Volution Group plc Director/PDMR Shareholding (2404J)

TIDMFAN

RNS Number : 2404J

Volution Group plc

18 December 2020

Friday 18 December 2020

Volution Group plc

Exercise of awards under the Company's Long Term Incentive Plan

Volution Group plc ("Volution", "Group" or the "Company", LSE: FAN), a leading international designer and manufacturer of energy efficient indoor air quality solutions, announces that on 18 December 2020, nil-cost options awarded to the Chief Financial Officer on 15 October 2019 under the Volution Long Term Incentive Plan ("LTIP 2019 Awards") were exercised as set out below. The table shows the number of nil-cost options exercised, the number of shares sold to satisfy income tax, national insurance and dealing costs and the number of shares retained:

 
                     LTIP 2019    Number of shares sold     Price at      Number of 
                      Awards       to satisfy income tax,    which each    shares retained 
                      exercised    national insurance        share sold 
                                   liability and dealing 
                                   costs 
 Andy O'Brien 
  Chief Financial 
  Officer              34,568       15,043                    285 pence     19,525 
                    -----------  ------------------------  ------------  ----------------- 
 

As outlined in the announcement dated 16 October 2019, Andy O'Brien forfeited share awards on leaving his last employer. In accordance with the Volution Remuneration Policy, the Remuneration Committee approved the grant of additional awards to Andy O'Brien to partially compensate him for remuneration forgone at his previous employer. These LTIP awards were granted to replicate as far as possible, the likely value and time horizons associated with the share awards forfeited at his previous employer. The LTIP awards were due to vest as follows: 50% on the first anniversary of appointment (1 August 2020) and 50% on the second anniversary of appointment (1 August 2021), subject to continued employment with Volution and were not subject to any performance conditions, reflecting the criteria of the forfeited share awards.

The Volution Employee Benefit Trust has today transferred shares to the Chief Financial Officer representing the number of shares retained following the sale of shares to satisfy income tax, national insurance and dealing costs.

Following the exercise, sale and retention of shares under the LTIP, the shareholding of the Chief Financial Officer is as follows:

 
                                  Total holding of ordinary   % of issued share 
                                   shares                      capital 
 Andy O'Brien, Chief Financial 
  Officer                         19,525                      0.01% 
                                 --------------------------  ------------------ 
 

The attached notifications, made pursuant to Article 19(3) of the Market Abuse Regulation, provide further details.

-ends-

Enquiries:

Volution Group plc

   Michael Anscombe, Company Secretary                               [phone] 

Legal Entity Identifier: 213800EPT84EQCDHO768

Notes to Editors:

Volution Group plc (LSE: FAN) is a leading international designer and manufacturer of energy efficient indoor air quality solutions. Volution Group comprises 17 key brands across three regions:

UK: Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Torin-Sifan.

Continental Europe: Fresh, PAX, VoltAir, Kair, Air Connection, inVENTer, Ventilair, ClimaRad.

Australasia: Simx, Ventair, Manrose.

For more information, please go to: www.volutiongroupplc.com

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                         Andy O'Brien 
     --------------------------  ------------------------------------------------- 
 2    Reason for the notification 
     ----------------------------------------------------------------------------- 
 a)   Position/status             Chief Financial Officer 
     --------------------------  ------------------------------------------------- 
 b)   Initial notification        Initial notification 
       /Amendment 
     --------------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ----------------------------------------------------------------------------- 
 a)   Name                        Volution Group plc 
     --------------------------  ------------------------------------------------- 
 b)   LEI                         213800EPT84EQCDHO768 
     --------------------------  ------------------------------------------------- 
 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 1 pence each 
       financial instrument, 
       type of instrument 
                                   ISIN: GB00BN3ZZ526 
       Identification code 
     --------------------------  ------------------------------------------------- 
 b)   Nature of the transaction   Exercise of nil-cost options under 
                                   the Long Term Incentive Plan (LTIP), 
                                   sale of shares to fund the income 
                                   tax, national insurance and dealing 
                                   costs and retention of balance of 
                                   shares. 
     --------------------------  ------------------------------------------------- 
 c)   Price(s) and volume(s)                              Price(s)      Volume(s) 
                                    Acquisition of 
                                     shares on exercise 
                                     of LTIP 2019 
                                     Award.                GBPNil        34,568 
 
                                     Sale of shares 
                                     to satisfy income 
                                     tax, national          285 pence     15,043 
                                     insurance and          per share 
                                     dealing costs. 
 
                                     Retention of 
                                     shares.                GBPNil        19,525 
                                                          ------------  ---------- 
     --------------------------  ------------------------------------------------- 
 d)   Aggregated information      Aggregated volume: 
 
       - Aggregated volume         Exercise 
       - Price                     Volume: 34,568 
                                   Price: GBPNil 
 
                                   Sale to cover income tax, national 
                                   insurance and dealing costs 
                                   Volume: 15,043 
                                   Price: 285 pence per share 
 
                                   Retention of shares 
                                   Volume: 19,525 
                                   Price: GBPNil 
     --------------------------  ------------------------------------------------- 
 e)   Date of the transaction     18 December 2020 
     --------------------------  ------------------------------------------------- 
 f)   Place of the transaction    Outside a trading venue (exercise 
                                   of nil-cost options and retention 
                                   of shares) and London Stock Exchange, 
                                   Main Market (XLON) (sale of shares). 
     --------------------------  ------------------------------------------------- 
 

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.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.

END

DSHFLFITFRLTLII

(END) Dow Jones Newswires

December 18, 2020 13:07 ET (18:07 GMT)