Grant of LTIP Share Options

RNS Number : 4349J

Volex PLC

21 December 2020

 

21 December 2020

Volex plc

("Volex" or the "Company")

Grant of LTIP Share Options to PDMRs

Volex plc (AIM:VLX), the global supplier of integrated manufacturing services and power products, today announces that certain PDMRs were granted nil-cost options over ordinary shares of 25 pence each in the Company (the "Shares") on 18 December 2020 by the Company's Remuneration Committee under the Company's Long Term Incentive Plan ("LTIP").

FY2021 Long Term Incentive Share Awards

The following options were granted over the Company's Shares: 

PDMR	Position	Number of LTIP Options Granted
Nat Rothschild	Executive Chairman	240,000
Jon Boaden John Molloy	Chief Financial Officer Chief Operating Officer	115,000 130,000

The LTIP scheme, which replaced the expired Volex Group plc Performance Share Plan 2009 ("PSP"), was formally approved by the board of directors and the Company's shareholders at the AGM held on 30 July 2019. In line with the LTIP rules, these senior management options will vest and become exercisable after three years, subject to performance conditions being met relating to profit and relative total shareholder return ("TSR") targets and to the recipient's continued employment with the Company. The awards are also subject to a maximum 2x multiplier in the event of exceptional performance relating to absolute TSR. The awards also include provisions requiring retention of the shares for an additional period and for clawback of awards in specific circumstances. Exercise of the options may be satisfied by the transfer of new-issue shares, treasury shares or shares purchased for that purpose in the open market by the Company and/or an employee trust.

Following these awards, the Company's PDMRs will hold unvested and/or unexercised options over an aggregate of Shares under the previous PSP (FY2018 and FY2019) and the new LTIP (FY2020 and FY2021) as set out below:

PDMR	Position	Number of Options
Nat Rothschild	Executive Chairman	1 ,270,000
Jon Boaden John Molloy	Chief Financial Officer Chief Operating Officer	3 40,000 1,550,000

This announcement is made in accordance with the requirements of Article 19 of the EU Market Abuse Regulation No 596/2014.

For further information please contact:

Volex plc	[phone]
Nat Rothschild, Executive Chairman
Jon Boaden, Chief Financial Officer

N+1 Singer - Nominated Adviser & Joint Broker	[phone]
Shaun Dobson
Iqra Amin

Panmure Gordon - Joint Broker	[phone]
Hugh Rich
Powerscourt - Media Enquiries	+ 44 (0)20 7250 1446
James White
Jack Holden

NOTIFICATION OF TRANSACTIONS BY DIRECTORS / PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED

1	Details of the Director / person discharging managerial responsibilities / person closely associated
a)	Name	Nat Rothschild
2	Reason for the notification
a)	Position/status	Executive Chairman
b)	Initial notification / Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Volex plc
b)	LEI	213800HBLQNH5FXXGE63
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 25 pence Shares
	Identification code	GB0009390070
b)	Nature of the transactions	Grant of LTIP Options
c)	Price(s) and volume(s)	Nil - 240,000
d)	Aggregated information
	- Aggregated volume	See 4 c) above
	- Price	See 4 c) above
e)	Date of the transactions	18 December 2020
f)	Place of the transactions	Outside a trading venue

NOTIFICATION OF TRANSACTIONS BY DIRECTORS / PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED

1	Details of the Director / person discharging managerial responsibilities / person closely associated
a)	Name	Jon Boaden
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification / Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Volex plc
b)	LEI	213800HBLQNH5FXXGE63
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 25 pence Shares
	Identification code	GB0009390070
b)	Nature of the transactions	Grant of LTIP Options
c)	Price(s) and volume(s)	Nil - 115,000
d)	Aggregated information
	- Aggregated volume	See 4 c) above
	- Price	See 4 c) above
e)	Date of the transactions	18 December 2020
f)	Place of the transactions	Outside a trading venue

NOTIFICATION OF TRANSACTIONS BY DIRECTORS / PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED

1	Details of the Director / person discharging managerial responsibilities / person closely associated
a)	Name	John Molloy
2	Reason for the notification
a)	Position/status	Chief Operating Officer
b)	Initial notification / Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Volex plc
b)	LEI	213800HBLQNH5FXXGE63
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 25 pence Shares
	Identification code	GB0009390070
b)	Nature of the transactions	Grant of LTIP Options
c)	Price(s) and volume(s)	Nil - 130,000
d)	Aggregated information
	- Aggregated volume	See 4 c) above
	- Price	See 4 c) above
e)	Date of the transactions	18 December 2020
f)	Place of the transactions	Outside a trading venue

 

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