Ashtead Technology Holdings plc Grant of Awards under IPO Long-Term Incentive Plan (5238Y)

TIDMAT.

RNS Number : 5238Y

Ashtead Technology Holdings plc

07 September 2022

7 September 2022

Ashtead Technology Holdings plc

("Ashtead Technology" or the "Group")

Grant of Awards under IPO Long-Term Incentive Plan

Ashtead Technology, the international subsea rental equipment and solutions specialist , announces that, following the Company's IPO in November 2021, and under the terms of the Company's long term incentive plan (the " IPO LTIP "), the Board has approved the award of and granted nil cost options (the " Options ") over 1,097,751 ordinary shares of 5 pence each in the Company (" Ordinary Shares ") to certain employees, including persons discharging managerial responsibilities (" PDMRs ") detailed below.

As set out in the Admission Document and the Group's annual accounts for the year ended 31 December 2021 the Options will become exercisable in equal instalments over three years and, in each year, in proportion to the attainment of an Adjusted Earnings per Share hurdle for that year. If the Company does not attain an Adjusted Earnings per Share in excess of a 25% hurdle (as detailed below), no Options will vest and this proportion of the Options will not be carried forward to the following year. Where the Company attains the Adjusted Earnings per Share hurdle for 25% vesting ("25% Hurdle"), 25% of the Options for that year will vest. Where the Company attains the Adjusted Earnings per Share hurdle for full vesting ("100% Hurdle"), all of the Options due to vest that year will vest. If Adjusted Earnings per share is higher than the 25% Hurdle, but lower than the 100% Hurdle, the percentage of Options vesting will be linearly interpolated. Adjusted Earnings per Share hurdles for each year are as follows:

 
                                 Year ending    Year ending    Year ending 
                                  31 December    31 December    31 December 
                                     2022           2023           2024 
 Adjusted EPS needed for full 
  vesting                           18.30p         20.61p         23.59p 
                                -------------  -------------  ------------- 
 Adjusted EPS needed for 25% 
  hurdle vesting                    15.96p         17.17p         19.15p 
                                -------------  -------------  ------------- 
 
 
 Director/ PDMR    Position    Options granted 
 Allan Pirie          CEO          406,389 
                  ----------  ---------------- 
 Ingrid Stewart       CFO          246,914 
                  ----------  ---------------- 
 

Following the grant, the total number of Options over Ordinary Shares under the IPO LTIP is 1,097,751 representing 1.4 per cent. of the Company's issued share capital.

For further information, please contact:

 
 Ashtead Technology                      (via Vigo Consulting) 
  Allan Pirie, Chief Executive Officer 
  Ingrid Stewart, Chief Financial 
  Officer 
 Vigo Consulting (financial PR)          Tel: [phone] 
  Patrick d'Ancona                        0230 
  Finlay Thomson 
 Numis Securities Limited (Nomad         Tel: [phone] 
  and Broker)                             1000 
  Julian Cater 
  George Price 
  Jonny Abbott 
  Kevin Cruickshank (QE) 
 

Notes to editors:

Ashtead Technology is a leading subsea equipment rental and solutions provider for the global offshore energy sector. Ashtead Technology's specialist equipment, advanced-technologies and support services enable its customers to understand the subsea environment and manage offshore energy production infrastructure.

The Company's service offering is applicable across the lifecycle of offshore wind farms and offshore oil and gas infrastructure.

In the fast-growing offshore wind sector, Ashtead Technology's specialist equipment and services are essential through the project development, construction and installation phase. Once wind farms are operational, Ashtead Technology supports customers with inspection, maintenance and repair ("IMR") equipment and services. In the more mature oil and gas sector, Ashtead Technology's focus is on IMR and decommissioning.

Headquartered in the UK, the Company operates globally, servicing customers from its nine facilities located in key offshore energy hubs.

Notification of transactions of persons discharging managerial responsibilities and persons closely associated with them.

 
  1    Details of the person discharging managerial responsibilities/person closely associated 
 a)    Name                                                            Allan Pirie 
      --------------------------------------------------------------  ---------------------------------- 
  2    Reason for the notification 
      -------------------------------------------------------------------------------------------------- 
 a)    Position/status                                                 CEO / PDMR 
      --------------------------------------------------------------  ---------------------------------- 
 b)    Initial notification /Amendment                                 6(th) September 2022 
      --------------------------------------------------------------  ---------------------------------- 
  3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
        or auction monitor 
      -------------------------------------------------------------------------------------------------- 
 a)    Name                                                            Ashtead Technology Holdings PLC 
      --------------------------------------------------------------  ---------------------------------- 
 b)    LEI                                                             213800LHEWVY66RPGR58 
      --------------------------------------------------------------  ---------------------------------- 
  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     Share option 
        Identification code 
      --------------------------------------------------------------  ---------------------------------- 
 b)    Nature of the transaction                                       Granting of share options 
      --------------------------------------------------------------  ---------------------------------- 
  c)    Price(s) and volume(s)                                         Price(s)                Volume(s) 
                                                                        Nil cost options       406,389 
      --------------------------------------------------------------  -------------------  ------------- 
 
 d)    Aggregated information 
 
        - Aggregated volume                                              406,389 
 
        - Price                                                          Nil 
      --------------------------------------------------------------  ---------------------------------- 
 e)    Date of the transaction                                          5(th) September 2022 
      --------------------------------------------------------------  ---------------------------------- 
 f)    Place of the transaction                                        United Kingdom 
      --------------------------------------------------------------  ---------------------------------- 
 
 
  1    Details of the person discharging managerial responsibilities/person closely associated 
 a)    Name                                                            Ingrid Stewart 
      --------------------------------------------------------------  ---------------------------------- 
  2    Reason for the notification 
      -------------------------------------------------------------------------------------------------- 
 a)    Position/status                                                 CFO / PDMR 
      --------------------------------------------------------------  ---------------------------------- 
 b)    Initial notification /Amendment                                 6(th) September 2022 
      --------------------------------------------------------------  ---------------------------------- 
  3    Details of the issuer, emission allowance market participant, auction platform, auctioneer 
        or auction monitor 
      -------------------------------------------------------------------------------------------------- 
 a)    Name                                                            Ashtead Technology Holdings PLC 
      --------------------------------------------------------------  ---------------------------------- 
 b)    LEI                                                             213800LHEWVY66RPGR58 
      --------------------------------------------------------------  ---------------------------------- 
  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     Share option 
        Identification code 
      --------------------------------------------------------------  ---------------------------------- 
 b)    Nature of the transaction                                       Granting of share options 
      --------------------------------------------------------------  ---------------------------------- 
  c)    Price(s) and volume(s)                                         Price(s)                Volume(s) 
                                                                        Nil cost options       246,914 

      --------------------------------------------------------------  -------------------  ------------- 
 
 d)    Aggregated information 
 
        - Aggregated volume                                              246,914 
 
        - Price                                                          Nil 
      --------------------------------------------------------------  ---------------------------------- 
 e)    Date of the transaction                                          5(th) September 2022 
      --------------------------------------------------------------  ---------------------------------- 
 f)    Place of the transaction                                        United Kingdom 
      --------------------------------------------------------------  ---------------------------------- 
 

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September 07, 2022 02:00 ET (06:00 GMT)