22 December 2022
Volex plc
("Volex" or the "Company")
Director / PDMR Dealing
Volex plc (AIM:VLX) announces that on 21 December 2022 the following directors/persons discharging managerial responsibility ("PDMRs") were granted nil-cost options (the "LTIP Awards") over ordinary shares of 25 pence each in the capital of the Company (the "Shares") under the Company's Long Term Incentive Plan.
| PDMR | Type of Award | Maximum Number of Shares |
| Nat Rothschild | Nil-cost option | 950,000 |
| John Molloy | Nil-cost option | 800,000 |
| Jon Boaden | Nil-cost option | 475,000 |
The performance targets for the LTIP Awards are based on achieving and outperforming the five-year plan announced in June 2022, with half of the awards vesting in five years, and half in six years. In addition to the above named directors/PDMRs, a small number of senior leaders within the business who are expected to make a significant impact on delivering the Company's five-year plan will receive LTIP Awards over, in aggregate, a maximum of 1,480,000 Shares. This will align the senior team with the strategy and provide an important retention mechanism over the plan period.
Rather than receive an annual award this year and for the following two years, participants will receive a single cumulative award this year which is aligned to the performance targets of the five-year plan. The maximum number of Shares subject to the LTIP Awards reflects the fact that further awards will not be granted to participants in the next two years.
As noted above, in the ordinary course, 50% of the LTIP Awards will become exercisable on the fifth anniversary of the date of grant with the remaining 50% of the LTIP Awards exercisable on the sixth anniversary. Vesting of the LTIP Awards is subject to the individuals continuing employment with the Company and the satisfaction of annual underlying profit performance conditions based on the Company's five-year plan, measured in FY25, FY26 and FY27 respectively.
Following the grant of these awards, the aggregate number of Shares which have been or may be issued in connection with awards granted during the previous ten years under the LTIP, together with any other employee share plan adopted by the Company, will not exceed 10% of the Company's issued share capital.
The following disclosure is made in accordance with Article 19 of the UK version of the EU Market Abuse Regulation 596/2014 which has effect in English law by virtue of the European Union (Withdrawal) Act 2018:
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| 1 | Details of the person discharging managerial responsibilities/person closely associated | ||
| a) | Name | Nat Rothschild | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR, Executive Chairman | |
| b) | Initial notification /Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Volex PLC | |
| b) | LEI | 213800HBLQNH5FXXGE63 | |
| 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 Identification code | Options over ordinary shares of 25 pence each
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| b) | Nature of the transaction | Grant of awards under the Volex plc Long Term Incentive Plan | |
| c) | Price(s) and volume(s) | Price(s) £nil | Volume(s) 950,000 |
| d) | Aggregated information - Aggregated volume - Price | n/a - single transaction | |
| e) | Date of the transaction | 21 December 2022 | |
| f) | Place of the transaction | Outside a trading venue | |
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| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | John Molloy | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR, Chief Operating Officer | |
| b) | Initial notification /Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Volex PLC | |
| b) | LEI | 213800HBLQNH5FXXGE63 | |
| 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 Identification code | Options over ordinary shares of 25 pence each
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| b) | Nature of the transaction | Grant of awards under the Volex plc Long Term Incentive Plan | |
| c) | Price(s) and volume(s) | Price(s) £nil | Volume(s) 800,000 |
| d) | Aggregated information - Aggregated volume - Price | n/a - single transaction | |
| e) | Date of the transaction | 21 December 2022 | |
| f) | Place of the transaction | Outside a trading venue | |
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| 1 | Details of the person discharging managerial responsibilities / person closely associated | ||
| a) | Name | Jon Boaden | |
| 2 | Reason for the notification | ||
| a) | Position/status | PDMR, Chief Financial Officer | |
| b) | Initial notification /Amendment | Initial Notification | |
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||
| a) | Name | Volex PLC | |
| b) | LEI | 213800HBLQNH5FXXGE63 | |
| 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 Identification code | Options over ordinary shares of 25 pence each
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| b) | Nature of the transaction | Grant of awards under the Volex plc Long Term Incentive Plan | |
| c) | Price(s) and volume(s) | Price(s) £nil | Volume(s) 475,000 |
| d) | Aggregated information - Aggregated volume - Price | n/a - single transaction | |
| e) | Date of the transaction | 21 December 2022 | |
| f) | Place of the transaction | Outside a trading venue | |
For further information please contact:
| Volex plc | +44 (0)7971 156 431 |
| Nat Rothschild, Executive Chairman |
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| Jon Boaden, Chief Financial Officer |
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| Christian Bedford, Group General Counsel and Company Secretary |
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| Singer Capital Markets - Nominated Adviser & Joint Broker | +44 (0)20 7496 3000 |
| Shaun Dobson |
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| George Tzimas |
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| HSBC Bank plc - Joint Broker | +44 (0)20 7991 8888 |
| Simon Alexander |
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| Joe Weaving |
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| Powerscourt - Media Enquiries | +44 (0)20 7250 1446 |
| James White |
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| Nick Johnson |
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