Flowtech Fluidpower PLC Awards under Long-Term Incentive Plan (5722B)
05 Juin 2023 - 8:00AM
UK Regulatory
TIDMFLO
RNS Number : 5722B
Flowtech Fluidpower PLC
05 June 2023
NEWS RELEASE
Issued on behalf of Flowtech Fluidpower
plc
Immediate Release
Monday, 5 June 2023
FLOWTECH FLUIDPOWER PLC
("Flowtech" or the "Company")
Specialist full-service supplier of technical fluid power
products and services
Awards under Long-Term Incentive Plan
Flowtech Fluidpower plc, the UK's leading specialist supplier of
technical fluid power products, announces that the Board's
Remuneration Committee has approved the grant of nil cost options
over ordinary shares of 50 pence each (the "2023 Options") under
the Company's new Long-Term Incentive Plan ("LTIP"). The LTIP is
designed to incentivise the executive directors to deliver value
creation for shareholders and ensure alignment with shareholder
interests.
On 2 June 2023, 2,345,588 2023 Options, in aggregate, were
granted under the LTIP to the executive directors as set out
below:
Director Number of 2023 2023 Options as Total options
Options awarded % of current issued as % of current
share capital issued share capital
Mike England,
CEO 1,583,333 2.6% 2.6%
----------------- --------------------- ----------------------
Russell Cash,
CFO 762,255 1.2% 1.7%
----------------- --------------------- ----------------------
The vesting of the 2023 Options is subject to Flowtech's share
price performance. The awards are in three tranches, which each
have different share price hurdles in order to vest in full, being
GBP2.00 for the first tranche (comprising 1,638,970 2023 Options),
GBP2.50 for the second (comprising 423,971 2023 Options) and
GBP3.00 for the third (comprising 282,647 2023 Options). The second
tranche of 2023 Options will vest on a straight line basis between
a share price of GBP2.00 and GBP2.50, with the third tranche
vesting on a straight line basis between a share price of GBP2.50
and GBP3.00. A third of each tranche will be tested after each of
the third, fourth and fifth anniversaries of the commencement of
the LTIP scheme and vesting is subject to the discretion of the
Remuneration Committee. Ordinary shares from the vesting of the
LTIP are subject to a minimum hold period until the fifth
anniversary of the commencement of the LTIP and are subject to
customary malus and clawback provisions. The above awards to
Russell Cash replace LTIP awards previously made to him in 2021 and
2022, which have now been surrendered.
Following implementation of the LTIP, outstanding options
represent 7.1% of the Company's issued share capital.
Related party transaction
The granting of awards to the executive directors constitutes a
related party transaction pursuant to rule 13 of the AIM Rules for
Companies. The Company's Non-Executive Directors, who are not party
to the LTIP and are therefore independent directors for these
purposes, consider, having consulted with the Company's Nominated
Adviser Liberum Capital Limited, that the terms of the transaction
are fair and reasonable insofar as the Company's shareholders are
concerned.
ENQUIRIES:
-----------------------------------------------------
Flowtech Fluidpower plc
Jamie Brooke, Non-executive Director
Mike England, Chief Executive Officer
Russell Cash, Chief Financial Officer
Tel: +44 (0) 1695 52759
Email: info@flowtechfluidpower.com
Liberum (Nominated adviser and Sole Broker)
Richard Lindley / Ben Cryer / Will King
Tel: +44 (0) 20 3100 2000
TooleyStreet Communications (IR and media relations)
Fiona Tooley
Tel: +44 (0) 7785 703523
or email : fiona@tooleystreet.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 Mike England
------------------------------------------ -------------------------------------------------
2 Reason for the notification
---------------------------------------------------------------------------------------------
a) Position/status Chief Executive Officer /PDMR
------------------------------------------ -------------------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------------------ -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer, or auction monitor
---------------------------------------------------------------------------------------------
a) Name FLOWTECH FLUIDPOWER PLC
------------------------------------------ -------------------------------------------------
b) LEI LEI: 213800N68SQY5X5XS290
------------------------------------------ -------------------------------------------------
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 Ordinary shares of 50 pence each
financial instrument,
type of instrument
Identification code GB00BM4NR742
b) Nature of the transaction Grant of options over ordinary shares (LTIP)
c) Price(s) and volume(s) Price: Nil
Volume: 1,583,333
d) Aggregated information
N/a - single transaction
* Aggregated volume
* Price
------------------------------------------ -------------------------------------------------
e) Date of the transaction 2 June 2023
------------------------------------------ -------------------------------------------------
f) Place of the transaction Off market transaction
------------------------------------------ -------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Russell Cash
-------------------------------------------- -------------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------------------
a) Position/status Chief Financial Officer/PDMR
-------------------------------------------- -------------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------------------------- -------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer, or auction monitor
-----------------------------------------------------------------------------------------------
a) Name FLOWTECH FLUIDPOWER PLC
-------------------------------------------- -------------------------------------------------
b) LEI LEI: 213800N68SQY5X5XS290
-------------------------------------------- -------------------------------------------------
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 Ordinary shares of 50 pence each
financial instrument,
type of instrument
Identification code GB00BM4NR742
b) Nature of the transaction Grant of options over ordinary shares (LTIP)
c) Price(s) and volume(s) Price: Nil
Volume: 762,255
d) Aggregated information
N/a - single transaction
* Aggregated volume
* Price
e) Date of the transaction 2 June 2023
f) Place of the transaction Off market transaction
-------------------------------------------- -------------------------------------------------
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END
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