Source - LSE Regulatory
RNS Number : 9433J
Flowtech Fluidpower PLC
03 May 2022
 

NEWS RELEASE

Issued on behalf of Flowtech Fluidpower plc

Immediate Release

Tuesday, 3 May 2022


 

 

FLOWTECH FLUIDPOWER PLC

("Flowtech" or the "Company")

Specialist full-service supplier of technical fluid power products and services

 

Grant of Options under Long-Term Incentive Plan

 

 

Flowtech Fluidpower plc, the UK's leading specialist supplier of technical fluid power products and services, announces that the Board's Remuneration Committee has approved the conditional grant of nil cost options over ordinary shares of 50 pence each ("Ordinary Shares") under the Company's Long-Term Incentive Plan ("LTIP").

 

On 29 April 2022, options over 326,924 Ordinary Shares, in aggregate (the "2022 Awards") were granted under the LTIP to executive directors as set out below:

 

Director

Role

Number of shares over which

2022 Awards are made

Total LTIP options held

following 2022 Awards

Bryce Brooks

Chief Executive Officer

173,077

360,577

Russell Cash

Chief Financial Officer

153,847

320,514

 

The LTIP is designed to incentivise management to deliver long-term value creation for shareholders and ensure alignment with shareholder interests.

 

The vesting of awards is subject to both share price and EPS performance criteria measured on the results for the three year financial period to 31 December 2024. The Remuneration Committee has discretion to amend these terms to take account of, for example, corporate activities such as acquisitions to ensure that the performance targets remain appropriate. Malus and clawback provisions are also in place to reduce or recover any awards for criteria such as a material misstatement of the financial statements or a serious breach of the Company's code of ethics.

 

The number of shares in respect of which the 2022 Awards shall vest and may be exercised, shall depend upon the extent to which the demanding performance conditions are satisfied.

 

 

 

ENQUIRIES:

Flowtech Fluidpower plc

Bryce Brooks, Chief Executive

Russell Cash, Chief Financial Officer

Tel: +44 (0) 1695 52759

Email: info@flowtechfluidpower.com


Liberum (Nominated adviser and Sole Broker)

Richard Lindley / Ben Cryer / William Hall / 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

Bryce Brooks

2

Reason for the notification

a)

Position/status

Chief Executive Officer /PDMR

b)

Initial notification /Amendment

Initial notification

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 financial instrument, type of instrument

Ordinary shares of 50 pence each

Identification code

GB00BM4NR742

b)

Nature of the transaction

Grant of options over ordinary shares (LTIP)

c)

 

Price(s) and volume(s)


Price : Nil

Volume: 173,077


d)

 

Aggregated information


- Aggregated volume

- Price

N/a - single transaction

e)

Date of the transaction

29 April 2022

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 /Amendment

Initial notification

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 financial instrument, type of instrument

Ordinary shares of 50 pence each

Identification code

GB00BM4NR742

b)

Nature of the transaction

Grant of options over ordinary shares (LTIP)

c)

 

Price(s) and volume(s)


Price : Nil

Volume: 153,847


d)

 

Aggregated information


-  Aggregated volume

-  Price

N/a - single transaction

e)

Date of the transaction

29 April 2022

f)

Place of the transaction

Off market transaction

 

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