FireAngel Safety Technology Group plc 

(‘FireAngel’, the ‘Company’ or the ‘Group’)

Award of Options under Share Plan,

PDMR shareholdings and amendments to performance period for previous awards

FireAngel (AIM: FA.), one of Europe’s leading developers and suppliers of home safety products, announces that it has made awards of options (“Options”) over a total of 2,945,000 FireAngel Safety Technology Group plc ordinary shares of 2p each (the ‘Shares’) to Zoe Fox, the Company’s Chief Finance Officer, and certain senior managers employed within the Group, under its Long-Term Incentive Plan (‘LTIP’).

Under the LTIP, awards were made to the following Persons Discharging Managerial Responsibility (‘PDMRs’):

 Name Position StatusLTIP Options award (over Shares)
Zoe FoxChief Finance OfficerDirector and PDMR1,000,000
Senior Managers
Nick RutterChief Product OfficerPDMR300,000
Rene NoltenBusiness Unit DirectorPDMR300,000
Claire PickardSupply Chain DirectorPDMR300,000
Steve BoggisBusiness Unit DirectorPDMR300,000

Under the LTIP, selected employees are entitled to exercise an Option to receive a certain number of Shares at any time after a three-year vesting period (“Vesting Period”), at a cost to the employee of the nominal value of the Shares.

Vesting of the LTIP Options is dependent on performance targets, based on total shareholder return (‘TSR’) and earnings per share (‘EPS’). The award is split evenly across the 2 performance conditions with 50 per cent. of the total award for each performance condition.

The maximum number of Options that vest and become exercisable into Shares at the end of the Vesting Period is calculated as follows for each performance condition:

TSR% of Options that vest under the TSR performance condition (50% of total award)
Less than 100% growthNil
100% growth25%
Between 100% growth and 200% growthBetween 25% and 100% on a straight-line basis
200% growth or more100%
EPS% of Options that vest under the EPS performance condition (50% of total award)
Less than 2.2 penceNil
Between 2.2 pence and 3.2 penceBetween 0% and 25% on a straight-line basis
Between 3.2 pence and 4.2 penceBetween 25% and 100% on a straight-line basis
4.2 pence or more100%

Following the Vesting Period, the Options are exercisable for 10 years, after which, any unexercised Options will lapse.

Any entitlement under the LTIP will lapse on cessation of employment prior to the end of the three-year Vesting Period, unless cessation of employment is by reason of redundancy, ill health or death.

In addition, Zoe Fox has irrevocably and unconditionally surrendered and cancelled 100,000 Options under the FireAngel Safety Technology Group 2015 Long Term Incentive Plan, previously awarded on 2 August 2019.

Following the awards and cancellation of Zoe Fox’s 100,000 Options referred to above, the total interests in Shares of the Director and each of the PDMRs included in the table above  are as follows:

    Name    Shares held    % of Shares held Interest in shares in share schemes
Zoe Fox88,8280.05%2,343,260
Senior Managers
Nick Rutter4,182,8312.31%1,177,107
Rene Nolten875,000
Claire Pickard (including husband’s holding)241,7110.13%953,000
Steve Boggis– 750,000

In addition, the Company announces that, due to the prolonged impact of COVID-19 on its business and, more recently, the further effect of Russia invading Ukraine on global markets, it has extended the performance periods for the award of 5,000,000 options issued to John Conoley, the Company’s Executive Chairman, in November 2020, as announced on 1 December 2020, and also to the awards issued to certain directors and senior managers as announced on 9 July 2021 as follows: –

–      the performance period for the TSR for the awards issued to John Conoley in November 2020 has been amended to be measured from 30 November 2020 to 31 March 2025 (previous measurement period was 30 November to 31 March 2024); and

–      the performance period for the TSR for the awards issued to certain directors and senior managers in July 2021 has been amended to be measured from 9 July 2021to 31 March 2025, (previous measurement period was 7 July to 31 March 2024) and the EPS will now be measured at 31 December 2024, (previously 31 December 2023).

There have been no other amendments made to the performance conditions on the above awards.

