Avingtrans PLC Share Incentive Awards, Issue of Equity and TVR (6010H)

TIDMAVG

RNS Number : 6010H

Avingtrans PLC

16 November 2018

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 November 2018, the Board of Avingtrans, in accordance with the Company's ExSOP, granted awards over 285,000 Ordinary Shares at an option price of 220p. 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   115,000 
Stephen King      100,000 
 

Furthermore Austen Adams, Managing Director of the Group's PSRE Division and a PDMR of the Company, has been granted ExSOP awards over a total of 70,000 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 November 2018) in excess of a carrying cost.

Awards are subject to a performance condition and participants may not normally realise any such benefit before 15 November 2021. 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 285,000 new Ordinary Shares. Application has been made for admission to trading on AIM for the 285,000 new Ordinary Shares ("Admission"). It is expected that Admission will be effective on 22 November 2018.

Subsequent to the issue of the new Ordinary Shares as above, the Company's total issued share capital is 31,362,053 Ordinary Shares. Avingtrans does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in Avingtrans is 31,362,053.

Awards under the CSOP

On 15 November 2018, the Board of Avingtrans, in accordance with the Company's CSOP, granted options over 205,000 Ordinary Shares with an option price of 218.5 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                               01354 692391 
 Roger McDowell, Chairman 
  Steve McQuillan, Chief Executive Officer 
  Stephen King, Chief Financial Officer 
 N+1 Singer (Nominated Adviser)               02074 963000 
 Shaun Dobson 
  Lauren Kettle 
 Newgate (Financial PR)                       02076 539850 
 Adam Lloyd 
  Tom Carnegie 
 

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 of           Ordinary shares of 5p each in the 
     the financial            Company awarded under the ExSOP share 
     instrument, type         scheme 
     of instrument 
    Identification           GB0009188797 
     Code 
b)  Nature of the            Share award 
     transaction 
c)  Price(s) and 
     volume(s) 
 
                                Price(s)   Volume(s) 
                                0.1p       115,000 
                                          ---------- 
d)  Aggregated information 
                               n/a - single transaction 
     - Aggregated 
     volume 
 
     - Price 
e)  Date of the transaction  15 November 2018 
f)  Place of the             London Stock Exchange 
     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 of           Ordinary shares of 5p each in the 
     the financial            Company awarded under the ExSOP share 
     instrument, type         scheme 
     of instrument 
    Identification           GB0009188797 
     Code 
b)  Nature of the            Share award 
     transaction 
c)  Price(s) and 
     volume(s) 
 
                                Price(s)   Volume(s) 
                                0.1p       100,000 
                                          ---------- 
d)  Aggregated information 
                               n/a - single transaction 
     - Aggregated 
     volume 
 
     - Price 
e)  Date of the transaction  15 November 2018 
f)  Place of the             London Stock Exchange 
     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, PSRE Division 
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 of           Ordinary shares of 5p each in the 
     the financial            Company awarded under the ExSOP share 
     instrument, type         scheme 
     of instrument 
    Identification           GB0009188797 
     Code 
b)  Nature of the            Share award 
     transaction 
c)  Price(s) and 
     volume(s) 
 
                                Price(s)    Volume(s) 
                                Nil         70,000 
                                           ---------- 
d)  Aggregated information 
                               n/a - single transaction 
     - Aggregated 
     volume 
 
     - Price 
e)  Date of the transaction  15 November 2018 
f)  Place of the             London Stock Exchange 
     transaction 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

IOEUNRKRWWAAARA

(END) Dow Jones Newswires

November 16, 2018 04:30 ET (09:30 GMT)