FireAngel Safety Technology Group plc
(‘FireAngel’, the ‘Group’ or the ‘Company’)
Award of Options under Share Plan
FireAngel (AIM: FA.), one of Europe’s leading developers and suppliers of home safety products, announces that on 30 November 2020, an annual award under its Long-Term Incentive Plan (‘LTIP’) was made to John Conoley, the Company’s Executive Chairman, representing a multiple of 2.0 times Mr Conoley’s annual basic salary of £235,000 (the ‘Award’).
At the closing mid-market price of the Company’s shares on 27 November 2020 of 11.5p, being the last business day prior to the date of the Award, the Award, net of the exercise price of 2p per share, is for options over 5,000,000 ordinary shares of 2p each in the Company (the ‘Shares’).
Following the Award, the total interest of Mr Conoley in Shares and options over Shares is as follows:
Ordinary shares held
issued share capital
|Interest in share matching scheme (‘SMS’)||
Interest in Shares in LTIP
|Interest in Shares, in SMS and LTIP as a % of current issued share capital|
|John Conoley (including his wife’s holding)||374,695||0.30%||306,514||6,500,000||5.38%|
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, at a cost to the employee of the nominal value of the Shares. The number of Shares that are awarded at the end of the three-year period is dependent on the achievement of certain performance criteria.
Vesting of the LTIP award is dependent on achievement of total shareholder return (‘TSR’). If TSR on Shares is 300% or more between 30 November 2020 and 29 November 2023, all of the Shares awarded will vest. If TSR is 100%, then 25% of the awarded Shares will vest. Between these points, the number of Shares that vest will be pro-rata. If TSR is less than 100%, then no Shares will vest. The new options over Shares expire on the 10th anniversary after the date of their award, being 30 November 2030. At 300%, the TSR at which the options fully vest is more challenging than the 200% TSR for full vesting of the 1,500,000 options awarded to Mr Conoley in August 2019.
Any entitlement under the LTIP will lapse on cessation of employment prior to the end of the vesting period, unless cessation of employment is by reason of redundancy, ill health or death.
Further to the Company’s announcement on 19 November 2020 that Mike Stilwell, Group Finance Director, would be stepping down from the Board in due course to take up another appointment, the award made to him in August 2019 of options over 750,000 Shares will lapse on cessation of employment.
The Board’s Remuneration Committee has resolved to close the Company’s previously announced Share Matching Scheme five business days following release of the Company’s audited final results for the year ending 31 December 2020, which is expected to be in late March 2021.
For further information, please contact:
|FireAngel Safety Technology Group plc||024 7771 7700|
|John Conoley, Executive Chairman|
|Mike Stilwell, Group Finance Director
Shore Capital (Nominated adviser and broker)
020 7408 4050
|Tom Griffiths/David Coaten|
Notes to Editors
About FireAngel Safety Technology Group plc
FireAngel’s mission is to protect and save lives by making innovative, leading-edge 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: www.fireangeltech.com