Flowtech Fluidpower PLC Grant of Options under Long-Term Incentive Plan (9433J)

TIDMFLO

RNS Number : 9433J

Flowtech Fluidpower PLC

03 May 2022

 
 NEWS RELEASE 
  Issued on behalf of Flowtech 
  Fluidpower plc 
  Immediate Release 
  Tuesday, 3 May 2022 
 

FLOWTECH FLUIDPOWER PLC

("Flowtech" or the "Company")

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

Grant of Options under Long-Term Incentive Plan

Flowtech Fluidpower plc, the UK's leading specialist supplier of technical fluid power products and services, announces that the Board's Remuneration Committee has approved the conditional grant of nil cost options over ordinary shares of 50 pence each ("Ordinary Shares") under the Company's Long-Term Incentive Plan ("LTIP").

On 29 April 2022, options over 326,924 Ordinary Shares, in aggregate (the "2022 Awards") were granted under the LTIP to executive directors as set out below:

 
 Director        Role              Number of shares over  Total LTIP options 
                                    which                  held 
                                    2022 Awards are made   following 2022 Awards 
                 Chief Executive 
 Bryce Brooks     Officer          173,077                360,577 
                -----------------  ---------------------  ---------------------- 
                 Chief Financial 
 Russell Cash     Officer          153,847                320,514 
                -----------------  ---------------------  ---------------------- 
 

The LTIP is designed to incentivise management to deliver long-term value creation for shareholders and ensure alignment with shareholder interests.

The vesting of awards is subject to both share price and EPS performance criteria measured on the results for the three year financial period to 31 December 2024. The Remuneration Committee has discretion to amend these terms to take account of, for example, corporate activities such as acquisitions to ensure that the performance targets remain appropriate. Malus and clawback provisions are also in place to reduce or recover any awards for criteria such as a material misstatement of the financial statements or a serious breach of the Company's code of ethics.

The number of shares in respect of which the 2022 Awards shall vest and may be exercised, shall depend upon the extent to which the demanding performance conditions are satisfied.

 
 ENQUIRIES: 
-------------------------------------------------------- 
 Flowtech Fluidpower plc 
  Bryce Brooks, Chief Executive 
  Russell Cash, Chief Financial Officer 
  Tel: [phone] 
  Email: [e-mail] 
 
 Liberum (Nominated adviser and Sole Broker) 
  Richard Lindley / Ben Cryer / William Hall / 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                                           Bryce Brooks 
     ---------------------------------------------  ------------------------------------------------- 
 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: 173,077 
 d)   Aggregated information 
                                                     N/a - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
     ---------------------------------------------  ------------------------------------------------- 
 e)   Date of the transaction                        29 April 2022 
     ---------------------------------------------  ------------------------------------------------- 
 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                                 Ordinary shares of 50 pence each 
       the financial instrument, 
       type of instrument 
      Identification                                 GB00BM4NR742 
       code 
 b)   Nature of the transaction                      Grant of options over ordinary shares (LTIP) 
 c)   Price(s) and volume(s)                           Price : Nil 
                                                        Volume: 153,847 
 d)   Aggregated information 
                                                     N/a - single transaction 
             *    Aggregated volume 
 
 
             *    Price 
 e)   Date of the transaction                        29 April 2022 
 f)   Place of the transaction                       Off market transaction 
     ---------------------------------------------  ------------------------------------------------- 
 

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May 03, 2022 02:01 ET (06:01 GMT)