Business
Award of Options, Issue of Equity and TVR
Award of Options, Issue of Equity and TVR.
About this update from Avingtrans Plc
[{"type":"text","content":"\n \nRNS Number : 7794T Avingtrans PLC 22 November 2013 \n \n\nAVINGTRANS PLC\n(\"Avingtrans\" or \"the Company\")\nAward of options, Issue of Equity and Total Voting Rights\nAvingtrans plc announces that the Company has today, under the terms of the Company's CSOP share scheme (the \"CSOP\") and its Executive Shared Ownership Plan (\"the ExSOP \"), made a grant of awards over ordinary shares of 5p each in the Company (\"Ordinary Shares\") to directors and senior managers, as set out below.\nAwards under the CSOP \n \nOn 22 November 2013, the Board of Avingtrans, in accordance with the Company's CSOP, granted options over 114,000 Ordinary Shares at an option price of 176.0 pence per share to a number of senior managers. \n \nAll of the options granted may not be exercised until 3 years from the date of grant and are subject to a performance condition. The performance condition for each of these options is that the increase in adjusted EPS must be at least equal to the increase in RPI over the vesting period.\n \nAwards under the ExSOP\n \nOn 22 November 2013, the Board of Avingtrans, in accordance with the Company's ExSOP, granted options over 229,000 Ordinary Shares at an option price of 176.0 pence per share. The following were issued to Directors:\n\n\n\n\nDirector\n\n\nNumber of Ordinary Shares subject to awards\n\n\n\n\nStephen McQuillan\n\n\n95,000\n\n\n\n\nStephen King\n\n\n84,000\n\n\n\n\n \nFurthermore, one senior manager has been granted awards over a total of 50,000 Ordinary Shares.\nConsequently, in order to satisfy the awards under the ExSOP, application has been made for admission to trading on AIM of a total of 229,000 Ordinary Shares (\"Admission\"). It is expected that Admission will be effective on 28 November 2013.\nUnder 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 November 2013) in excess of a carrying cost. \n \nAwards are subject to a performance and participants may not normally realise any such benefit before 21 November 2016. The pe...