Avingtrans PLC Share Incentive Awards Issue of Equity and TVR (6693S)
December 22 2016 - 01:25PM
UK Regulatory
TIDMAVG
RNS Number : 6693S
Avingtrans PLC
22 December 2016
22 December 2016
Avingtrans Plc
("Avingtrans" or the "Company" or the "Group")
Share Incentive Awards, Issue of Equity and TVR
Avingtrans plc announces that the Company has under the terms of
the Company's Executive Shared Ownership Plan (the "ExSOP") made
grants of awards over ordinary shares of 5p each in the Company
("Ordinary Shares") as set out below.
Awards under the ExSOP
On 21 December 2016, the Board of Avingtrans, in accordance with
the Company's ExSOP, granted awards over 984,250 Ordinary Shares at
an option price of 193p. The following ExSOP awards were granted to
Directors and senior managers, with each Director paying 0.1 pence
for his interest in each Ordinary Share subject to his ExSOP
award:
Director Number of Ordinary Shares
subject to ExSOP awards
Steve McQuillan 434,750
Stephen King 314,750
Furthermore, other employees of the Company have been granted
ExSOP awards over a total of 234,750 Ordinary Shares.
Under the provisions of the ExSOP, Ordinary Shares are jointly
owned between the individuals above and by an employees' share
trust, on terms, similar to a share option scheme, whereby the
participant can benefit only from the future growth in the value of
the Ordinary Shares above the closing market value of the shares on
the award date (being therefore the closing market value on 22
December 2016) in excess of a carrying cost.
Awards are subject to a performance condition and participants
may not normally realise any such benefit before 21 December 2019.
The performance condition for each of the ExSOP awards is that the
increase in adjusted EPS must be at least equal to the increase in
RPI over the vesting period.
The awards under the ExSOP have been satisfied in part by the
reallocation of 189,249 existing Ordinary Shares already in the
employees' share trust and in part through the issue of 795,001 new
Ordinary Shares. Application has been made for admission to trading
on AIM for the 795,001 new Ordinary Shares ("Admission"). It is
expected that Admission will be effective on 3 January 2017.
Subsequent to the issue of the new Ordinary Shares as above, the
Company's total issued share capital is 19,143,890 Ordinary Shares.
Avingtrans does not hold any Ordinary Shares in treasury.
Therefore, the total number of voting rights in Avingtrans is
19,143,890.
Enquiries:
Avingtrans plc
Steve McQuillan, CEO
Stephen King, CFO 0135 469 2391
N+1 Singer
Shaun Dobson
Lauren Kettle 020 7496 3000
Newgate
(Financial PR)
Adam Lloyd
Ed Treadwell 020 7653 9850
About Avingtrans
Avingtrans plc is engaged in the provision of highly engineered
components, systems and services to the energy, medical and traffic
management industries worldwide.
Energy and medical, engaged in the design and manufacture of
safety critical equipment for the energy, medical, science and
research communities, including oil and gas extraction and
processing equipment, nuclear process plant, machined and
fabricated pressure and vacuum vessels and components. Also, design
and manufacture of fabricated poles and cabinets for roadside
safety cameras and rail track signalling.
The strategy of the group, is to "buy and build" in regulated
engineering niche markets, where we can see potential consolidation
opportunities, which can lead to significantly increased
shareholder value over the medium to long term.
EU Market Abuse Regulation
The notifications set out below are provided in accordance with
the requirements of the EU Market Abuse Regulation.
1 Details of the person discharging managerial
responsibilities / person closely associated
---------------------------------------------------
a) Name Steve McQuillan
-------------------- -----------------------------
2 Reason for the notification
---------------------------------------------------
a) Position/status CEO
-------------------- -----------------------------
b) Initial notification Initial
/Amendment
-------------------- -----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
---------------------------------------------------
a) Name Avingtrans plc
-------------------- -----------------------------
b) LEI n/a
-------------------- -----------------------------
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 Ordinary shares of 5p each
of the financial in the Company awarded under
instrument, the ExSOP share scheme
type of instrument
-------------------- -----------------------------
Identification GB0009188797
Code
-------------------- -----------------------------
b) Nature of Share award
the transaction
-------------------- -----------------------------
c) Price(s)
and volume(s)
Price(s) Volume(s)
--------- ----------
0.1p 434,750
--------- ----------
-------------------- -----------------------------
d) Aggregated n/a - single transaction
information
- Aggregated
volume
- Price
-------------------- -----------------------------
e) Date of the 22 December 2016
transaction
-------------------- -----------------------------
f) Place of London Stock Exchange
the transaction
-------------------- -----------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---------------------------------------------------
a) Name Stephen King
-------------------- -----------------------------
2 Reason for the notification
---------------------------------------------------
a) Position/status CFO
-------------------- -----------------------------
b) Initial notification Initial
/Amendment
-------------------- -----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
---------------------------------------------------
a) Name Avingtrans plc
-------------------- -----------------------------
b) LEI n/a
-------------------- -----------------------------
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 Ordinary shares of 5p each
of the financial in the Company awarded under
instrument, the ExSOP share scheme
type of instrument
-------------------- -----------------------------
Identification GB0009188797
Code
-------------------- -----------------------------
b) Nature of Share award
the transaction
-------------------- -----------------------------
c) Price(s)
and volume(s)
Price(s) Volume(s)
--------- ----------
0.1p 314,750
--------- ----------
-------------------- -----------------------------
d) Aggregated n/a - single transaction
information
- Aggregated
volume
- Price
-------------------- -----------------------------
e) Date of the 22 December 2016
transaction
-------------------- -----------------------------
f) Place of London Stock Exchange
the transaction
-------------------- -----------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
---------------------------------------------------
a) Name Austen Adams
-------------------- -----------------------------
2 Reason for the notification
---------------------------------------------------
a) Position/status Managing Director, Energy
& Medical Division (PDMR)
-------------------- -----------------------------
b) Initial notification Initial
/Amendment
-------------------- -----------------------------
3 Details of the issuer, emission allowance
market participant, auction platform,
auctioneer or auction monitor
---------------------------------------------------
a) Name Avingtrans plc
-------------------- -----------------------------
b) LEI n/a
-------------------- -----------------------------
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 Ordinary shares of 5p each
of the financial in the Company awarded under
instrument, the ExSOP share scheme
type of instrument
-------------------- -----------------------------
Identification GB0009188797
Code
-------------------- -----------------------------
b) Nature of Share award
the transaction
-------------------- -----------------------------
c) Price(s)
and volume(s)
Price(s) Volume(s)
---------- ----------
Nil 234,750
---------- ----------
-------------------- -----------------------------
d) Aggregated
information n/a - single transaction
- Aggregated
volume
- Price
-------------------- -----------------------------
e) Date of the 22 December 2016
transaction
-------------------- -----------------------------
f) Place of London Stock Exchange
the transaction
-------------------- -----------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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