Wizz Air Holdings PLC Director/PDMR Shareholding (1126E)

TIDMWIZZ

RNS Number : 1126E

Wizz Air Holdings PLC

07 February 2018

Wizz Air Holdings Plc

Wizz Air Long Term Incentive Plan ("LTIP") award grants

LONDON, 7 February 2018 - Wizz Air Holdings Plc ("Wizz Air" or the "Company"), the largest low-cost airline in Central and Eastern Europe, announces the granting of awards under its LTIP, to a person discharging management responsibilities ("PDMR").

On 6 February 2018, following approval by the Company's Remuneration Committee, Wizz Air made a grant of options under the LTIP over 23,350 ordinary shares in the capital of Wizz Air of GBP0.0001 par value (identification code JE00BN574F90) ("Award"). This Award was granted to a PDMR as set out below.

The following PDMR was granted an award of Performance Options:

 
           1.    Details of the person discharging managerial 
                  responsibilities / person closely associated 
--------------  ------------------------------------------------------------------ 
 a)              Name                           Stephen Jones 
--------------  -----------------------------  ----------------------------------- 
           2.    Reason for the notification 
--------------  ------------------------------------------------------------------ 
 a)              Position / status              Executive Vice President 
                                                 & Deputy Chief Executive 
                                                 Officer 
--------------  -----------------------------  ----------------------------------- 
 b)              Initial notification           Initial notification 
                  / amendment 
--------------  -----------------------------  ----------------------------------- 
           3.    Details of the issuer 
--------------  ------------------------------------------------------------------ 
 a)              Name                           Wizz Air Holdings Plc 
--------------  -----------------------------  ----------------------------------- 
 b)              Legal entity                   213800COXGZCORLJZA85 
                  identifier 
--------------  -----------------------------  ----------------------------------- 
           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 GBP0.0001 
                  the financial                  each 
                  instrument, type 
                  of instrument 
                 Identification                 JE00BN574F90 
                  code 
--------------  -----------------------------  ----------------------------------- 
 b)              Nature of the                  Grant of Performance Options 
                  transaction 
--------------  -----------------------------  ----------------------------------- 
 c)              Currency                       British Pounds 
--------------  -----------------------------  ----------------------------------- 
 d)              Price(s) and                    Price(s)         Volume(s) 
                  volume(s) 
--------------  -----------------------------   ---------------  --------------- 
    NIL                                                           23,350 
   ------------------------------------------------------------  --------------- 
 e)              Aggregated information          23,350 
                   *    Aggregated volume         NIL 
 
 
                   *    Price 
--------------  -----------------------------  ----------------------------------- 
 f)              Date of the transaction        6 February 2018 
--------------  -----------------------------  ----------------------------------- 
 g)              Place of the                   N/A 
                  transaction 
--------------  -----------------------------  ----------------------------------- 
 

The performance conditions (with a 50% weighting for each) applicable to the Performance Options as set by the Remuneration Committee are:

1. Total shareholder return ("TSR") relative to the TSR of certain selected European airlines. The base measure for TSR will be the average trading price of shares during the 30 days immediately before the reference date (25 May 2017), and the closing measure will be the average trading price of shares during the 30 days immediately before the third anniversary of the reference date. At vesting, pay-out is to be 25% of the award for TSR performance equal to median performance, with a 100% pay-out for performance equal to, or exceeding, upper quartile performance. Linear interpolation will apply for performance between the median and upper quartile; and

2. Absolute growth in underlying, fully-diluted earnings per share ("EPS"). EPS growth will be measured over the period from 1 April 2017 to 31 March 2020 (FY 2018 to FY 2020 inclusive).

Target EPS growth over the performance period has been set at an average of 28% per annum (achievement of which will result in 50% of the award vesting), with the threshold set at 25% per annum (triggering 25% vesting), and the maximum at 31% per annum (triggering 100% vesting). Linear interpolation applies for performance between 25% to 28% and 28% to 31%.

All vested options must be exercised within ten years of the date of grant. If exercised, then the underlying shares of the vested options will be issued at nil cost to the option holders. No amounts have been paid by the relevant PDMRs for the grant of these options.

This announcement is made pursuant to Article 19 of the EU Market Abuse Regulation 596/2014.

-End

About Wizz Air

Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 88 Airbus A320 and Airbus A321 aircraft, and offers more than 550 routes from 28 bases, connecting 145 destinations across 44 countries. At Wizz Air, a team of more than 3,500 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of 23.8 million passengers in the financial year ended 31 March 2017. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices. Wizz Air is registered under the International Air Transport Association (IATA), Operational Safety Audit (IOSA), the global benchmark in airline safety recognition. The company was recently named 2017 - European Airline of the Year by Aviation 100, a renown annual publication that recognizes the year's most outstanding performers in the aerospace industry.

 
 For more information: 
 
                                                    +36 70 777 
 Investors:    Balint Veres, Wizz Air:               9349 
 
                                                     +36 70 777 
 Media:        Sorina Ratz, Wizz Air:                 9304 
  Edward Bridges / Jonathan Neilan,                 [phone] 
   FTI Consulting LLP:                               1000 
 

This information is provided by RNS

The company news service from the London Stock Exchange

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February 07, 2018 02:00 ET (07:00 GMT)