Source - LSE Regulatory
RNS Number : 1453P
Volution Group plc
14 October 2021
 

 

 

Thursday 14 October 2021

 

Volution Group plc

 

Awards under Long Term Incentive Plan (LTIP) and Deferred Share Bonus Plan (DSBP)

 

LTIP incorporates new ESG Performance Measures 

 

 

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 13 October 2021 the Executive Directors were granted awards under the Company's 2014 Long Term Incentive Plan ("LTIP awards") and 2014 Deferred Share Bonus Plan ("DSBP awards") as set out below:

 

Long Term Incentive Plan

 

Executive Director

Type of LTIP Award

Number of LTIP awards

 

Earliest Exercise Date

Ronnie George,

Chief Executive Officer

 

Nil-cost option 1

141,310

5 years front grant 2

Andy O'Brien,

Chief Financial Officer

 

Nil-cost option 1

82,405

5 years from grant 2

Notes:

1.       Subject to performance criteria as set out below.

2.       In accordance with the Volution Remuneration Policy, these LTIP awards are subject to a three year vesting period followed by an additional two year holding period before they can be exercised.   

 

The LTIP awards set out above are subject to performance criteria and will vest subject to the achievement of performance against Earnings per Share growth targets, relative Total Shareholder Return (against a direct peer group) and new ESG performance measures, all measured over a three year performance period.

 

Volution is committed to its purpose of providing "healthy air, sustainably" and to the importance of environmental, social and governance (ESG) measures in meeting its purpose. As such, ESG measures have been added to the performance criteria for these LTIP awards and will represent 20% of the maximum opportunity. The new ESG measures will focus on two targets and are linked to the 2025 goals we have already communicated externally: optimising recycled plastics in Volution's manufactured products and increasing the low-carbon credentials in the product portfolio measured as a percentage of revenue.

 

The price used to calculate the number of LTIP awards was £4.6667 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 LTIP awards shown above represent the maximum number of nil-cost options which could vest.  

 

 

Deferred Share Bonus Plan

 

 

DSBP award

Ronnie George, Chief Executive Officer

 

37,383

Andy O'Brien, Chief Financial Officer

 

26,160

 

As set out in the Volution Remuneration Policy in the Annual Report and Accounts, under the Company's Annual Bonus Plan for the financial year ended 31 July 2021, one third of any bonus payment earned by the Executive Directors will normally be deferred into awards over the Company's shares.

 

The DSBP award set out above was made in the form of a conditional award, which will, subject to the rules of the DSBP, have a normal vesting date of 13 October 2024. No consideration was paid for the DSBP award and no consideration is due to be payable on vesting.

 

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

 

 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).

 

Grant of conditional awards under the Volution Deferred Share Bonus Plan (DSBP).

c)

 

Price(s) and volume(s)

 

 

LTIP:

Price(s)

Volume(s)

£NIL

141,310

 

DSBP:

Price(s)

Volume(s)

£NIL

37,383

 

d)

 

Aggregated information

 

- Aggregated volume

- Price

 

 

LTIP: 141,310 ordinary shares at £NIL

DSBP: 37,383 ordinary shares at £NIL

 

e)

 

Date of the transaction

 

13 October 2021

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).

 

Grant of conditional awards under the Volution Deferred Share Bonus Plan (DSBP).

 

c)

 

Price(s) and volume(s)

 

 

LTIP:

 

Price(s)

Volume(s)

£NIL

82,405

 

DSBP

 

Price(s)

Volume(s)

£NIL

26,160

 

d)

 

Aggregated information

 

- Aggregated volume

- Price

 

 

LTIP: 82,405 ordinary shares at £NIL

DSBP: 26,160 ordinary shares at £NIL

 

 

e)

 

Date of the transaction

 

13 October 2021

f)

 

Place of the transaction

 

Outside a trading venue

 

 

 

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