12 October 2023
Volution Group plc
Awards under Long Term Incentive Plan (LTIP) and Deferred Share Bonus Plan (DSBP)
Volution Group plc ("Volution" or the "Company", LSE: FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, today announces that on 11 October 2023 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 set out below:
Long Term Incentive Plan
| Executive Director | Type of LTIP Award | Number of LTIP awards
| Earliest Exercise Date |
| Ronnie George, Chief Executive Officer
| Nil-cost option 1 | 226,571 | 5 years from grant 2 |
| Andy O'Brien, Chief Financial Officer
| Nil-cost option 1 | 129,275 | 5 years from grant 2 |
Notes:
1. Subject to performance criteria as set out below.
2. In accordance with the Volution Remuneration Policy, these LTIP awards are subject to a three-year vesting period followed by an additional two-year holding period before they can be exercised.
The LTIP awards set out above are subject to performance criteria and will vest subject to the achievement of performance against Earnings per Share growth targets, relative Total Shareholder Return (against a direct peer group) and ESG performance measures, all measured over a three-year performance period. Full details of the performance criteria will be included in Volution's Directors' Remuneration Report for the financial year ended 31 July 2023.
The price used to calculate the number of LTIP awards was £3.6743 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. The LTIP awards shown above represent the maximum number of nil-cost options which could vest.
Deferred Share Bonus Plan
|
| DSBP award |
| Ronnie George, Chief Executive Officer
| 37,723 |
| Andy O'Brien, Chief Financial Officer
| 26,398 |
As set out in the Volution Remuneration Policy in the Annual Report and Accounts, under the Company's Annual Bonus Plan for the financial year ended 31 July 2023, one third of any bonus payment earned by the Executive Directors will normally be deferred into awards over the Company's shares.
The DSBP awards set out above were made in the form of conditional awards, which will, subject to the rules of the DSBP, have a normal vesting date of 11 October 2026. No consideration was paid for the DSBP awards and no consideration is due to be payable on vesting.
The attached notifications, made pursuant to Article 19(3) of the Market Abuse Regulation, provide further details.
-ends-
Legal Entity Identifier: 213800EPT84EQCDHO768.
Note to Editors:
Volution Group plc (LSE: FAN) is a leading international designer and manufacturer of energy efficient indoor air quality solutions. Volution Group comprises 22 key brands across three regions:
UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.
Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, Rtek, inVENTer, Ventilair, ClimaRad, ERI Corporation, VMI, I-Vent.
Australasia: Simx, Ventair, Manrose, DVS.
For more information, please go to: www.volutiongroupplc.com
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1
| Details of the person discharging managerial responsibilities / person closely associated | |||||||||
| a)
| Name
| Ronnie George | ||||||||
| 2
| Reason for the notification | |||||||||
| a)
| Position/status
| Chief Executive Officer | ||||||||
| b)
| Initial notification /Amendment
| Initial notification | ||||||||
| 3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||||||
| a)
| Name
| Volution Group plc | ||||||||
| b)
| LEI
| 213800EPT84EQCDHO768 | ||||||||
| 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
| Ordinary shares of 1 pence each
ISIN: GB00BN3ZZ526 | ||||||||
| b)
| Nature of the transaction
| Grant of nil-cost options under the Volution Long Term Incentive Plan (LTIP).
Grant of conditional awards under the Volution Deferred Share Bonus Plan (DSBP).
| ||||||||
| c)
| Price(s) and volume(s)
| LTIP:
DSBP:
| ||||||||
| d)
| Aggregated information
- Aggregated volume - Price |
LTIP: 226,571 ordinary shares at £NIL DSBP: 37,723 ordinary shares at £NIL
| ||||||||
| e)
| Date of the transaction
| 11 October 2023 | ||||||||
| f)
| Place of the transaction
| Outside a trading venue | ||||||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them
| 1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||||||||||
| a)
| Name
| Andy O'Brien | ||||||||||||
| 2
| Reason for the notification | |||||||||||||
| a)
| Position/status
| 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
| Volution Group plc | ||||||||||||
| b)
| LEI
| 213800EPT84EQCDHO768 | ||||||||||||
| 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
| Ordinary shares of 1 pence each
ISIN: GB00BN3ZZ526 | ||||||||||||
| b)
| Nature of the transaction
| Grant of nil-cost options under the Volution Long Term Incentive Plan (LTIP).
Grant of conditional awards under the Volution Deferred Share Bonus Plan (DSBP).
| ||||||||||||
| c)
| Price(s) and volume(s)
|
| ||||||||||||
| d)
| Aggregated information
- Aggregated volume - Price |
LTIP: 129,275 ordinary shares at £NIL DSBP: 26,398 ordinary shares at £NIL
| ||||||||||||
| e)
| Date of the transaction
| 11 October 2023 | ||||||||||||
| f)
| Place of the transaction
| Outside a trading venue | ||||||||||||
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