FireAngel Safety Technology Group Award of Options and PDMR Shareholding (9945G)
December 01 2020 - 2:00AM
UK Regulatory
TIDMFA.
RNS Number : 9945G
FireAngel Safety Technology Group
01 December 2020
1 December 2020
FireAngel Safety Technology Group plc
('FireAngel', the 'Group' or the 'Company')
Award of Options under Share Plan
PDMR shareholding
FireAngel (AIM: FA.), one of Europe's leading developers and
suppliers of home safety products, announces that on 30 November
2020, an annual award under its Long-Term Incentive Plan ('LTIP')
was made to John Conoley, the Company's Executive Chairman,
representing a multiple of 2.0 times Mr Conoley's annual basic
salary of GBP235,000 (the 'Award').
At the closing mid-market price of the Company's shares on 27
November 2020 of 11.5p, being the last business day prior to the
date of the Award, the Award, net of the exercise price of 2p per
share, is for options over 5,000,000 ordinary shares of 2p each in
the Company (the 'Shares').
Following the Award, the total interest of Mr Conoley in Shares
and options over Shares is as follows:
Interest in
Number Shares, in
of Interest SMS and LTIP
Ordinary % of in share Interest as a % of current
shares issued share matching in Shares issued share
Name held capital scheme ('SMS') in LTIP capital
John Conoley
(including
his wife's
holding) 374,695 0.30% 306,514 6,500,000 5.38%
----------- --------------- ---------------- ------------ -------------------
Under the LTIP, selected employees are entitled to exercise an
option to receive a certain number of Shares at any time after a
three-year vesting period, at a cost to the employee of the nominal
value of the Shares. The number of Shares that are awarded at the
end of the three-year period is dependent on the achievement of
certain performance criteria.
Vesting of the LTIP award is dependent on achievement of total
shareholder return ('TSR'). If TSR on Shares is 300% or more
between 30 November 2020 and 29 November 2023, all of the Shares
awarded will vest. If TSR is 100%, then 25% of the awarded Shares
will vest. Between these points, the number of Shares that vest
will be pro-rata. If TSR is less than 100%, then no Shares will
vest. The new options over Shares expire on the 10th anniversary
after the date of their award, being 30 November 2030. At 300%, the
TSR at which the options fully vest is more challenging than the
200% TSR for full vesting of the 1,500,000 options awarded to Mr
Conoley in August 2019.
Any entitlement under the LTIP will lapse on cessation of
employment prior to the end of the vesting period, unless cessation
of employment is by reason of redundancy, ill health or death.
Further to the Company's announcement on 19 November 2020 that
Mike Stilwell, Group Finance Director, would be stepping down from
the Board in due course to take up another appointment, the award
made to him in August 2019 of options over 750,000 Shares will
lapse on cessation of employment.
The Board's Remuneration Committee has resolved to close the
Company's previously announced Share Matching Scheme five business
days following release of the Company's audited final results for
the year ending 31 December 2020, which is expected to be in late
March 2021.
For further information, please contact:
FireAngel Safety Technology Group plc 024 7771 7700
John Conoley, Executive Chairman
Mike Stilwell, Group Finance Director
Shore Capital (Nominated adviser and broker) 020 7408 4050
Tom Griffiths/David Coaten
Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel's mission is to protect and save lives by making
innovative, leading-edge home safety products which are simple and
accessible. FireAngel is one of the market leaders in the European
home safety products market.
FireAngel's principal products are connected smoke alarms, CO
alarms, heat alarms and accessories. The Company has an extensive
portfolio of patented intellectual property in Europe, the US and
other selected territories. Products are sold under FireAngel's
leading brands of FireAngel, FireAngel Pro, FireAngel Specification
and AngelEye.
For further product information, please visit:
www.fireangeltech.com
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