Warrant Grant And Directors’ Dealing
Avation PLC has granted 921,000 share warrants to directors and employees as long-term incentives, exercisable at 140 pence per share, with one-third vesting annually over three years. Executive Chairman Robert Jeffries Chatfield received 400,000 warrants, bringing his total to 2,025,000, representing 20.46% of the issued capital upon exercise. Non-executive Director Mark Stephen Shelton was granted 80,000 warrants, bringing his total to 278,000, or 0.44% of the issued capital. An additional 441,000 warrants were issued to other staff. Following these grants, the total number of warrants in issue to staff is 3,858,000, and combined with bondholder warrants, this represents 13.28% of the issued capital upon full exercise.
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Avation PLC (LSE: AVAP), the commercial passenger aircraft leasing company advises that 921,000 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 140 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 | 400,000 | 2,025,000 | 14,696,242 | 20.46 % |
| Mark Stephen Shelton | 80,000 | 278,000 | 318,982 | 0.44 % |
*Warrants are held at different exercise prices
A further 441,000 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.
Warrants in Issue
Following the above issue of Warrants, the total number of Warrants in issue to staff is 3,858,000. There are also 5,680,073 bondholder listed warrants (under code: AVAW.L). Assuming full exercise of all staff and bondholder warrants, this equates to 13.28% of the issued capital on exercise of warrants.
Share Capital and Voting Rights
There are a total of 66,636,738 ordinary shares in issue, with 4,338,999 held in treasury, and there are 62,297,739 total voting rights for the purpose of calculating shareholders' percentage voting rights.
| 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 400,000 |
| d) | Aggregated information | See above |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 26 November 2025 |
| 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 80,000 |
| d) | Aggregated information | See above |
| - Aggregated volume | ||
| - Price | ||
| e) | Date of the transaction | 26 November 2025 |
| f) | Place of the transaction | London Stock Exchange |
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