Director/PDMR Shareholding

RNS Number : 1309J

Wizz Air Holdings PLC

26 June 2017

 

Wizz Air Holdings Plc

Wizz Air Long Term Incentive Plan ("LTIP") award grants

LONDON, 26 June 2017 - Wizz Air Holdings Plc ("Wizz Air" or the "Company"), the largest low-cost airline in Central and Eastern Europe, announces the granting of awards under its LTIP, to a number of persons discharging management responsibilities ("PDMRs").

On 23 June 2017, following approval by the Company's Remuneration Committee, Wizz Air made a grant of options under the LTIP over 255,198 ordinary shares in the capital of Wizz Air of £0.0001 par value (identification code JE00BN574F90) ("Awards"). Of these Awards, options over 188,698 ordinary shares in the capital of Wizz Air were granted to PDMRs as set out below.

The following PDMRs were granted Awards of Performance Options:

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	József Váradi
2.	Reason for the notification
a)	Position / status	Chief Executive Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer
a)	Name	Wizz Air Holdings Plc
b)	Legal entity identifier	213800COXGZCORLJZA85
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 £0.0001 each
	Identification code	JE00BN574F90
b)	Nature of the transaction	Grant of Performance Options
c)	Currency	British Pounds
d)	Price(s) and volume(s)		Price(s)	Volume(s)
			NIL	70,698
e)	Aggregated information ·     Aggregated volume ·     Price	70,698 NIL
f)	Date of the transaction	22 June 2017
g)	Place of the transaction	N/A

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Diederik Pen
2.	Reason for the notification
a)	Position / status	Executive Vice President and Chief Operations Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer
a)	Name	Wizz Air Holdings Plc
b)	Legal entity identifier	213800COXGZCORLJZA85
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 £0.0001 each
	Identification code	JE00BN574F90
b)	Nature of the transaction	Grant of Performance Options
c)	Currency	British Pounds
d)	Price(s) and volume(s)		Price(s)	Volume(s)
			NIL	28,000
e)	Aggregated information ·     Aggregated volume ·     Price	28,000 NIL
f)	Date of the transaction	22 June 2017
g)	Place of the transaction	N/A

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Johan Eidhagen
2.	Reason for the notification
a)	Position / status	Chief Marketing Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer
a)	Name	Wizz Air Holdings Plc
b)	Legal entity identifier	213800COXGZCORLJZA85
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 £0.0001 each
	Identification code	JE00BN574F90
b)	Nature of the transaction	Grant of Performance Options
c)	Currency	British Pounds
d)	Price(s) and volume(s)		Price(s)	Volume(s)
			NIL	22,500
e)	Aggregated information ·     Aggregated volume ·     Price	22,500 NIL
f)	Date of the transaction	22 June 2017
g)	Place of the transaction	N/A

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Owain Jones
2.	Reason for the notification
a)	Position / status	Chief Corporate Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer
a)	Name	Wizz Air Holdings Plc
b)	Legal entity identifier	213800COXGZCORLJZA85
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 £0.0001 each
	Identification code	JE00BN574F90
b)	Nature of the transaction	Grant of Performance Options
c)	Currency	British Pounds
d)	Price(s) and volume(s)		Price(s)	Volume(s)
			NIL	22,500
e)	Aggregated information ·     Aggregated volume ·     Price	22,500 NIL
f)	Date of the transaction	22 June 2017
g)	Place of the transaction	N/A

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	George Michalopoulos
2.	Reason for the notification
a)	Position / status	Chief Commercial Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer
a)	Name	Wizz Air Holdings Plc
b)	Legal entity identifier	213800COXGZCORLJZA85
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 £0.0001 each
	Identification code	JE00BN574F90
b)	Nature of the transaction	Grant of Performance Options
c)	Currency	British Pounds
d)	Price(s) and volume(s)		Price(s)	Volume(s)
			NIL	22,500
e)	Aggregated information ·     Aggregated volume ·     Price	22,500 NIL
f)	Date of the transaction	22 June 2017
g)	Place of the transaction	N/A

1.	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	József Ujhelyi
2.	Reason for the notification
a)	Position / status	Chief Flight Operations Officer
b)	Initial notification / amendment	Initial notification
3.	Details of the issuer
a)	Name	Wizz Air Holdings Plc
b)	Legal entity identifier	213800COXGZCORLJZA85
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 £0.0001 each
	Identification code	JE00BN574F90
b)	Nature of the transaction	Grant of Performance Shares
c)	Currency	British Pounds
d)	Price(s) and volume(s)		Price(s)	Volume(s)
			NIL	22,500
e)	Aggregated information ·     Aggregated volume ·     Price	22,500 NIL
f)	Date of the transaction	22 June 2017
g)	Place of the transaction	N/A

The performance conditions (with a 50% weighting for each) applicable to the Performance Options as set by the Remuneration Committee are:

1.  Total shareholder return ("TSR") relative to the TSR of certain selected European airlines. The base measure for TSR will be the average trading price of shares during the 30 days immediately before the reference date (25 May 2017), and the closing measure will be the average trading price of shares during the 30 days immediately before the third anniversary of the reference date. At vesting, pay-out is to be 25% of the award for TSR performance equal to median performance, with a 100% pay-out for performance equal to, or exceeding, upper quartile performance.  Linear interpolation will apply for performance between the median and upper quartile; and

2.  Absolute growth in underlying, fully-diluted earnings per share ("EPS"). EPS growth will be measured over the period from 1 April 2017 to 31 March 2020 (FY 2018 to FY 2020 inclusive).

Target EPS growth over the performance period has been set at an average of 28% per annum (achievement of which will result in 50% of the award vesting), with the threshold set at 25% per annum (triggering 25% vesting), and the maximum at 31% per annum (triggering 100% vesting). Linear interpolation applies for performance between 25% to 28% and 28% to 31%.

All vested options must be exercised within ten years of the date of grant. If exercised, then the underlying shares of the vested options will be issued at nil cost to the option holders. No amounts have been paid by the relevant PDMRs for the grant of these options.

This announcement is made pursuant to Article 19 of the EU Market Abuse Regulation 596/2014.

-End

About Wizz Air

Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 83 Airbus A320 and Airbus A321 aircraft, and offers more than 500 routes from 28 bases, connecting 141 destinations across 42 countries. At Wizz Air, a team of approximately 3,000 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of 23 million passengers in 2016. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices. Wizz Air is registered under the International Air Transport Association (IATA), Operational Safety Audit (IOSA), the global benchmark in airline safety recognition. The company was recently named 2016 Value Airline of the Year by the editors of Air Transport World, one of the leading airline trade magazines, as well as 2016 Low Cost Airline of the Year by the Center for Aviation (CAPA), a leading provider of independent aviation market intelligence.

For more information:
Investors:	Iain Wetherall, Wizz Air:	[phone]
	Balint Veres, Wizz Air:	[phone]
Media:	Tamara Vallois, Wizz Air:	[phone]
	Edward Bridges / Jonathan Neilan, FTI Consulting LLP:	[phone]

 

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