Source - LSE Regulatory
RNS Number : 8554O
Volution Group plc
12 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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