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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Fireangel Safety Technology Group Plc | LSE:FA. | London | Ordinary Share | GB0030508757 | ORD 2P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 4.25 | 3.50 | 5.00 | 4.25 | 4.25 | 4.25 | 20,158 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Communications Equip, Nec | 57.46M | -5.85M | -0.0323 | -1.32 | 7.7M |
TIDMFA.
RNS Number : 1946K
FireAngel Safety Technology Group
04 May 2022
4 May 2022
FireAngel Safety Technology Group plc
('FireAngel', the 'Company' or the 'Group')
Award of Options under Share Plan,
PDMR shareholdings and amendments to performance period for previous awards
FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, announces that it has made awards of options ("Options") over a total of 2,945,000 FireAngel Safety Technology Group plc ordinary shares of 2p each (the 'Shares') to Zoe Fox, the Company's Chief Finance Officer, and certain senior managers employed within the Group, under its Long-Term Incentive Plan ('LTIP').
Under the LTIP, awards were made to the following Persons Discharging Managerial Responsibility ('PDMRs'):
LTIP Options Name Position Status award (over Shares) Directors Director and Zoe Fox Chief Finance Officer PDMR 1,000,000 ------------------------ -------------- ------------- Senior Managers Nick Rutter Chief Product Officer PDMR 300,000 ------------------------ -------------- ------------- Rene Nolten Business Unit Director PDMR 300,000 ------------------------ -------------- ------------- Claire Pickard Supply Chain Director PDMR 300,000 ------------------------ -------------- ------------- Steve Boggis Business Unit Director PDMR 300,000 ------------------------ -------------- -------------
Under the LTIP, selected employees are entitled to exercise an Option to receive a certain number of Shares at any time after a three-year vesting period ("Vesting Period"), at a cost to the employee of the nominal value of the Shares.
Vesting of the LTIP Options is dependent on performance targets, based on total shareholder return ('TSR') and earnings per share ('EPS'). The award is split evenly across the 2 performance conditions with 50 per cent. of the total award for each performance condition.
The maximum number of Options that vest and become exercisable into Shares at the end of the Vesting Period is calculated as follows for each performance condition:
TSR % of Options that vest under the TSR performance condition (50% of total award) Less than 100% growth Nil ----------------------------------------------------- 100% growth 25% ----------------------------------------------------- Between 100% growth and Between 25% and 100% on a straight-line 200% growth basis ----------------------------------------------------- 200% growth or more 100% ----------------------------------------------------- EPS % of Options that vest under the EPS performance condition (50% of total award) Less than 2.2 pence Nil ----------------------------------------------------- Between 2.2 pence and 3.2 Between 0% and 25% on a straight-line pence basis ----------------------------------------------------- Between 3.2 pence and 4.2 Between 25% and 100% on a straight-line pence basis ----------------------------------------------------- 4.2 pence or more 100% -----------------------------------------------------
Following the Vesting Period, the Options are exercisable for 10 years, after which, any unexercised Options will lapse.
Any entitlement under the LTIP will lapse on cessation of employment prior to the end of the three-year Vesting Period, unless cessation of employment is by reason of redundancy, ill health or death.
In addition, Zoe Fox has irrevocably and unconditionally surrendered and cancelled 100,000 Options under the FireAngel Safety Technology Group 2015 Long Term Incentive Plan, previously awarded on 2 August 2019.
Following the awards and cancellation of Zoe Fox's 100,000 Options referred to above, the total interests in Shares of the Director and each of the PDMRs included in the table above are as follows:
Interest in shares in share Name Shares held % of Shares schemes held Directors ------------------------------------------------------------------------- Zoe Fox 88,828 0.05% 2,343,260 -------------- -------------- ------------ Senior Managers ------------------------------------------------------------------------- Nick Rutter 4,182,831 2.31% 1,177,107 -------------- -------------- ------------ Rene Nolten - - 875,000 -------------- -------------- ------------ Claire Pickard (including husband's holding) 241,711 0.13% 953,000 -------------- -------------- ------------ Steve Boggis - - 750,000 -------------- -------------- ------------
In addition, the Company announces that, due to the prolonged impact of COVID-19 on its business and, more recently, the further effect of Russia invading Ukraine on global markets, it has extended the performance periods for the award of 5,000,000 options issued to John Conoley, the Company's Executive Chairman, in November 2020, as announced on 1 December 2020, and also to the awards issued to certain directors and senior managers as announced on 9 July 2021 as follows: -
- the performance period for the TSR for the awards issued to John Conoley in November 2020 has been amended to be measured from 30 November 2020 to 31 March 2025 (previous measurement period was 30 November to 31 March 2024); and
- the performance period for the TSR for the awards issued to certain directors and senior managers in July 2021 has been amended to be measured from 9 July 2021to 31 March 2025, (previous measurement period was 7 July to 31 March 2024) and the EPS will now be measured at 31 December 2024, (previously 31 December 2023).
