Award of Options, Issue of Equity and TVR

RNS Number : 7794T

Avingtrans PLC

22 November 2013

 



AVINGTRANS PLC

("Avingtrans" or "the Company")

Award of options, Issue of Equity and Total Voting Rights

Avingtrans plc announces that the Company has today, under the terms of the Company's CSOP share scheme (the "CSOP") and its Executive Shared Ownership Plan ("the ExSOP "), made a grant of awards over ordinary shares of 5p each in the Company ("Ordinary Shares") to directors and senior managers, as set out below.

Awards under the CSOP

On 22 November 2013, the Board of Avingtrans, in accordance with the Company's CSOP, granted options over 114,000 Ordinary Shares at an option price of 176.0 pence per share to a number of senior managers.

All of the options granted may not be exercised until 3 years from the date of grant and are subject to a performance condition. The performance condition for each of these options is that the increase in adjusted EPS must be at least equal to the increase in RPI over the vesting period.

Awards under the ExSOP

On 22 November 2013, the Board of Avingtrans, in accordance with the Company's ExSOP, granted options over 229,000 Ordinary Shares at an option price of 176.0 pence per share. The following were issued to Directors:

Director	Number of Ordinary Shares subject to awards
Stephen McQuillan	95,000
Stephen King	84,000

Furthermore, one senior manager has been granted awards over a total of 50,000 Ordinary Shares.

Consequently, in order to satisfy the awards under the ExSOP, application has been made for admission to trading on AIM of a total of 229,000 Ordinary Shares ("Admission"). It is expected that Admission will be effective on 28 November 2013.

Under the provisions of the ExSOP, Ordinary Shares are jointly owned between the individuals above and by an employees' share trust, on terms, similar to a share option scheme, whereby the participant can benefit only from the future growth in the value of the Ordinary Shares above the closing market value of the shares on the award date (being therefore the closing market value on 22 November 2013) in excess of a carrying cost. 

Awards are subject to a performance and participants may not normally realise any such benefit before 21 November 2016. The performance condition for each of the ExSOP options is that the increase in adjusted EPS must be at least equal to the increase in RPI over the vesting period

Subsequent to issue of the Ordinary Shares as above, the Company's total issued share capital is 27,587,564 Ordinary Shares. Avingtrans does not hold any Ordinary Shares in treasury. Therefore, the total number of voting rights in Avingtrans is 27,587,564.

The above figure 27,587,564 may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, Avingtrans under the FCA's Disclosure and Transparency Rules.

Enquiries:

Avingtrans plc        Steve McQuillan, CEO	0115 949 9020
Numis Securities Limited                     David Poutney (Corporate Broking) Richard Thomas (Corporate Finance and Nominated Adviser)	020 7260 1000
Newgate Threadneedle                           (Financial PR) Josh Royston Heather Armstrong	020 7653 9850

 

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