Awards under Long-Term Incentive Plan

Flowtech Fluidpower PLC

05 June 2023

 

NEWS RELEASE Issued on behalf of Flowtech Fluidpower plc Immediate Release Monday, 5 June 2023

FLOWTECH FLUIDPOWER PLC

("Flowtech" or the "Company")

Specialist full-service supplier of technical fluid power products and services

Awards under Long-Term Incentive Plan

Flowtech Fluidpower plc, the UK's leading specialist supplier of technical fluid power products, announces that the Board's Remuneration Committee has approved the grant of nil cost options over ordinary shares of 50 pence each (the "2023 Options") under the Company's new Long-Term Incentive Plan ("LTIP").  The LTIP is designed to incentivise the executive directors to deliver value creation for shareholders and ensure alignment with shareholder interests.

On 2 June 2023, 2,345,588 2023 Options, in aggregate, were granted under the LTIP to the executive directors as set out below:

Director	Number of 2023 Options awarded	2023 Options as % of current issued share capital	Total options as % of current issued share capital
Mike England, CEO	1,583,333	2.6%	2.6%
Russell Cash, CFO	762,255	1.2%	1.7%

The vesting of the 2023 Options is subject to Flowtech's share price performance.  The awards are in three tranches, which each have different share price hurdles in order to vest in full, being £2.00 for the first tranche (comprising 1,638,970 2023 Options), £2.50 for the second (comprising 423,971 2023 Options) and £3.00 for the third (comprising 282,647 2023 Options).  The second tranche of 2023 Options will vest on a straight line basis between a share price of £2.00 and £2.50, with the third tranche vesting on a straight line basis between a share price of £2.50 and £3.00.  A third of each tranche will be tested after each of the third, fourth and fifth anniversaries of the commencement of the LTIP scheme and vesting is subject to the discretion of the Remuneration Committee. Ordinary shares from the vesting of the LTIP are subject to a minimum hold period until the fifth anniversary of the commencement of the LTIP and are subject to customary malus and clawback provisions.  The above awards to Russell Cash replace LTIP awards previously made to him in 2021 and 2022, which have now been surrendered.

Following implementation of the LTIP, outstanding options represent 7.1% of the Company's issued share capital.

Related party transaction

The granting of awards to the executive directors constitutes a related party transaction pursuant to rule 13 of the AIM Rules for Companies.  The Company's Non-Executive Directors, who are not party to the LTIP and are therefore independent directors for these purposes, consider, having consulted with the Company's Nominated Adviser Liberum Capital Limited, that the terms of the transaction are fair and reasonable insofar as the Company's shareholders are concerned.

ENQUIRIES:

Flowtech Fluidpower plc Jamie Brooke, Non-executive Director Mike England, Chief Executive Officer Russell Cash, Chief Financial Officer Tel: [phone] Email: [e-mail]

Liberum (Nominated adviser and Sole Broker) Richard Lindley / Ben Cryer / Will King Tel: [phone]

TooleyStreet Communications (IR and media relations) Fiona Tooley Tel: [phone] or email: [e-mail]

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	Mike England
2	Reason for the notification
a)	Position/status	Chief Executive Officer /PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer, or auction monitor
a)	Name	FLOWTECH FLUIDPOWER PLC
b)	LEI	LEI: 213800N68SQY5X5XS290
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 financial instrument, type of instrument	Ordinary shares of 50 pence each
	Identification code	GB00BM4NR742
b)	Nature of the transaction	Grant of options over ordinary shares (LTIP)
c)	Price(s) and volume(s)		Price:  Nil Volume: 1,583,333
d)	Aggregated information
	-  Aggregated volume -  Price	N/a - single transaction
e)	Date of the transaction	2 June 2023
f)	Place of the transaction	Off market transaction

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Russell Cash
2	Reason for the notification
a)	Position/status	Chief Financial Officer/PDMR
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer, or auction monitor
a)	Name	FLOWTECH FLUIDPOWER PLC
b)	LEI	LEI: 213800N68SQY5X5XS290
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 financial instrument, type of instrument	Ordinary shares of 50 pence each
	Identification code	GB00BM4NR742
b)	Nature of the transaction	Grant of options over ordinary shares (LTIP)
c)	Price(s) and volume(s)		Price:  Nil Volume: 762,255
d)	Aggregated information
	-  Aggregated volume -  Price	N/a - single transaction
e)	Date of the transaction	2 June 2023
f)	Place of the transaction	Off market transaction

 

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