23 December 2022
Avingtrans Plc
("Avingtrans", the "Company", or the "Group")
Exercise of Options, PDMR Dealings and Total Voting Rights
Avingtrans plc (AIM: AVG), which designs, manufactures and supplies critical components, modules, systems and associated services to the energy, medical and industrial sectors, announces transactions involving its shares by certain PDMRs (including Executive Directors), and other staff members pursuant to the Company's Executive Shared Ownership Plan ("ExSOP") and Company Share Option Plan ("CSOP").
ExSOP
On 21 December 2022, the Company was notified of the exercise of certain option awards over ordinary shares of 5p each in the Company ("Ordinary Shares") in the ExSOP. The option awards were issued to the PDMRs in November 2018 and December 2019. The vesting criteria, being growth in adjusted basic earnings per share equalling the increase in the retail price index over the three year vesting period, has been achieved.
Details of the exercise of options by PDMRs, together with the subsequent beneficial holdings of each individual following the transactions are set out below:
| PDMR / Role | ExSOP Plan | ExSOP options exercised | Number of Ordinary Shares which have vested to each Director | Beneficial interest in Ordinary Shares following the transaction1 | Percentage of Enlarged Total Voting Rights held following exercise |
| Austen Adams (MD, Process Solutions & Rotating Equipment) | FY 2019 | 100,000 | 33,860 | 175,607 | 0.54% |
| Steven King (CFO) | FY 2018 | 100,000 | 45,503 | 406,938 | 1.26% |
| Steve McQuillan (CEO) | FY 2018 | 115,000 | 52,328 | 468,987 | 1.45% |
1Including Persons Closely Associated
The ExSOP options exercised at a price of 440p per option, being the closing mid-market price on 21 December 2022.
The exercise of the awards under the ExSOP have been satisfied by the reallocation of 131,691 existing Ordinary Shares already in the employees' share trust.
CSOP Exercise
In addition to the ExSOP exercise, on 21 December 2022, the Company was notified that certain employees exercised a total of 109,000 options over Ordinary Shares pursuant to the Company's FY 2019 Approved CSOP and FY2019 Unapproved CSOP (together, the "CSOP Options").
Issue of Equity
Exercise of the CSOP Options have been satisfied through the issue of 109,000 new Ordinary Shares.
Application has been made for admission to trading on AIM for the 109,000 new Ordinary Shares ("Admission"). It is expected that Admission will become effective on 30 December 2022.
Total Voting Rights
Following the issue of the 109,000 new Ordinary Shares, the Company will have a total of 32,250,445 Ordinary Shares in issue. The Company does not hold any shares in Treasury.
The above figure may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA's Disclosure Guidance and Transparency Rules.
The above information is provided by the Company in accordance with its obligations under the FCA's Disclosure Guidance and Transparency Rules.
Enquiries:
| Avingtrans plc | 01354 692391 |
| Roger McDowell, Chairman Steve McQuillan, Chief Executive Officer Stephen King, Chief Financial Officer
|
|
| Singer Capital Markets (Nominated Adviser and Broker) | 02074 963000 |
| Shaun Dobson / Alex Bond / Oliver Platts (Investment Banking)
|
|
| IFC Advisory (Financial PR) | 020 3934 6630 |
| Graham Herring Tim Metcalfe Zach Cohen |
|
About Avingtrans plc:
Avingtrans designs, manufactures and supplies original equipment, systems and associated aftermarket services to the energy, medical and industrial markets worldwide.
Business units
| Hayward Tyler - Luton & East Kilbride, UK and USA, China and India Specialises in the design, manufacture and servicing of performance-critical motors and pumps for challenging environments.
Energy Steel, Inc - Rochester Hills, Michigan, USA Energy Steel, part of the Engineered Pumps and Motors Division of Avingtrans plc, has been serving the nuclear power industry since 1982 with capabilities in equipment fabrication, material supply, precision machining, engineering, and repair services. Through strategic OEM partnerships, it also provides solutions for obsolete nuclear components and support for the most complex projects.
Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China Provider of safety-critical equipment for the energy, medical, science and research communities, worldwide, specialising in precision pressure and vacuum vessels and associated fabrications, sub-assemblies and systems.
Booth Industries - Bolton, UK Designs, manufactures, installs and services doors and walls which can be tailored to be: blast &explosion proof; fireproof; acoustically shielded; high security/safety; or combinations of the above
Ormandy Group, Bradford, UK Design, manufacturers and servicing of off-site plant, heat exchangers and other HVAC (heating, ventilation and air conditioning) products
Composite Products Ltd - Buckingham, UK Centre for composite technology, parts and assemblies, serving customers in industrial markets.
Magnetica Ltd - Brisbane, Australia Magnetica Limited specialises in the development of next generation MRI technologies, including dedicated extremity MRI systems and MRI system components. Magnetica has successfully built and tested a compact, integrated 3 Tesla orthopaedic MRI system, demonstrating clinical-quality imaging. Commercialisation of this system (and others) is on-going. Magnetica's structure now includes two other business units:
Scientific Magnetics - Abingdon, UK Designs and manufactures superconducting magnet systems and associated cryogenics for a variety of markets including MRI and provides services for Nuclear Magnetic Resonance instruments.
Tecmag Inc, Houston, USA Designs, manufactures and installs instrumentation, including consoles, system upgrades, and probes, mainly for Magnetic Resonance Imaging (MRI) and Nuclear Magnetic Resonance (NMR) systems. |
| 1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||||
| a)
| Name
| Steve McQuillan | |||||||
| 2
| Reason for the notification
| ||||||||
| a)
| Position/status
| CEO | |||||||
|
| Initial notification /Amendment
| Initial notification | |||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||
| a)
| Name
| Avingtrans PLC | |||||||
| b)
| LEI
| 213800ZZ96CKPI423E86
| |||||||
| 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 | ExSOP Option Awards over Ordinary Shares of 5p each | |||||||
| | | ||||||||
| Identification code | ISIN: GB0009188797
| ||||||||
| | | ||||||||
| b)
| Nature of the transaction
| Exercise of Options under the ExSOP
| |||||||
| c)
| Price(s) and volume(s) | |
|
| | ||||
| | | | | | |||||
| d)
| Aggregated information | n/a | |||||||
| | | ||||||||
| - Aggregated volume | | ||||||||
| | | ||||||||
| - Price | | ||||||||
| | | ||||||||
| e)
| Date of the transaction
| 21 December 2022 | |||||||
| f)
| Place of the transaction
| Off market | |||||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||||
| a)
| Name
| Steve McQuillan | |||||||
| 2
| Reason for the notification
| ||||||||
| a)
| Position/status
| CEO | |||||||
|
| Initial notification /Amendment
| Initial notification | |||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||
| a)
| Name
| Avingtrans PLC | |||||||
| b)
| LEI
| 213800ZZ96CKPI423E86
| |||||||
| 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 | Ordinary Shares of 5p each | |||||||
| | | ||||||||
| Identification code | ISIN: GB0009188797
| ||||||||
| | | ||||||||
| b)
| Nature of the transaction
| Award of Ordinary Shares which have vested under the ExSOP
| |||||||
| c)
| Price(s) and volume(s) | |
|
| | ||||
| | | | | | |||||
| d)
| Aggregated information | n/a | |||||||
| | | ||||||||
| - Aggregated volume | | ||||||||
| | | ||||||||
| - Price | | ||||||||
| | | ||||||||
| e)
| Date of the transaction
| 21 December 2022 | |||||||
| f)
| Place of the transaction
| Off market | |||||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||||
| a)
| Name
| Stephen King | |||||||
| 2
| Reason for the notification
| ||||||||
| a)
| Position/status
| CFO | |||||||
|
| Initial notification /Amendment
