TIDMFA.

RNS Number : 1946K

FireAngel Safety Technology Group

04 May 2022

4 May 2022

FireAngel Safety Technology Group plc

('FireAngel', the 'Company' or the 'Group')

Award of Options under Share Plan,

PDMR shareholdings and amendments to performance period for previous awards

FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, announces that it has made awards of options ("Options") over a total of 2,945,000 FireAngel Safety Technology Group plc ordinary shares of 2p each (the 'Shares') to Zoe Fox, the Company's Chief Finance Officer, and certain senior managers employed within the Group, under its Long-Term Incentive Plan ('LTIP').

Under the LTIP, awards were made to the following Persons Discharging Managerial Responsibility ('PDMRs'):

 
                                                             LTIP Options 
   Name              Position                  Status         award (over 
                                                                  Shares) 
 Directors 
                                             Director and 
 Zoe Fox           Chief Finance Officer      PDMR              1,000,000 
                  ------------------------  --------------  ------------- 
 Senior Managers 
 Nick Rutter       Chief Product Officer     PDMR                 300,000 
                  ------------------------  --------------  ------------- 
 Rene Nolten       Business Unit Director    PDMR                 300,000 
                  ------------------------  --------------  ------------- 
 Claire Pickard    Supply Chain Director     PDMR                 300,000 
                  ------------------------  --------------  ------------- 
 Steve Boggis      Business Unit Director    PDMR                 300,000 
                  ------------------------  --------------  ------------- 
 

Under the LTIP, selected employees are entitled to exercise an Option to receive a certain number of Shares at any time after a three-year vesting period ("Vesting Period"), at a cost to the employee of the nominal value of the Shares.

Vesting of the LTIP Options is dependent on performance targets, based on total shareholder return ('TSR') and earnings per share ('EPS'). The award is split evenly across the 2 performance conditions with 50 per cent. of the total award for each performance condition.

The maximum number of Options that vest and become exercisable into Shares at the end of the Vesting Period is calculated as follows for each performance condition:

 
              TSR                                        % of Options that vest under the 
                                                         TSR performance condition (50% of 
                                                                    total award) 
              Less than 100% growth                                     Nil 
                                        ----------------------------------------------------- 
              100% growth                                               25% 
                                        ----------------------------------------------------- 
              Between 100% growth and                 Between 25% and 100% on a straight-line 
               200% growth                                             basis 
                                        ----------------------------------------------------- 
              200% growth or more                                      100% 
                                        ----------------------------------------------------- 
 
 
              EPS                                          % of Options that vest under the 
                                                           EPS performance condition (50% of 
                                                                      total award) 
              Less than 2.2 pence                                         Nil 
                                          ----------------------------------------------------- 
              Between 2.2 pence and 3.2                  Between 0% and 25% on a straight-line 
               pence                                                     basis 
                                          ----------------------------------------------------- 
              Between 3.2 pence and 4.2                 Between 25% and 100% on a straight-line 
               pence                                                     basis 
                                          ----------------------------------------------------- 
              4.2 pence or more                                          100% 
                                          ----------------------------------------------------- 
 

Following the Vesting Period, the Options are exercisable for 10 years, after which, any unexercised Options will lapse.

Any entitlement under the LTIP will lapse on cessation of employment prior to the end of the three-year Vesting Period, unless cessation of employment is by reason of redundancy, ill health or death.

In addition, Zoe Fox has irrevocably and unconditionally surrendered and cancelled 100,000 Options under the FireAngel Safety Technology Group 2015 Long Term Incentive Plan, previously awarded on 2 August 2019.

Following the awards and cancellation of Zoe Fox's 100,000 Options referred to above, the total interests in Shares of the Director and each of the PDMRs included in the table above are as follows:

 
 
                                                                 Interest 
                                                                in shares 
                                                                 in share 
   Name                         Shares held     % of Shares       schemes 
                                                       held 
 
 Directors 
------------------------------------------------------------------------- 
 Zoe Fox                             88,828           0.05%     2,343,260 
                             --------------  --------------  ------------ 
 Senior Managers 
------------------------------------------------------------------------- 
 Nick Rutter                      4,182,831           2.31%     1,177,107 
                             --------------  --------------  ------------ 
 Rene Nolten                              -               -       875,000 
                             --------------  --------------  ------------ 
 Claire Pickard (including 
  husband's holding)                241,711           0.13%       953,000 
                             --------------  --------------  ------------ 
 Steve Boggis                             -               -       750,000 
                             --------------  --------------  ------------ 
 

In addition, the Company announces that, due to the prolonged impact of COVID-19 on its business and, more recently, the further effect of Russia invading Ukraine on global markets, it has extended the performance periods for the award of 5,000,000 options issued to John Conoley, the Company's Executive Chairman, in November 2020, as announced on 1 December 2020, and also to the awards issued to certain directors and senior managers as announced on 9 July 2021 as follows: -

- the performance period for the TSR for the awards issued to John Conoley in November 2020 has been amended to be measured from 30 November 2020 to 31 March 2025 (previous measurement period was 30 November to 31 March 2024); and

- the performance period for the TSR for the awards issued to certain directors and senior managers in July 2021 has been amended to be measured from 9 July 2021to 31 March 2025, (previous measurement period was 7 July to 31 March 2024) and the EPS will now be measured at 31 December 2024, (previously 31 December 2023).

