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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END
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