There have been no other amendments made to the performance conditions on the above awards.
Further details of the outstanding Options are set out in the Appendix below
Related Party Transaction
The new options being awarded to Zoe Fox and the extension of the performance periods of certain existing options issued to Zoe Fox and John Conoley are a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. The independent Directors, being those Directors of the Company other than John Conoley and Zoe Fox, consider, having consulted with Shore Capital and Corporate, the Company's nominated adviser, that the terms of the award of new options and the extension of the performance periods of certain existing options awarded to Zoe Fox and John Conoley are fair and reasonable insofar as the Company's shareholders are concerned.
APPIX
Grant date Share Vesting Expiry Exercise in share date date price schemes ------------------------ ----------------------- ----------- ------------ ----------- --------- Options under LTIPs Directors' share options 25/04/2014 Zoe Fox 31,944 24/04/2017 28/04/2024 200p 25/04/2014 Graham Whitworth 125,000 24/04/2017 28/04/2024 200p 30/11/2020 John Conoley 5,000,000 31/03/2025 30/11/2030 2p 08/07/2021 John Conoley 1,821,272 *31/03/2025 08/07/2031 2p 08/07/2021 Zoe Fox 1,311,316 *31/03/2025 08/07/2031 2p 29/04/2022 Zoe Fox 1,000,000 *28/04/2025 28/04/2032 2p Employee share options 25/04/2014 Rene Nolten (PDMR) 25,000 24/04/2017 28/04/2024 200p 25/04/2014 Nick Rutter (PDMR) 125,000 24/04/2017 28/04/2024 200p 25/04/2014 Other Employees 109,335 24/04/2017 28/04/2024 200p
02/08/2019 Steve Boggis (PDMR) 100,000 01/08/2022 02/08/2029 2p 02/08/2019 Rene Nolten (PDMR) 100,000 01/08/2022 02/08/2029 2p 02/08/2019 Claire Pickard (PDMR) 100,000 01/08/2022 02/08/2029 2p 02/08/2019 Other Employees 160,000 01/08/2022 02/08/2029 2p 08/07/2021 Steve Boggis (PDMR) 450,000 *31/03/2025 08/07/2031 2p 08/07/2021 Rene Nolten (PDMR) 450,000 *31/03/2025 08/07/2031 2p 08/07/2021 Claire Pickard (PDMR) 450,000 *31/03/2025 08/07/2031 2p 08/07/2021 Nick Rutter (PDMR) 450,000 *31/03/2025 08/07/2031 2p 08/07/2021 Other employees 2,339,905 *31/03/2025 08/07/2031 2p 08/07/2021 Steve Boggis (PDMR) 300,000 *28/04/2025 08/07/2031 2p 08/07/2021 Rene Nolten (PDMR) 300,000 *28/04/2025 08/07/2031 2p 08/07/2021 Claire Pickard (PDMR) 300,000 *28/04/2025 08/07/2031 2p 08/07/2021 Nick Rutter (PDMR) 300,000 *28/04/2025 08/07/2031 2p 29/04/2022 Other Employees 745,000 *28/04/2025 28/04/2032 2p Options under LTIPs 16,093,772 ------------------------------------------------- ----------- ------------ ----------- --------- Options under share matching scheme Directors' share options 01/06/2020 John Conoley 281,514 - 01/06/2030 2p 03/07/2020 John Conoley 25,000 - 03/07/2030 2p 18/12/2020 John Conoley 49,660 - 18/12/2030 2p Employee share options 01/06/2020 Nick Rutter (PDMR) 176,490 - 01/06/2030 2p 19/06/2020 Other Employees 544,904 - 19/06/2030 2p 03/07/2020 Nick Rutter (PDMR) 49,473 - 03/07/2030 2p 06/01/2021 Claire Pickard (PDMR) 103,000 - 06/01/2031 2p 14/01/2021 Nick Rutter (PDMR) 76,144 - 03/07/2031 2p ------------------------ ----------------------- ----------- ------------ ----------- --------- Options under share matching scheme 1,306,185 ------------------------------------------------- ----------- ------------ ----------- --------- Total options 17,399,957 ------------------------------------------------- ----------- ------------ ----------- --------- (* Revised vesting dates)
For further information, please contact:
FireAngel Safety Technology Group plc 024 7771 7700 John Conoley, Executive Chairman Zoe Fox, Chief Finance Officer Shore Capital (Nominated adviser and Joint broker) 020 7408 4050 Tom Griffiths/David Coaten Singer Capital Markets (Joint Broker) Rick Thompson/Alex Bond 020 7496 3000 Houston (Financial PR) Kate Hoare/Joe Burgess 020 4529 0549
Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel's mission is to protect and save lives by making innovative, home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market.
FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories. The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories. Products are sold under FireAngel's leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.
For further product information, please visit: www.fireangeltech.com
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END
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(END) Dow Jones Newswires
May 04, 2022 02:01 ET (06:01 GMT)
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