Volution Group plc Director/PDMR Shareholding (5270G)
21 November 2015 - 4:14AM
UK Regulatory
TIDMFAN
RNS Number : 5270G
Volution Group plc
20 November 2015
20 November 2015
Volution Group plc
Awards under the Company's Long Term Incentive Plan
and Deferred Share Bonus Plan
Volution Group plc ("Volution" or the "Company", LSE: FAN), a
leading supplier of ventilation products to the residential and
commercial construction market, today announces that on 19 November
2015 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 follows:
Executive Director LTIP awards DSBP awards
-------------------------- ------------ ------------
Ronnie George, Chief
Executive Officer 188,533 4,666
-------------------------- ------------ ------------
Ian Dew, Chief Financial
Officer 134,666 3,333
-------------------------- ------------ ------------
The LTIP awards were made in the form of nil-cost options, which
will, subject to the rules of the LTIP, vest following the
Remuneration Committee's determination of the extent to which
performance conditions applicable to the awards have been
satisfied. To the extent the performance conditions have been
satisfied, the nil-cost options will have a normal vesting date of
19 November 2018 and the last date of exercise shall be 19 November
2025, subject to the individual's ongoing employment.
The LTIP awards will vest subject to the achievement of
performance against relative Total Shareholder Return (against two
comparator groups) and Earnings per Share growth targets, measured
over a three year performance period. The amounts shown above
represent the maximum number of nil-cost options which could
vest.
The price used to calculate the number of LTIP awards was
GBP1.875 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.
As set out in the Remuneration Policy in the Annual Report and
Accounts 2015, under the Company's Annual Bonus Plan, 50% of any
bonus payment above the target incentive (which is 60% of the
maximum opportunity) earned by the Executive Directors will
normally be deferred into awards over the Company's shares.
The DSBP awards were made in the form of a Conditional Award,
which will, subject to the rules of the DSBP and have a normal
vesting date of 19 November 2018. No consideration was paid for the
DSBP awards and no consideration is due to be payable on
vesting.
Following the LTIP awards and DSBP awards, the interests of the
Chief Executive Officer and Chief Financial Officer are as
follows:
Executive Director Shares LTIP awards DSBP awards
*
-------------------------- ---------- ------------ ------------
Ronnie George, Chief
Executive Officer 5,622,833 431,858 4,666
-------------------------- ---------- ------------ ------------
Ian Dew, Chief Financial
Officer 855,327 308,470 3,333
-------------------------- ---------- ------------ ------------
* unvested awards subject to performance criteria
This announcement is made in accordance with Disclosure and
Transparency Rule 3.1.4. Volution was notified of the above
transactions on 19 November 2015.
-ends-
Enquiries:
Volution Group plc
Michael Anscombe, Company Secretary +44 (0) 1293 441562
Note to Editors
Volution Group plc (LSE: FAN) is a leading supplier of
ventilation products to the residential and commercial construction
market in the UK and northern Europe.
The Group sold approximately 21 million ventilation products and
accessories in the twelve months ended 31 July 2015. The Volution
Group operates through two divisions: the Ventilation Group and the
OEM (Torin-Sifan) division. The Ventilation Group consists of 7 key
brands - Vent-Axia, Manrose, Fresh, PAX, inVENTer, Brüggemann and
Ventilair focused primarily on the UK, Nordic, German and Benelux
ventilation markets. The Ventilation Group principally supplies
ventilation products for residential and commercial ventilation
applications. The OEM division (Torin-Sifan), supplies motors, fans
and blowers to OEMs of heating and ventilation products for both
residential and commercial construction applications in Europe.
For more information, please go to:
http://www.volutiongroupplc.com/
This information is provided by RNS
The company news service from the London Stock Exchange
END
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