REG - Filtronic PLC - Grant of Options

FiltronicAnnouncement

28/05/2024 10:30

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RNS Number : 0967Q  Filtronic PLC  28 May 2024

28 May 2024

 

Filtronic plc

 ("Company")

 

Grant of Options

 

Filtronic plc (AIM: FTC), the designer and manufacturer of products for
the aerospace, defence, telecoms infrastructure, space and critical
communications markets, announces that on 24 May 2024, the Board, following
the recommendation from the Remuneration Committee, granted new share options
("the Options") to the following director under the existing Filtronic plc
Employee Share Option Plan 2020 ("the ESOP"). The Options were a key component
of the offer package to attract Mr Edington to join the Company.

 

The vesting of these options is based on achieving certain performance
criteria in the three years prior to vesting. The performance criteria under
the ESOP are based on share price growth and adjusted earnings before
interest, taxation, depreciation, amortisation and exceptional items
("adjusted EBITDA"), in the three-year vesting period. The Options will fully
vest if the share price grows by 2.25 times the share price on the date
immediately prior to grant which was 55.12p and will start vesting if the
share price has grown by over 1.5 times at the vesting date. The exercise
price for the Options is 17.25 pence per share being the same exercise price
as the options granted to the scheme participants on 30 November 2023. The
Options lapse on the tenth anniversary of the date of grant and no option can
be exercised before the third year of the date of grant.

 

 Director/PDMR             Options prior to Grant  Options granted  Resultant ESOP holdings
 Nat Edington              0                       4,333,333        4,333,333

 Chief Executive Officer

 

The Remuneration Committee keeps the ESOP scheme under regular review with the
timing of grant award varying dependent on previous issue of share options to
directors and employees.

 

Enquiries:

 Filtronic plc                                                 Tel. 01740 618800 or investor.relations@filtronic.com
                                                               (mailto:investor.relations@filtronic.com)
 Nat Edington (Chief Executive Officer)
 Michael Tyerman (Chief Financial Officer)

 Cavendish Capital Markets Limited                             Tel. 020 7220 0500
 Jonny Franklin-Adams/George Dollemore (Corporate Finance)
 Sunila de Silva (ECM)

 Walbrook PR Limited                                           Tel. 020 7933 8780 or filtronic@walbrookpr.com
                                                               (mailto:filtronic@walbrookpr.com)
 Nick Rome                                                     Mob. 07768 807 631

 

 

 

Further details of the PDMR dealing are included below. This information has
been provided in accordance with Article 5(1)(b) of the Market Abuse
Regulation (EU) No 596/2014 which is part of UK law by virtue of the European
Union (Withdrawal) Act 2018.

 1.                                Details of the person discharging managerial responsibilities / person closely
                                   associated
 a)                                Name                                                         Nat Edington
 2.                                Reason for the Notification
 a)                                Position/status                                              Chief Executive Officer
 b)                                Initial notification/Amendment                               Initial notification

 
 3.                                Details of the issuer, emission allowance market participant, auction
                                   platform, auctioneer or auction monitor
 a)                                Name                                                         Filtronic plc
 b)                                LEI                                                          213800PDQ9V2ZNCDO264
 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 0.1p each

                                   Identification code                                          GB0003362992
 b)                                Nature of the transaction                                    Grant of 1,370,012 options under the Filtronic plc Employee Share Option Plan
                                                                                                2020
 c)                                Price(s) and volume(s)                                       Price(s)     Volume(s)
                                                                                                17.25 pence  4,333,333

 
 d)                                Aggregated information:

                                   ·      Aggregated volume                                     n/a (single transaction)

                                   ·      Price
 e)                                Date of the transaction                                      24 May 2024
 f)                                Place of the transaction                                     London Stock Exchange, AIM Market

 

3.

Details of the issuer, emission allowance market participant, auction
platform, auctioneer or auction monitor

a)

Name

Filtronic plc

b)

LEI

213800PDQ9V2ZNCDO264

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 0.1p each

 

Identification code

GB0003362992

b)

Nature of the transaction

Grant of 1,370,012 options under the Filtronic plc Employee Share Option Plan
2020

c)

Price(s) and volume(s)

 Price(s)     Volume(s)
 17.25 pence  4,333,333

 

d)

Aggregated information:

·      Aggregated volume

·      Price

 

n/a (single transaction)

e)

Date of the transaction

24 May 2024

f)

Place of the transaction

London Stock Exchange, AIM Market

 

 

 

 

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