London: Monday, 14 May 2018: AIM listed specialist technical fluid power products supplier Flowtech Fluidpower plc (LSE: AIM: symbol: FLO) announces the following dealings by Sean Fennon, Chief Executive Officer, and Bryce Brooks, Chief Financial Officer. On 11 May 2018 Sean Fennon exercised his share options over 472,222 new ordinary shares (the "New Shares") at an exercise price of 100p per share. These options were granted at the time of flotation in 2014. 249,999 of these options were qualifying options for the purpose of the Enterprise Management Incentive scheme and the remainder were unapproved. Following this exercise Mr Fennon has share options over Nil shares. Concurrent with exercise of the EMI option, Mr Fennon agreed to sell 311,644 New Shares, in order to settle the exercise price for the options and certain tax liabilities arising on the exercise of the unapproved options, to the Flowtech Fluidpower plc Employee Benefit Trust at 177.5 pence per share, being the closing mid-market price on 10 May 2018. Completion of these arrangements will occur following Admission. On 11 May 2018 Sean Fennon and Bryce Brooks exercised their put option over 340 and 103 A shares respectively in Flowtech MIP Limited which were granted at the time of flotation in 2014. In accordance with the terms of the Flowtech Management Incentive Plan ("MIP"), Flowtech has agreed to purchase these A shares by way of the issue of 561,693 and 170,160 new ordinary shares respectively (the "New MIP Shares"). Mr Fennon has also agreed to transfer the balance of 160,578 New Shares and transfer 560,987 New MIP Shares to his wife. Completion of these arrangements will occur following Admission. Following completion of these arrangements, Mr Fennon will be beneficially interested in 941,271 shares, an increase of 722,271 shares, and Mr Brooks will be beneficially interested in 299,160 shares, an increase of 170,160 shares. Admission Application will be made for the New Shares and the New MIP Shares to be admitted to AIM. It is expected that Admission will become effective and trading will commence at 8:00 a.m. on or around 18 May 2018 ("Admission"). The New Shares and the New MIP Shares will, following Admission, rank pari passu in all respects with the existing ordinary shares in issue and will carry the right to receive all dividends and distributions declared, made or paid on or in respect of the ordinary shares after Admission. Total voting rights (TVR) Following Admission, the total number of ordinary shares and voting rights in the Company will be 60,876,606. The Company does not hold any shares in treasury. Shareholders may use this figure as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company, under the FCA's Disclosure and Transparency Rules. |