There have been no other amendments made to the performance conditions on the above awards.

Further details of the outstanding Options are set out in the Appendix below

Related Party Transaction

The new options being awarded to Zoe Fox and the extension of the performance periods of certain existing options issued to Zoe Fox and John Conoley are a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. The independent Directors, being those Directors of the Company other than John Conoley and Zoe Fox, consider, having consulted with Shore Capital and Corporate, the Company's nominated adviser, that the terms of the award of new options and the extension of the performance periods of certain existing options awarded to Zoe Fox and John Conoley are fair and reasonable insofar as the Company's shareholders are concerned.

APPIX

 
 
 Grant date                                              Share     Vesting         Expiry   Exercise 
                                                      in share       date            date      price 
                                                       schemes 
------------------------  -----------------------  -----------  ------------  -----------  --------- 
 Options under LTIPs 
 Directors' share 
  options 
 25/04/2014                Zoe Fox                      31,944    24/04/2017   28/04/2024       200p 
 25/04/2014                Graham Whitworth            125,000    24/04/2017   28/04/2024       200p 
 30/11/2020                John Conoley              5,000,000    31/03/2025   30/11/2030         2p 
 08/07/2021                John Conoley              1,821,272   *31/03/2025   08/07/2031         2p 
 08/07/2021                Zoe Fox                   1,311,316   *31/03/2025   08/07/2031         2p 
 29/04/2022                Zoe Fox                   1,000,000   *28/04/2025   28/04/2032         2p 
 Employee share options 
 25/04/2014                Rene Nolten (PDMR)           25,000    24/04/2017   28/04/2024       200p 
 25/04/2014                Nick Rutter (PDMR)          125,000    24/04/2017   28/04/2024       200p 
 25/04/2014                Other Employees             109,335    24/04/2017   28/04/2024       200p 
 02/08/2019                Steve Boggis (PDMR)         100,000    01/08/2022   02/08/2029         2p 
 02/08/2019                Rene Nolten (PDMR)          100,000    01/08/2022   02/08/2029         2p 
 02/08/2019                Claire Pickard (PDMR)       100,000    01/08/2022   02/08/2029         2p 
 02/08/2019                Other Employees             160,000    01/08/2022   02/08/2029         2p 
 08/07/2021                Steve Boggis (PDMR)         450,000   *31/03/2025   08/07/2031         2p 
 08/07/2021                Rene Nolten (PDMR)          450,000   *31/03/2025   08/07/2031         2p 
 08/07/2021                Claire Pickard (PDMR)       450,000   *31/03/2025   08/07/2031         2p 
 08/07/2021                Nick Rutter (PDMR)          450,000   *31/03/2025   08/07/2031         2p 
 08/07/2021                Other employees           2,339,905   *31/03/2025   08/07/2031         2p 
 08/07/2021                Steve Boggis (PDMR)         300,000   *28/04/2025   08/07/2031         2p 
 08/07/2021                Rene Nolten (PDMR)          300,000   *28/04/2025   08/07/2031         2p 
 08/07/2021                Claire Pickard (PDMR)       300,000   *28/04/2025   08/07/2031         2p 
 08/07/2021                Nick Rutter (PDMR)          300,000   *28/04/2025   08/07/2031         2p 
 29/04/2022                Other Employees             745,000   *28/04/2025   28/04/2032         2p 
 Options under LTIPs                                16,093,772 
-------------------------------------------------  -----------  ------------  -----------  --------- 
 Options under share matching scheme 
 Directors' share 
  options 
 01/06/2020                John Conoley                281,514        -        01/06/2030         2p 
 03/07/2020                John Conoley                 25,000        -        03/07/2030         2p 
 18/12/2020                John Conoley                 49,660        -        18/12/2030         2p 
 Employee share options 
 01/06/2020                Nick Rutter (PDMR)          176,490        -        01/06/2030         2p 
 19/06/2020                Other Employees             544,904        -        19/06/2030         2p 
 03/07/2020                Nick Rutter (PDMR)           49,473        -        03/07/2030         2p 
 06/01/2021                Claire Pickard (PDMR)       103,000        -        06/01/2031         2p 
 14/01/2021                Nick Rutter (PDMR)           76,144        -        03/07/2031         2p 
------------------------  -----------------------  -----------  ------------  -----------  --------- 
 Options under share 
  matching scheme                                    1,306,185 
-------------------------------------------------  -----------  ------------  -----------  --------- 
 Total options                                      17,399,957 
-------------------------------------------------  -----------  ------------  -----------  --------- 
 
 (* Revised vesting 
  dates) 
 

For further information, please contact:

 
FireAngel Safety Technology Group plc                 024 7771 7700 
John Conoley, Executive Chairman 
Zoe Fox, Chief Finance Officer 
 
 Shore Capital (Nominated adviser and Joint broker)     020 7408 4050 
Tom Griffiths/David Coaten 
 
 Singer Capital Markets (Joint Broker) 
 Rick Thompson/Alex Bond                                020 7496 3000 
 
 Houston (Financial PR) 
 Kate Hoare/Joe Burgess                                 020 4529 0549 
 

Notes to Editors

About FireAngel Safety Technology Group plc

FireAngel's mission is to protect and save lives by making innovative, home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.

FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories. The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under FireAngel's leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.

For further product information, please visit: www.fireangeltech.com

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