Award of Options under Share Plan

RNS Number : 6886E

FireAngel Safety Technology Group

09 July 2021

 

9 July 2021

FireAngel Safety Technology Group plc  

('FireAngel', the 'Group' or the 'Company')

Award of Options under Share Plan

PDMR shareholdings

FireAngel (AIM: FA.), one of Europe's leading developers and suppliers of home safety products, announces that on 8 July 2021 it made awards of options ("Options") over a total of 7,470,891 FireAngel Safety Technology Group plc ordinary shares of 2p each (the 'Shares') to certain directors and senior managers employed within the Group, under its Long-Term Incentive Plan ('LTIP').

Under the LTIP, awards were made to the following Persons Discharging Managerial Responsibility ('PDMRs'):

Name	Position	Status	LTIP Options award (over Shares)
Directors
John Conoley	Executive Chairman	Director and PDMR	1,821,272
Zoe Fox	Chief Finance Officer	Director and PDMR	1,311,316
Senior Managers
Nick Rutter	Chief Product Officer	PDMR	450,000
Rene Nolten	Business Unit Director	PDMR	450,000
Claire Pickard	Supply Chain Director	PDMR	450,000
Steve Boggis	Business Unit Director	PDMR	450,000

Under the LTIP, selected employees are entitled to exercise an Option to receive a certain number of Shares at any time after a three-year vesting period ("Vesting Period"), at a cost to the employee of the nominal value of the Shares.

Vesting of the LTIP Options is dependent on performance targets, based on total shareholder return ('TSR') and Earnings per share ('EPS'). The award is split evenly across the 2 performance conditions with 50 per cent. of the total award for each performance condition.

The maximum number of Options that vest and become exercisable into Shares at the end of the Vesting Period is calculated as follows for each performance condition:

Total Shareholder Return (TSR)	% of Options that vest under the TSR performance condition (50% of total award)
Less than 100% growth	Nil
100% growth	25%
Between 100% growth and 200% growth	Between 25% and 100% on a straight-line basis
200% growth or more	100%

Earnings Per Share (EPS)	% of Options that vest under the EPS performance condition (50% of total award)
Less than 2.2 pence	Nil
Between 2.2 pence and 3.2 pence	Between 0% and 25% on a straight-line basis
Between 3.2 pence and 4.2 pence	Between 25% and 100% on a straight-line basis
4.2 pence or more	100%

Following the Vesting Period, the Options are exercisable for 10 years, after which, any un-exercised Option will lapse.

Any entitlement under the LTIP will lapse on cessation of employment prior to the end of the three-year vesting period, unless cessation of employment is by reason of redundancy, ill health or death.

In addition to these awards, both John Conoley and Nick Rutter have irrevocably and unconditionally surrendered and cancelled 1,500,000 and 250,000 Options respectively in the capital of the Company under the FireAngel Safety Technology Group 2015 Long Term Incentive Plan, previously awarded on 2 August 2019.

Following the awards and surrenders, the total interests of each of the PDMRs referred to above in Shares is as follows:

Name	Ordinary shares held	% of ordinary shares held	Interest in shares in share schemes
Directors
John Conoley (including wife's holding)	739,463	0.41%	7,177,446
Zoe Fox	52,417	0.03%	1,443,260
Senior Managers
Nick Rutter	4,102,107	2.27%	877,107
Rene Nolten	-	-	575,000
Claire Pickard (including husband's holding)	241,711	0.13%	653,000
Steve Boggis	-		450,000

For further information, please contact:

FireAngel Safety Technology Group plc	024 7771 7700
John Conoley, Executive Chairman
Zoe Fox, Chief Finance Officer Shore Capital (Nominated adviser and Joint broker)	020 7408 4050
Tom Griffiths/David Coaten Singer Capital Markets (Joint Broker) Rick Thompson/Alex Bond Houston (Financial PR) Kate Hoare/Laura Stewart	020 7496 3000 020  4529 0549

Notes to Editors

About FireAngel Safety Technology Group plc

FireAngel's mission is to protect, save and improve our customers' lives by making innovative, leading edge technology simple and accessible.  FireAngel is one of the market leaders in the European home safety products market.

FireAngel's principal products are connected smoke alarms, CO alarms, heat alarms and accessories.  The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories.  Products are sold under FireAngel's leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.

For further product information, please visit: www.fireangeltech.com   

 

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