Director PDMR Shareholding

RNS Number : 5452S

Volex PLC

03 December 2012

 



3 December 2012

Volex plc

Director PDMR Shareholding

Volex plc (the "Company") announces that on 30 November 2012, Ray Walsh, Chief Executive Officer, exercised long term incentive plan awards granted to him in September 2009 to purchase 469,297 ordinary shares of the Company, par value £0.25 ("Ordinary Shares"), for an aggregate price of £137,949.33. This purchase related to the exercise of awards to purchase 37,500 Ordinary Shares of the Company under the Volex 2001 Share Option Plan (CSOP), which carried an exercise price of £0.80 per share, and awards to purchase 431,797 Ordinary Shares of the Company under the Volex Group plc Performance Share Plan (PSP), which carried an exercise price of £0.25 per share.

The awards under the PSP vested in full on 7 September 2012. The rules of the PSP, in compliance with Section 409A of the United States Internal Revenue Code, require Mr Walsh, as a US taxpayer, to exercise all his vested options by 31 December 2012 (by the end of the year in which the awards vested). In order to fund the exercise price of the awards and payment of the tax arising from the exercise, and other tax obligations, Mr Walsh has sold 326,083 Ordinary Shares at a price of £1.465 per share. The sale took place on 30 November 2012 and was executed through an on-market trade. Mr Walsh notified the Company of the sale on the date it occurred. After exercise and the subsequent sale, Mr Walsh now holds a total of 217,714 Ordinary Shares of Volex plc, representing in aggregate 0.35% of the ordinary issued share capital of the Company. 

This announcement is made in accordance with the requirements of the FSA Disclosure and Transparency Rule 3.1.4.

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For further information please contact:

Volex plc:
Matt Nydell, Company Secretary	[phone]
Buchanan Communications:
Charles Ryland / Helen Chan / Louise Hadcocks	[phone]

 

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