Warrant Grant And Directors’ Dealing
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Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company advises that 485,000 share warrants have been granted to directors and other employees of the Company as set out below.
The grant of warrants is pursuant to the authorities and powers given by shareholders at the Company's last annual general meeting. The warrants have been granted subject to the Company's Remuneration Policy as long-term incentives. The warrants were granted by the board at an exercise price of 125.50 pence per share, and each warrant grant is on terms that one third of the warrants will vest at the end of each of the first three years from the date of grant but subject always to clawback under the terms of the Company's Remuneration Policy. The warrants are otherwise granted on customary terms for employee share remuneration.
Details of the warrants granted to directors of the Company are as follows:
| Director | No. of Warrants being issued | Total no. of Warrants held including this issue* | Shareholding upon exercise of total number of Warrants held | % of issued share capital upon exercise of Warrants |
|---|---|---|---|---|
| Robert Jeffries Chatfield | 300,000 | 2,730,000 | 15,260,001 | 18.11% |
| Mark Stephen Shelton | 25,000 | 93,000 | 97,500 | 0.12% |
*Warrants are held at different exercise prices
A further 160,000 warrants have been granted to other staff members on the same terms, with a three-year vesting period (the first tranche vesting on the anniversary of the date of grant) and the same exercise price.
Total Warrants in Issue
Following the above issue of Warrants, the number of Warrants in issue to staff is 7,510,000. There are also 5,857,408 Bondholder listed warrants (under code: AVAW.L). Assuming full exercise of all staff and Bondholder warrants this equates to 15.87 % of the Company's enlarged share capital. For transparency the Company intends to merge these two classes of securities prior to the end of 2023, which will reduce the total number of warrants in issue.
| 1. | Details of the PDMR / person closely associated | |
| a) | Name | Robert Jeffries Chatfield |
| 2. | Reason for the notification | |
| a) | Position / status | Executive Chairman |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Avation PLC |
| b) | LEI | 213800KA972GUP1B6I78 |
| a) | Description of the financial instrument, type of instrument Identification code | Warrants to subscribe for ordinary shares N/A |
| b) | Nature of the transaction | Grant of warrants to subscribe for ordinary shares |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 300,000 |
| d) | Aggregated information | See above |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 1 November 2023 |
| f) | Place of the transaction | London Stock Exchange |
| 1. | Details of the PDMR / person closely associated | |
| a) | Name | Mark Stephen Shelton |
| 2. | Reason for the notification | |
| a) | Position / status | Non-executive Director |
| b) | Initial notification / amendment | Initial notification |
| a) | Name | Avation plc |
| b) | LEI | 213800KA972GUP1B6I78 |
| a) | Description of the financial instrument, type of instrument Identification code | Warrants to subscribe for ordinary shares N/A |
| b) | Nature of the transaction | Grant of warrants to subscribe for ordinary shares |
| c) | Price(s) and volume(s) | Price(s) Volume(s) Nil 25,000 |
| d) | Aggregated information | See above |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 1 November 2023 |
| f) | Place of the transaction | London Stock Exchange |
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