Avingtrans PLC Share Incentive Awards, Issue of Equity and TVR (5663Z)

TIDMAVG

RNS Number : 5663Z

Avingtrans PLC

18 December 2017

Avingtrans Plc

("Avingtrans" or the "Company" or the "Group")

Share Incentive Awards, Issue of Equity and TVR

Avingtrans plc announces that the Company has under the terms of the Company's Executive Shared Ownership Plan (the "ExSOP") and CSOP share scheme (the "CSOP") made grants of awards over ordinary shares of 5p each in the Company ("Ordinary Shares") as set out below.

Awards under the ExSOP

On 15 December 2017, the Board of Avingtrans, in accordance with the Company's ExSOP, granted awards over 330,000 Ordinary Shares at an option price of 181.5p. The following ExSOP awards were granted to Directors and a PDMR, with each paying 0.1 pence for his interest in each Ordinary Share subject to his ExSOP award:

 
Director          Number of Ordinary Shares 
                   subject to ExSOP awards 
Steve McQuillan   140,000 
Stephen King      110,000 
 

Furthermore Austen Adams, Managing Director of the Group's Energy & Medical Division and a PDMR of the Company, has been granted ExSOP awards over a total of 80,000 Ordinary Shares.

Under the provisions of the ExSOP, Ordinary Shares are jointly owned between the individuals above and by an employees' share trust, on terms, similar to a share option scheme, whereby the participant can benefit only from the future growth in the value of the Ordinary Shares above the closing market value of the shares on the award date (being therefore the closing market value on 15 December 2017) in excess of a carrying cost.

Awards are subject to a performance condition and participants may not normally realise any such benefit before 15 December 2020. The performance condition for each of the ExSOP awards is that the increase in adjusted EPS must be at least equal to the increase in RPI over the vesting period.

The awards under the ExSOP have been satisfied through the issue of 330,000 new Ordinary Shares. Application has been made for admission to trading on AIM for the 330,000 new Ordinary Shares ("Admission"). It is expected that Admission will be effective on 22 December 2017.

Subsequent to the issue of the new Ordinary Shares as above, the Company's total issued share capital is 31,039,636 Ordinary Shares. Avingtrans does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in Avingtrans is 31,039,636.

Awards under the CSOP

On 15 December 2017, the Board of Avingtrans, in accordance with the Company's CSOP, granted options over 157,000 Ordinary Shares with an option price of 177.5 pence per Ordinary Share.

All of the options granted may not be exercised until 3 years from the date of grant and are subject to a performance condition. The performance condition for each of these options is that the increase in adjusted EPS must be at least equal to the increase in RPI over the vesting period.

Enquiries:

 
 Avingtrans plc 
  Steve McQuillan, CEO 
  Stephen King, CFO       0135 469 2391 
 N+1 Singer 
  Shaun Dobson 
  Lauren Kettle           020 7496 3000 
 Newgate 
  (Financial PR) 
  Adam Lloyd 
  Ed Treadwell 
  James Browne            020 7653 9850 
 

About Avingtrans

Avingtrans is engaged in the provision of highly engineered components, systems and services to the energy, medical and traffic management industries worldwide.

Energy and Medical

 
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. 
 
 Maloney Metalcraft Ltd - Aldridge, UK 
Designs, manufactures and services oil and 
 gas extraction and processing equipment, 
 including process plant for dehydration, 
 sweetening, drying and compression. 
 
 Hayward Tyler - Luton & East Kilbride, UK 
 and USA, China and India 
 Specialises in the design, manufacture and 
 servicing of performance-critical motors 
 and pumps in challenging environments 
 
 Peter Brotherhood - Peterborough, UK 
 Specialises in the design, manufacture and 
 servicing of performance-critical steam turbines, 
 turbo gen-sets, compressors, gear boxes and 
 combined heat and power systems 
Composite Products Ltd - Buckingham, UK 
 Centre for composite technology, parts and 
 assemblies, serving customers in industrial 
 markets. 
 
 Scientific Magnetics - Abingdon, UK 
 Designs and manufactures superconducting 
 magnet systems and associated cryogenic systems 
 for a variety of markets 
 
 Crown International Ltd - Portishead, UK 
 Designs and manufactures market-leading pole 
 and support systems for roadside signage 
 and safety cameras, rail track signalling 
 and gantries. 
 

EU Market Abuse Regulation

The notifications set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

 
1   Details of the person discharging managerial 
     responsibilities / person closely associated 
 
a)  Name                  Steve McQuillan 
2   Reason for the notification 
a)  Position/status       CEO 
b)  Initial notification  Initial 
     /Amendment 
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           Ordinary shares of 5p each 
     of the financial      in the Company awarded under 
     instrument,           the ExSOP share scheme 
     type of instrument 
    Identification        GB0009188797 
     Code 
b)  Nature of             Share award 
     the transaction 
c)  Price(s) 
     and volume(s) 
 
                             Price(s)   Volume(s) 
                             0.1p       140,000 
                                       ---------- 
d)  Aggregated 
     information            n/a - single transaction 
 
     - Aggregated 
     volume 
 
     - Price 
e)  Date of the           15 December 2017 
     transaction 
f)  Place of              London Stock Exchange 
     the transaction 
 
 
1   Details of the person discharging managerial 
     responsibilities / person closely associated 
 
a)  Name                  Stephen King 
2   Reason for the notification 
a)  Position/status       CFO 
b)  Initial notification  Initial 
     /Amendment 
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           Ordinary shares of 5p each 
     of the financial      in the Company awarded under 
     instrument,           the ExSOP share scheme 
     type of instrument 
    Identification        GB0009188797 
     Code 
b)  Nature of             Share award 
     the transaction 
c)  Price(s) 
     and volume(s) 
 
                             Price(s)   Volume(s) 
                             0.1p       110,000 
                                       ---------- 
d)  Aggregated 
     information            n/a - single transaction 
 
     - Aggregated 
     volume 
 
     - Price 
e)  Date of the           15 December 2017 
     transaction 
f)  Place of              London Stock Exchange 
     the transaction 
 
 
1   Details of the person discharging managerial 
     responsibilities / person closely associated 
 
a)  Name                  Austen Adams 
2   Reason for the notification 
a)  Position/status       Managing Director, Energy 
                           & Medical Division (PDMR) 
b)  Initial notification  Initial 
     /Amendment 
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           Ordinary shares of 5p each 
     of the financial      in the Company awarded under 
     instrument,           the ExSOP share scheme 
     type of instrument 
    Identification        GB0009188797 
     Code 
b)  Nature of             Share award 
     the transaction 
c)  Price(s) 
     and volume(s) 
 
                             Price(s)    Volume(s) 
                             Nil         80,000 
                                        ---------- 
d)  Aggregated 
     information            n/a - single transaction 
 
     - Aggregated 
     volume 
 
     - Price 
e)  Date of the           15 December 2017 
     transaction 
f)  Place of              London Stock Exchange 
     the transaction 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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December 18, 2017 02:00 ET (07:00 GMT)