Flowtech Fluidpower PLC Awards under Long-Term Incentive Plan (5722B)

TIDMFLO

RNS Number : 5722B

Flowtech Fluidpower PLC

05 June 2023

 
 NEWS RELEASE 
  Issued on behalf of Flowtech Fluidpower 
  plc 
 
  Immediate Release 
  Monday, 5 June 2023 
 

FLOWTECH FLUIDPOWER PLC

("Flowtech" or the "Company")

Specialist full-service supplier of technical fluid power products and services

Awards under Long-Term Incentive Plan

Flowtech Fluidpower plc, the UK's leading specialist supplier of technical fluid power products, announces that the Board's Remuneration Committee has approved the grant of nil cost options over ordinary shares of 50 pence each (the "2023 Options") under the Company's new Long-Term Incentive Plan ("LTIP"). The LTIP is designed to incentivise the executive directors to deliver value creation for shareholders and ensure alignment with shareholder interests.

On 2 June 2023, 2,345,588 2023 Options, in aggregate, were granted under the LTIP to the executive directors as set out below:

 
 Director          Number of 2023      2023 Options as          Total options 
                   Options awarded    % of current issued      as % of current 
                                         share capital       issued share capital 
 Mike England, 
  CEO                1,583,333               2.6%                   2.6% 
                 -----------------  ---------------------  ---------------------- 
 Russell Cash, 
  CFO                 762,255                1.2%                   1.7% 
                 -----------------  ---------------------  ---------------------- 
 

The vesting of the 2023 Options is subject to Flowtech's share price performance. The awards are in three tranches, which each have different share price hurdles in order to vest in full, being GBP2.00 for the first tranche (comprising 1,638,970 2023 Options), GBP2.50 for the second (comprising 423,971 2023 Options) and GBP3.00 for the third (comprising 282,647 2023 Options). The second tranche of 2023 Options will vest on a straight line basis between a share price of GBP2.00 and GBP2.50, with the third tranche vesting on a straight line basis between a share price of GBP2.50 and GBP3.00. A third of each tranche will be tested after each of the third, fourth and fifth anniversaries of the commencement of the LTIP scheme and vesting is subject to the discretion of the Remuneration Committee. Ordinary shares from the vesting of the LTIP are subject to a minimum hold period until the fifth anniversary of the commencement of the LTIP and are subject to customary malus and clawback provisions. The above awards to Russell Cash replace LTIP awards previously made to him in 2021 and 2022, which have now been surrendered.

Following implementation of the LTIP, outstanding options represent 7.1% of the Company's issued share capital.

Related party transaction

The granting of awards to the executive directors constitutes a related party transaction pursuant to rule 13 of the AIM Rules for Companies. The Company's Non-Executive Directors, who are not party to the LTIP and are therefore independent directors for these purposes, consider, having consulted with the Company's Nominated Adviser Liberum Capital Limited, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

 
 ENQUIRIES: 
----------------------------------------------------- 
 Flowtech Fluidpower plc 
  Jamie Brooke, Non-executive Director 
  Mike England, Chief Executive Officer 
  Russell Cash, Chief Financial Officer 
  Tel: [phone] 
  Email: [e-mail] 
 
 Liberum (Nominated adviser and Sole Broker) 
  Richard Lindley / Ben Cryer / Will King 
  Tel: [phone] 
 
 TooleyStreet Communications (IR and media relations) 
  Fiona Tooley 
  Tel: [phone] 
  or email : [e-mail] 
 

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                                        Mike England 
     ------------------------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     --------------------------------------------------------------------------------------------- 
 a)   Position/status                             Chief Executive Officer /PDMR 
     ------------------------------------------  ------------------------------------------------- 
 b)   Initial notification                        Initial notification 
       /Amendment 
     ------------------------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer, or auction monitor 
     --------------------------------------------------------------------------------------------- 
 a)   Name                                        FLOWTECH FLUIDPOWER PLC 
     ------------------------------------------  ------------------------------------------------- 
 b)   LEI                                         LEI: 213800N68SQY5X5XS290 
     ------------------------------------------  ------------------------------------------------- 
 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                          Ordinary shares of 50 pence each 
       financial instrument, 
       type of instrument 
      Identification code                         GB00BM4NR742 
 b)   Nature of the transaction                   Grant of options over ordinary shares (LTIP) 
 c)   Price(s) and volume(s)                        Price: Nil 
                                                     Volume: 1,583,333 
 d)   Aggregated information 
                                                  N/a - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     ------------------------------------------  ------------------------------------------------- 
 e)   Date of the transaction                     2 June 2023 
     ------------------------------------------  ------------------------------------------------- 
 f)   Place of the transaction                    Off market transaction 
     ------------------------------------------  ------------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                                          Russell Cash 
     --------------------------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------------------------- 
 a)   Position/status                               Chief Financial Officer/PDMR 
     --------------------------------------------  ------------------------------------------------- 
 b)   Initial notification                          Initial notification 
       /Amendment 
     --------------------------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer, or auction monitor 
     ----------------------------------------------------------------------------------------------- 
 a)   Name                                          FLOWTECH FLUIDPOWER PLC 
     --------------------------------------------  ------------------------------------------------- 
 b)   LEI                                           LEI: 213800N68SQY5X5XS290 
     --------------------------------------------  ------------------------------------------------- 
 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                            Ordinary shares of 50 pence each 
       financial instrument, 
       type of instrument 
      Identification code                           GB00BM4NR742 
 b)   Nature of the transaction                     Grant of options over ordinary shares (LTIP) 
 c)   Price(s) and volume(s)                          Price: Nil 
                                                       Volume: 762,255 
 d)   Aggregated information 
                                                    N/a - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
 e)   Date of the transaction                       2 June 2023 
 f)   Place of the transaction                      Off market transaction 
     --------------------------------------------  ------------------------------------------------- 
 

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June 05, 2023 02:00 ET (06:00 GMT)