TIDMAVG
RNS Number : 6010H
Avingtrans PLC
16 November 2018
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") 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.
Awards under the ExSOP
On 15 November 2018, the Board of Avingtrans, in accordance with
the Company's ExSOP, granted awards over 285,000 Ordinary Shares at
an option price of 220p. 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:
Director Number of Ordinary Shares subject
to ExSOP awards
Steve McQuillan 115,000
Stephen King 100,000
Furthermore 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 70,000 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 15
November 2018) in excess of a carrying cost.
Awards are subject to a performance condition and participants
may not normally realise any such benefit before 15 November 2021.
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 through the issue
of 285,000 new Ordinary Shares. Application has been made for
admission to trading on AIM for the 285,000 new Ordinary Shares
("Admission"). It is expected that Admission will be effective on
22 November 2018.
Subsequent to the issue of the new Ordinary Shares as above, the
Company's total issued share capital is 31,362,053 Ordinary Shares.
Avingtrans does not hold any Ordinary Shares in treasury.
Therefore, the total number of voting rights in Avingtrans is
31,362,053.
Awards under the CSOP
On 15 November 2018, the Board of Avingtrans, in accordance with
the Company's CSOP, granted options over 205,000 Ordinary Shares
with an option price of 218.5 pence per Ordinary Share.
All 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.
Enquiries:
Avingtrans plc 01354 692391
Roger McDowell, Chairman
Steve McQuillan, Chief Executive Officer
Stephen King, Chief Financial Officer
N+1 Singer (Nominated Adviser) 02074 963000
Shaun Dobson
Lauren Kettle
Newgate (Financial PR) 02076 539850
Adam Lloyd
Tom Carnegie
About Avingtrans:
Avingtrans is engaged in the provision of highly engineered
components, systems and services to the energy, medical and traffic
management industries worldwide.
Energy and Medical
Stainless Metalcraft Ltd - Chatteris, UK and Chengdu, China
Provider of safety-critical equipment for the energy, medical,
science and research communities, worldwide, specialising in
precision pressure and vacuum vessels and associated fabrications,
sub-assemblies and systems.
Maloney Metalcraft Ltd - Aldridge, UK
Designs, manufactures and services oil and gas extraction and
processing equipment, including process plant for dehydration,
sweetening, drying and compression.
Hayward Tyler - Luton & East Kilbride, UK and USA, China and
India
Specialises in the design, manufacture and servicing of
performance-critical motors and pumps in challenging
environments
Peter Brotherhood - Peterborough, UK
Specialises in the design, manufacture and servicing of
performance-critical steam turbines, turbo gen-sets, compressors,
gear boxes and combined heat and power systems
Composite Products Ltd - Buckingham, UK
Centre for composite technology, parts and assemblies, serving
customers in industrial markets.
Scientific Magnetics - Abingdon, UK
Designs and manufactures superconducting magnet systems and
associated cryogenic systems for a variety of markets
Crown International Ltd - Portishead, UK
Designs and manufactures market-leading pole and support systems
for roadside signage and safety cameras, rail track signalling and
gantries.
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 213800ZZ96CKPI423E86
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 Ordinary shares of 5p each in the
the financial Company awarded under the ExSOP share
instrument, type scheme
of instrument
Identification GB0009188797
Code
b) Nature of the Share award
transaction
c) Price(s) and
volume(s)
Price(s) Volume(s)
0.1p 115,000
----------
d) Aggregated information
n/a - single transaction
- Aggregated
volume
- Price
e) Date of the transaction 15 November 2018
f) Place of the London Stock Exchange
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 213800ZZ96CKPI423E86
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 Ordinary shares of 5p each in the
the financial Company awarded under the ExSOP share
instrument, type scheme
of instrument
Identification GB0009188797
Code
b) Nature of the Share award
transaction
c) Price(s) and
volume(s)
Price(s) Volume(s)
0.1p 100,000
----------
d) Aggregated information
n/a - single transaction
- Aggregated
volume
- Price
e) Date of the transaction 15 November 2018
f) Place of the London Stock Exchange
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, PSRE Division
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 213800ZZ96CKPI423E86
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 Ordinary shares of 5p each in the
the financial Company awarded under the ExSOP share
instrument, type scheme
of instrument
Identification GB0009188797
Code
b) Nature of the Share award
transaction
c) Price(s) and
volume(s)
Price(s) Volume(s)
Nil 70,000
----------
d) Aggregated information
n/a - single transaction
- Aggregated
volume
- Price
e) Date of the transaction 15 November 2018
f) Place of the London Stock Exchange
transaction
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
IOEUNRKRWWAAARA
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