| Initial notification | |||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||
| a)
| Name
| Avingtrans PLC | |||||||
| b)
| LEI
| 213800ZZ96CKPI423E86
| |||||||
| 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 | ExSOP Option Awards over Ordinary Shares of 5p each | |||||||
| | | ||||||||
| Identification code | ISIN: GB0009188797
| ||||||||
| | | ||||||||
| b)
| Nature of the transaction
| Exercise of options under the ExSOP
| |||||||
| c)
| Price(s) and volume(s) | |
|
| | ||||
| | | | | | |||||
| d)
| Aggregated information | n/a | |||||||
| | | ||||||||
| - Aggregated volume | | ||||||||
| | | ||||||||
| - Price | | ||||||||
| | | ||||||||
| e)
| Date of the transaction
| 21 December 2022 | |||||||
| f)
| Place of the transaction
| Off market | |||||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||||
| a)
| Name
| Stephen King | |||||||
| 2
| Reason for the notification
| ||||||||
| a)
| Position/status
| CFO | |||||||
|
| Initial notification /Amendment
| Initial notification | |||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||
| a)
| Name
| Avingtrans PLC | |||||||
| b)
| LEI
| 213800ZZ96CKPI423E86
| |||||||
| 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 | Ordinary Shares of 5p each | |||||||
| | | ||||||||
| Identification code | ISIN: GB0009188797
| ||||||||
| | | ||||||||
| b)
| Nature of the transaction
| Award of Ordinary Shares which have vested under the ExSOP
| |||||||
| c)
| Price(s) and volume(s) | |
|
| | ||||
| | | | | | |||||
| d)
| Aggregated information | n/a | |||||||
| | | ||||||||
| - Aggregated volume | | ||||||||
| | | ||||||||
| - Price | | ||||||||
| | | ||||||||
| e)
| Date of the transaction
| 21 December 2022 | |||||||
| f)
| Place of the transaction
| Off market | |||||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||||
| a)
| Name
| Austen Adams | |||||||
| 2
| Reason for the notification
| ||||||||
| a)
| Position/status
| MD, Process Solutions & Rotating Equipment | |||||||
|
| Initial notification /Amendment
| Initial notification | |||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||
| a)
| Name
| Avingtrans PLC | |||||||
| b)
| LEI
| 213800ZZ96CKPI423E86
| |||||||
| 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 | ExSOP Option Awards over Ordinary Shares of 5p each | |||||||
| | | ||||||||
| Identification code | ISIN: GB0009188797
| ||||||||
| | | ||||||||
| b)
| Nature of the transaction
| Exercise of options under the ExSOP
| |||||||
| c)
| Price(s) and volume(s) | |
|
| | ||||
| | | | | | |||||
| d)
| Aggregated information | n/a | |||||||
| | | ||||||||
| - Aggregated volume | | ||||||||
| | | ||||||||
| - Price | | ||||||||
| | | ||||||||
| e)
| Date of the transaction
| 21 December 2022 | |||||||
| f)
| Place of the transaction
| Off market | |||||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated
| ||||||||
| a)
| Name
| Austen Adams | |||||||
| 2
| Reason for the notification
| ||||||||
| a)
| Position/status
| MD, Process Solutions & Rotating Equipment | |||||||
|
| Initial notification /Amendment
| Initial notification | |||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| ||||||||
| a)
| Name
| Avingtrans PLC | |||||||
| b)
| LEI
| 213800ZZ96CKPI423E86
| |||||||
| 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 | Ordinary Shares of 5p each | |||||||
| | | ||||||||
| Identification code | ISIN: GB0009188797
| ||||||||
| | | ||||||||
| b)
| Nature of the transaction
| Award of Ordinary Shares which have vested under the ExSOP
| |||||||
| c)
| Price(s) and volume(s) | |
|
| | ||||
| | | | | | |||||
| d)
| Aggregated information | n/a | |||||||
| | | ||||||||
| - Aggregated volume | | ||||||||
| | | ||||||||
| - Price | | ||||||||
| | | ||||||||
| e)
| Date of the transaction
| 21 December 2022 | |||||||
| f)
| Place of the transaction
| Off market | |||||||
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.