Business
Share Incentive Awards, Issue of Equity and TVR
Share Incentive Awards, Issue of Equity and TVR.
About this update from Avingtrans Plc
[{"type":"text","content":"\n \nRNS Number : 2328X Avingtrans PLC 18 December 2019 \n\nAvingtrans Plc\n \n(\"Avingtrans\" or the \"Company\" or the \"Group\")\n \nShare Incentive Awards, Issue of Equity and TVR\n \nAvingtrans plc announces that the Company has under the terms of the Company's Executive Shared Ownership Plan (the \"ExSOP\") and CSOP share scheme (the \"CSOP\") made grants of awards over ordinary shares of 5p each in the Company (\"Ordinary Shares\") as set out below.\n \nAwards under the ExSOP\n \nOn 17 December 2019, the Board of Avingtrans, in accordance with the Company's ExSOP, granted awards over 430,000 Ordinary Shares at an option price of 267 pence. The following ExSOP awards were granted to Directors and a PDMR, with each paying 0.1 pence for his interest in each Ordinary Share subject to his ExSOP award:\n \n\n\n\nDirector\n\n\nNumber of Ordinary Shares subject to ExSOP awards\n\n\n\n\nSteve McQuillan\n\n\n175,000\n\n\n\n\nStephen King\n\n\n155,000\n\n\n\n \nFurthermore Austen Adams, Managing Director of the Group's PSRE Division and a PDMR of the Company, has been granted ExSOP awards over a total of 100,000 Ordinary Shares.\n \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 17 December 2019) in excess of a carrying cost. \n \nAwards are subject to a performance condition and participants may not normally realise any such benefit before 17 December 2022. 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.\n \nThe awards under the ExSOP have been satisfied in part by the reallocation of 126,692 existing Ordinary Shares already in the employees' share trust and in part through the issue of 303,308 new Ordinary Shares. Application has been made for admission to trading on AIM for the 303,308 new Ordinary Shares (\"Admission\"). It is expected that Admission will become effective on 23 December 2019.\n \nSubsequent to the issue...