Further details of the outstanding Options are set out in the Appendix below 

Related Party Transaction

The new options being awarded to Zoe Fox and the extension of the performance periods of certain existing options issued to Zoe Fox and John Conoley are a related party transaction pursuant to AIM Rule 13 of the AIM Rules for Companies. The independent Directors, being those Directors of the Company other than John Conoley and Zoe Fox, consider, having consulted with Shore Capital and Corporate, the Company’s nominated adviser, that the terms of the award of new options and the extension of the performance periods of certain existing options awarded to Zoe Fox and John Conoley are fair and reasonable insofar as the Company’s shareholders are concerned.


Grant date Share in share schemesVesting dateExpiry dateExercise price
Options under LTIPs     
Directors’ share options     
25/04/2014Zoe Fox31,94424/04/201728/04/2024200p
25/04/2014Graham Whitworth125,00024/04/201728/04/2024200p
30/11/2020John Conoley5,000,00031/03/202530/11/20302p
08/07/2021John Conoley1,821,272*31/03/202508/07/20312p
08/07/2021Zoe Fox1,311,316*31/03/202508/07/20312p
29/04/2022Zoe Fox1,000,000*28/04/202528/04/20322p
Employee share options     
25/04/2014Rene Nolten (PDMR)25,00024/04/201728/04/2024200p
25/04/2014Nick Rutter (PDMR)125,00024/04/201728/04/2024200p
25/04/2014Other Employees109,33524/04/201728/04/2024200p
02/08/2019Steve Boggis (PDMR)100,00001/08/202202/08/20292p
02/08/2019Rene Nolten (PDMR)100,00001/08/202202/08/20292p
02/08/2019Claire Pickard (PDMR)100,00001/08/202202/08/20292p
02/08/2019Other Employees160,00001/08/202202/08/20292p
08/07/2021Steve Boggis (PDMR)450,000*31/03/202508/07/20312p
08/07/2021Rene Nolten (PDMR)450,000*31/03/202508/07/20312p
08/07/2021Claire Pickard (PDMR)450,000*31/03/202508/07/20312p
08/07/2021Nick Rutter (PDMR)450,000*31/03/202508/07/20312p
08/07/2021Other employees2,339,905*31/03/202508/07/20312p
08/07/2021Steve Boggis (PDMR)300,000*28/04/202508/07/20312p
08/07/2021Rene Nolten (PDMR)300,000*28/04/202508/07/20312p
08/07/2021Claire Pickard (PDMR)300,000*28/04/202508/07/20312p
08/07/2021Nick Rutter (PDMR)300,000*28/04/202508/07/20312p
29/04/2022Other Employees745,000*28/04/202528/04/20322p
Options under LTIPs 16,093,772   
Options under share matching scheme   
Directors’ share options     
01/06/2020John Conoley281,51401/06/20302p
03/07/2020John Conoley25,00003/07/20302p
18/12/2020John Conoley49,66018/12/20302p
Employee share options     
01/06/2020Nick Rutter (PDMR)176,49001/06/20302p
19/06/2020Other Employees544,90419/06/20302p
03/07/2020Nick Rutter (PDMR)49,47303/07/20302p
06/01/2021Claire Pickard (PDMR)103,00006/01/20312p
14/01/2021Nick Rutter (PDMR)76,14403/07/20312p
Options under share matching scheme 1,306,185   
Total options 17,399,957   
* Revised vesting dates     

For further information, please contact:

FireAngel Safety Technology Group plc024 7771 7700
John Conoley, Executive Chairman
Zoe Fox, Chief Finance Officer
Shore Capital (Nominated adviser and joint broker)020 7408 4050
Tom Griffiths/David Coaten
Singer Capital Markets (Joint broker)020 7496 3000
Rick Thompson/Alex Bond
Houston (Financial PR)0204 529 0549
Kate Hoare/Joe Burgess

Notes to Editors

About FireAngel Safety Technology Group plc

FireAngel’s mission is to protect and save lives by making innovative, home safety products which are simple and accessible. FireAngel is one of the market leaders in the European home safety products market. 

FireAngel’s principal products are connected smoke alarms, CO alarms, heat alarms and accessories.  The Company has an extensive portfolio of patented intellectual property in Europe, the US and other selected territories.  Products are sold under FireAngel’s leading brands of FireAngel, FireAngel Pro, FireAngel Specification and AngelEye.

For further product information, please visit: