training & Consulting division, via the aviation safety consultancy Baines Simmons. For reporting purposes, the Group is structured into four divisions: Commercial Jets, Private Jets, Freight (Broking) and Baines Simmons (Training & Consultancy). The Commercial Jet division charters large airliners to move groups of any size. Cabot Aviation, which is formed within the Commercial Jet division, provides comprehensive remarketing programmes for all types of commercial and corporate aircraft to a wide range of international clients. Private Jets offers the company's unique pre-paid JetCard scheme and on-demand charter. Air Partner Freight charters aircraft of every size to fly almost any cargo anywhere, at any time. Baines Simmons is a world leader in Aviation Safety Consulting which specialises in aviation regulation, compliance and safety management. Air Partner is headquartered alongside Gatwick airport in the UK. Air Partner operates 24/7 year-round and has 20 offices globally. Air Partner is listed on the London Stock Exchange (AIR) and is also ISO 9001:2008 compliant for commercial airline and private jet solutions worldwide.  www.airpartner.com

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
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