Director/PDMR Shareholding

RNS Number : 9918I

Volution Group plc

26 March 2018

 

Monday 26 March 2018

Volution Group plc

Awards under the Company's Long Term Incentive Plan

and Deferred Share Bonus Plan

Volution Group plc ("Volution" or the "Company", LSE: FAN), a leading supplier of ventilation products to the residential and commercial construction markets, today announces that on 23 March 2018 the Executive Directors were granted awards under the Company's 2014 Long Term Incentive Plan ("LTIP awards") and 2014 Deferred Share Bonus Plan ("DSBP awards") as follows:

Executive Director	LTIP awards	DSBP awards
Ronnie George, Chief Executive Officer	295,970	26,880
Ian Dew, Chief Financial Officer	168,159	18,327

The LTIP awards were made in the form of nil-cost options, which will, subject to the rules of the LTIP, vest following the Remuneration Committee's determination of the extent to which performance conditions applicable to the awards have been satisfied. To the extent the performance conditions have been satisfied, the nil-cost options will have a normal vesting date of 23 March 2023 (which includes a two year holding period) and the options will lapse on 23 March 2028. 

The LTIP awards will vest subject to the achievement of performance against Earnings per Share growth targets and relative Total Shareholder Return (against a direct peer group), measured over a three year performance period. The amounts shown above represent the maximum number of nil-cost options which could vest.   

The price used to calculate the number of LTIP awards was £2.01 per ordinary share, being the average of the mid-market closing price of a Volution ordinary share on the three consecutive business days immediately preceding the date of grant. No consideration was paid for the LTIP awards.

As set out in the Remuneration Policy in the Annual Report and Accounts, under the Company's Annual Bonus Plan for the financial year ended 31 July 2017, 50% of any bonus payment above the target incentive (which is 60% of the maximum opportunity) earned by the Executive Directors will normally be deferred into awards over the Company's shares.

The DSBP awards were made in the form of a conditional award, which will, subject to the rules of the DSBP, have a normal vesting date of 23 March 2021. No consideration was paid for the DSBP awards and no consideration is due to be payable on vesting.

Following the LTIP awards and DSBP awards, the interests of the Chief Executive Officer and Chief Financial Officer are as follows:

Executive Director	Shares	LTIP awards *	DSBP awards
Ronnie George, Chief Executive Officer	5,622,833	956,563	35,652
Ian Dew, Chief Financial Officer	855,327	632,584	24,593

* LTIP awards which remain unvested are subject to performance criteria

The attached notifications, made pursuant to Article 19(3) of the Market Abuse Regulation, provide further details.

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Enquiries:

Volution Group plc

Michael Anscombe, Company Secretary                               [phone]

Legal Entity Identifier: 213800EPT84EQCDHO768.

Note to Editors:

Volution Group plc (LSE: FAN) is a leading supplier of ventilation products to the residential and commercial construction markets in the UK, the Nordics, Central Europe and Australasia.

The Volution Group operates through two divisions: the Ventilation Group and the OEM (Torin-Sifan) division. The Ventilation Group consists of 14 key brands - Vent-Axia, Manrose, Diffusion, National Ventilation, Airtech, Breathing Buildings, Fresh, PAX, VoltAir, Welair, inVENTer, Brüggemann, Ventilair and Simx focused primarily on the UK, the Nordic, Central European and Australasian ventilation markets. The Ventilation Group principally supplies ventilation products for residential and commercial ventilation applications. The OEM (Torin-Sifan) division supplies motors, fans and blowers to OEMs of heating and ventilation products for both residential and commercial construction applications in Europe.

For more information, please go to: www.volutiongroupplc.com

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	Ronnie George
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Volution Group plc
b)	LEI	213800EPT84EQCDHO768
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 Identification code	Ordinary shares of 1 pence each ISIN: GB00BN3ZZ526
b)	Nature of the transaction	Grant of nil-cost options under the Volution Long Term Incentive Plan (LTIP). Grant of conditional awards under the Volution Deferred Share Bonus Plan (DSBP).
c)	Price(s) and volume(s)	LTIP: Price(s) Volume(s) £NIL 295,970 DSBP: Price(s) Volume(s) £NIL 26,880
d)	Aggregated information - Aggregated volume - Price	LTIP: 295,970 ordinary shares at £NIL DSBP: 26,880 ordinary shares at £NIL
e)	Date of the transaction	23 March 2018
f)	Place of the transaction	Outside a trading venue

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	Ian Dew
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	Volution Group plc
b)	LEI	213800EPT84EQCDHO768
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 Identification code	Ordinary shares of 1 pence each ISIN: GB00BN3ZZ526
b)	Nature of the transaction	Grant of nil-cost options under the Volution Long Term Incentive Plan (LTIP). Grant of conditional awards under the Volution Deferred Share Bonus Plan (DSBP).
c)	Price(s) and volume(s)	LTIP: Price(s) Volume(s) £NIL 168,159 DSBP: Price(s) Volume(s) £NIL 18,327
d)	Aggregated information - Aggregated volume - Price	LTIP: 168,159 ordinary shares at £NIL DSBP: 18,327 ordinary shares at £NIL
e)	Date of the transaction	23 March 2018
f)	Place of the transaction	Outside a trading venue

 

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