RNS Number : 6722I
Volution Group plc
17 October 2024
 

Adobe Systems

 

17 October 2024

 

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 16 October 2024 the Executive Directors were granted awards under the Company's 2023 Long Term Incentive Plan ("LTIP awards") and 2023 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

143,046

5 years from grant 2

Andy O'Brien,

Chief Financial Officer

 

Nil-cost option 1

81,618

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 targets measured over a three-year performance period.

 

Due to the timing of the proposed acquisition of the Fantech group of companies in Australasia (which remains subject to anti-trust approval), the Company's Remuneration Committee ("Committee") was not in a position to approve the targets at the time of grant. These targets will be set once the impact of the acquisition on the LTIP measures and targets has been assessed in more detail. The measures and targets will be disclosed in full on the Company's website once approved by the Committee.

 

The price used to calculate the number of LTIP awards was £6.0817 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

 

38,024

Andy O'Brien, Chief Financial Officer

 

26,034

 

As set out in the Volution Remuneration Policy, under the Company's Annual Bonus Plan for the financial year ended 31 July 2024, 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 16 October 2027. 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:

Price(s)

Volume(s)

£NIL

143,046

 

DSBP:

Price(s)

Volume(s)

£NIL

38,024

d)

 

Aggregated information

 

- Aggregated volume

- Price

 

 

LTIP: 143,046 ordinary shares at £NIL

DSBP: 38,024 ordinary shares at £NIL

 

e)

 

Date of the transaction

 

16 October 2024

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)

 

 

LTIP:


Price(s)

Volume(s)

£NIL

81,618

 

DSBP


Price(s)

Volume(s)

£NIL

26,034

d)

 

Aggregated information

 

- Aggregated volume

- Price

 

 

LTIP: 81,618 ordinary shares at £NIL

DSBP: 26,034 ordinary shares at £NIL

 

 

e)

 

Date of the transaction

 

16 October 2024

f)

 

Place of the transaction

 

Outside a trading venue

 

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