Air Partner PLC Director/PDMR Shareholding (6749S)
27 June 2018 - 3:11AM
UK Regulatory
TIDMAIR
RNS Number : 6749S
Air Partner PLC
26 June 2018
26 June 2018
LEI: 213800JLR6YIRMSCUS98
Air Partner plc ('Air Partner', 'the Company' or 'Group)
LTIP Award vest and option exercise and PDMR Notification
Air Partner, the global aviation services group, announces that
share awards previously granted under the Air Partner plc Long Term
Share Incentive Plan 2012, in the form of nil cost options over
ordinary shares of 1 pence each, vested on 22 June 2018. The
vesting related to awards granted on 3 June 2015 ("the 2015 Award")
and covered the performance period from 1 February 2015 to 31
January 2018.
The 2015 Award was subject to a performance condition, which
included both an Earnings per Share ("EPS") criteria, and Total
Shareholder Return ("TSR") element, the full details of which can
be found on page 56 of the Group's Annual Report and Accounts for
the year ended 31 January 2018
(https://www.airpartner.com/en/investors/financial-reports/)
("Annual Report and Accounts").
The Board has approved the vesting of the 2015 Award as set out
below. The Board confirms that recorded EPS growth is calculated
correctly from the figures reported and explained in the 2018
Annual Report and Accounts; the restatement of prior year figures
is fully addressed in the Financial Review on Page 28.
Performance criterion Achieved % of award to vest
Growth greater than
RPI + 20% per
EPS growth annum or above. 100%
------------------------------ -------------------
75(th) or above percentile
against
the FTSE Small Cap Total
Return
Index (excluding investment
TSR Trusts). 100%
------------------------------ -------------------
Following such vesting, the Company has been notified on 22 June
2018 that Mark Briffa exercised options and acquired shares, and
that as part of this transaction, some shares were surrendered to
pay the PAYE/NIC liabilities related with the option exercises as
set out below. The other remaining beneficiary of the 2015 Award,
the Group's former CFO, is not entitled to exercise the LTIP award
for the period referenced above due to his resignation from the
Company on 13 April 2018 (as detailed at Page 53 of the Annual
Report and Accounts).
2015 Award Shares vested in Shares surrendered Shares retained
award for
cash to satisfy PAYE/NIC
liabilities
Mark Briffa 435,485 204,678 230,807
----------------- -------------------------- ----------------
Following this transaction, Mark Briffa's beneficial holding of
Air Partner shares increased by 75.11% to 538,102 shares,
equivalent to 1.03% of the issued share capital of the Company.
Since his appointment as CEO Mark Briffa has not sold any shares in
the Group other than to fund PAYE/NIC liabilities and he has no
current intention to do so. This acquisition of shares is in line
with his long held intent to increase his economic ownership of the
Group and closely align interests with our customers and
shareholders.
The notification below is made in accordance with the
requirements of the EU Market Abuse Regulation:
1 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/ Initial notification
Amendment
------------------------- -------------------------------------------------------
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 Ordinary shares of 1 pence each in Air Partner
the financial plc
instrument, type GB00BD73628
of instrument
Identification
code
------------------------- -------------------------------------------------------
b) Nature of the Shares surrendered to EBT to cover tax liabilities
transaction arising from exercise of options under Long Term
Share Incentive Plan award.
------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP1.13 204,678
-------------------
------------------------- -------------------------------------------------------
d) Aggregated information Not applicable - single transaction
Aggregated volume
Price
------------------------- -------------------------------------------------------
e) Date of the transaction 22 June 2018
------------------------- -------------------------------------------------------
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 Ordinary shares of 1 pence each in Air Partner
the financial plc
instrument, type GB00BD73628
of instrument
Identification
code
------------------------- -------------------------------------------------------
b) Nature of the Exercise of nil-cost options, shares being transferred
transaction to Mark Briffa.
------------------------- -------------------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
GBP1.13 230,807
-------------------
------------------------- -------------------------------------------------------
d) Aggregated information Not applicable - single transaction
Aggregated volume
Price
------------------------- -------------------------------------------------------
e) Date of the transaction 22 June 2018
------------------------- -------------------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------- -------------------------------------------------------
Ends
Enquiries
Air Partner 01293 844788
Mark Briffa, CEO
Kate Patrick, Investor Relations
TB Cardew (Financial PR advisor) 020 7930 0777
Tom Allison 07789 998 020
Alycia MacAskill 07876 222 703
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 :
Charter division, comprising air charter broking and remarketing;
and the Consulting & Training division, comprising the aviation
safety consultancies, Baines Simmons, Clockwork Research and
SafeSkys, as well as Air Partner's Emergency Planning Division. For
reporting purposes, the Group is structured into four divisions:
Commercial Jets, Private Jets, Freight (Charter) and Consulting
& Training (Baines Simmons, Clockwork Research, SafeSkys and
Air Partner's Emergency Planning Division). The Commercial Jet
division charters large airliners to move groups of any size. Air
Partner Remarketing, which is 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. 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 specialising in
aviation regulation, compliance and safety management. Clockwork
Research is a leading fatigue risk management consultancy. SafeSkys
is a leading Environmental and Air Traffic Control services
provider to UK and International airports. 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 ISO 9001:2015
compliant for commercial airline and private jet solutions
worldwide. www.airpartner.com
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END
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