Ashtead Technology Holdings plc Grant of Awards under IPO Long-Term Incentive Plan (5238Y)
07 September 2022 - 4:00PM
UK Regulatory
TIDMAT.
RNS Number : 5238Y
Ashtead Technology Holdings plc
07 September 2022
7 September 2022
Ashtead Technology Holdings plc
("Ashtead Technology" or the "Group")
Grant of Awards under IPO Long-Term Incentive Plan
Ashtead Technology, the international subsea rental equipment
and solutions specialist , announces that, following the Company's
IPO in November 2021, and under the terms of the Company's long
term incentive plan (the " IPO LTIP "), the Board has approved the
award of and granted nil cost options (the " Options ") over
1,097,751 ordinary shares of 5 pence each in the Company ("
Ordinary Shares ") to certain employees, including persons
discharging managerial responsibilities (" PDMRs ") detailed
below.
As set out in the Admission Document and the Group's annual
accounts for the year ended 31 December 2021 the Options will
become exercisable in equal instalments over three years and, in
each year, in proportion to the attainment of an Adjusted Earnings
per Share hurdle for that year. If the Company does not attain an
Adjusted Earnings per Share in excess of a 25% hurdle (as detailed
below), no Options will vest and this proportion of the Options
will not be carried forward to the following year. Where the
Company attains the Adjusted Earnings per Share hurdle for 25%
vesting ("25% Hurdle"), 25% of the Options for that year will vest.
Where the Company attains the Adjusted Earnings per Share hurdle
for full vesting ("100% Hurdle"), all of the Options due to vest
that year will vest. If Adjusted Earnings per share is higher than
the 25% Hurdle, but lower than the 100% Hurdle, the percentage of
Options vesting will be linearly interpolated. Adjusted Earnings
per Share hurdles for each year are as follows:
Year ending Year ending Year ending
31 December 31 December 31 December
2022 2023 2024
Adjusted EPS needed for full
vesting 18.30p 20.61p 23.59p
------------- ------------- -------------
Adjusted EPS needed for 25%
hurdle vesting 15.96p 17.17p 19.15p
------------- ------------- -------------
Director/ PDMR Position Options granted
Allan Pirie CEO 406,389
---------- ----------------
Ingrid Stewart CFO 246,914
---------- ----------------
Following the grant, the total number of Options over Ordinary
Shares under the IPO LTIP is 1,097,751 representing 1.4 per cent.
of the Company's issued share capital.
For further information, please contact:
Ashtead Technology (via Vigo Consulting)
Allan Pirie, Chief Executive Officer
Ingrid Stewart, Chief Financial
Officer
Vigo Consulting (financial PR) Tel: +44 (0)20 7390
Patrick d'Ancona 0230
Finlay Thomson
Numis Securities Limited (Nomad Tel: +44 (0)20 7260
and Broker) 1000
Julian Cater
George Price
Jonny Abbott
Kevin Cruickshank (QE)
Notes to editors:
Ashtead Technology is a leading subsea equipment rental and
solutions provider for the global offshore energy sector. Ashtead
Technology's specialist equipment, advanced-technologies and
support services enable its customers to understand the subsea
environment and manage offshore energy production
infrastructure.
The Company's service offering is applicable across the
lifecycle of offshore wind farms and offshore oil and gas
infrastructure.
In the fast-growing offshore wind sector, Ashtead Technology's
specialist equipment and services are essential through the project
development, construction and installation phase. Once wind farms
are operational, Ashtead Technology supports customers with
inspection, maintenance and repair ("IMR") equipment and services.
In the more mature oil and gas sector, Ashtead Technology's focus
is on IMR and decommissioning.
Headquartered in the UK, the Company operates globally,
servicing customers from its nine facilities located in key
offshore energy hubs.
Notification of transactions of persons discharging managerial
responsibilities and persons closely associated with them.
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Allan Pirie
-------------------------------------------------------------- ----------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------
a) Position/status CEO / PDMR
-------------------------------------------------------------- ----------------------------------
b) Initial notification /Amendment 6(th) September 2022
-------------------------------------------------------------- ----------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--------------------------------------------------------------------------------------------------
a) Name Ashtead Technology Holdings PLC
-------------------------------------------------------------- ----------------------------------
b) LEI 213800LHEWVY66RPGR58
-------------------------------------------------------------- ----------------------------------
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 Share option
Identification code
-------------------------------------------------------------- ----------------------------------
b) Nature of the transaction Granting of share options
-------------------------------------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil cost options 406,389
-------------------------------------------------------------- ------------------- -------------
d) Aggregated information
- Aggregated volume 406,389
- Price Nil
-------------------------------------------------------------- ----------------------------------
e) Date of the transaction 5(th) September 2022
-------------------------------------------------------------- ----------------------------------
f) Place of the transaction United Kingdom
-------------------------------------------------------------- ----------------------------------
1 Details of the person discharging managerial responsibilities/person closely associated
a) Name Ingrid Stewart
-------------------------------------------------------------- ----------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------------------
a) Position/status CFO / PDMR
-------------------------------------------------------------- ----------------------------------
b) Initial notification /Amendment 6(th) September 2022
-------------------------------------------------------------- ----------------------------------
3 Details of the issuer, emission allowance market participant, auction platform, auctioneer
or auction monitor
--------------------------------------------------------------------------------------------------
a) Name Ashtead Technology Holdings PLC
-------------------------------------------------------------- ----------------------------------
b) LEI 213800LHEWVY66RPGR58
-------------------------------------------------------------- ----------------------------------
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 Share option
Identification code
-------------------------------------------------------------- ----------------------------------
b) Nature of the transaction Granting of share options
-------------------------------------------------------------- ----------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil cost options 246,914
-------------------------------------------------------------- ------------------- -------------
d) Aggregated information
- Aggregated volume 246,914
- Price Nil
-------------------------------------------------------------- ----------------------------------
e) Date of the transaction 5(th) September 2022
-------------------------------------------------------------- ----------------------------------
f) Place of the transaction United Kingdom
-------------------------------------------------------------- ----------------------------------
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