Grant of LTIP Options to PDMRs

RNS Number : 8183R

AO World plc

01 July 2015

 



AO World plc

LTIP Option Awards / PDMR Notification

On 30 June 2015 AO World plc ("the Company") granted nil-cost options over a total of 1,249,517 ordinary shares*, (representing approximately 0.3% of the Company's issued share capital) ("2015 LTIP Award") to members of its group executive and senior management teams under the terms of the AO Performance Share Plan which was approved by shareholders of the Company on 25 February 2014 ("LTIP").

Both John Roberts and Steve Caunce, who were entitled to 2015 LTIP Awards, have waived their rights to participate in the scheme in view of their existing substantial shareholdings. However, the Company has received notification from seven of its other "persons discharging managerial responsibilities" pursuant to the FCA's Disclosure Rules and Transparency Rules 3.1.2R, on 30 June 2015, who were granted conditional awards in respect of the following number of ordinary shares of 0.25p, in accordance with the rules of the LTIP.

Name	Position	Number of shares under options pursuant to the 2015 LTIP Award*	Total LTIP awards** outstanding
David Ashwell	Group Logistics Director	110,957	637,272
John Coulter	Group Trading Director	110,957	198,676
Daniel Emmett	Group Operations Director	97,087	158,490
Mark Higgins	Group Finance Director	110,957	637,272
Andrew Kirkcaldy	Group Brand Director	97,087	623,402
David Lawson	Group e-Commerce Director	97,087	158,490
Kevin Monk	Group Strategy Director	97,087	623,402

* The amounts shown above represent the maximum possible number of ordinary shares that may be granted to the eligible employees under the 2015 LTIP Award. The price used to calculate the maximum number of ordinary shares under the 2015 LTIP Award was 144.20p, being the closing price of the Company's shares on the main market of the London Stock Exchange on 29 June 2015, the last dealing day prior to the grant of the 2015 LTIP Awards.

**includes the IPO LTIP Awards granted 25 February 2014.

The 2015 LTIP Awards are subject to three performance conditions linked to growth in the Company's Earnings per Share, Absolute Total Shareholder Return, and Total Sales, measured over a 3 year period ending on 31 March 2018 and are expected to vest in June 2018.  The performance conditions have equal weighting and have been designed to ensure alignment between the incentivisation of the Company's group executive and senior management teams and the interests of shareholders.

The 2015 LTIP Award is the second such award made under the LTIP.

For the purposes of DTR 3.1.3, the above transactions took place in the United Kingdom, with a grant date of 30 June 2015 and the Directors being notified on 30 June 2015. 

Enquiries:

AO World plc

Julie Finnemore

Company Secretary

Tel: [phone]

Tulchan Communications

Tom Buchanan

Michelle Clarke

Tel: [phone]

 

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