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Company Announcements

Grant of Options and Vesting of Deferred Awards 21 July 2021

21st July 2021

RNS Number : 0356G
Jet2 PLC
21 July 2021
 

21 July 2021

Jet2 plc

("Jet2", the "Group" or the "Company")

 

Grant of Options under Share Reward Plan

and Vesting of Deferred Awards under Senior Executive Incentive Plan

 

Jet2 plc, the Leisure Travel group, announces that it has implemented a new Share Reward Plan (the "Plan").  The Plan is intended to ensure that the recipients have both a straightforward retention mechanism in place and that they also have direct alignment with shareholders in the period, as we seek to drive the business recovery of the Company.  Further details of the Plan will be included in the Remuneration Committee Report within the Company's Annual Report and Accounts for the financial year ended 31 March 2021.

Awards under the Plan take the form of options to acquire the Company's ordinary shares of 1.25p each ("Ordinary Shares") which will be exercisable upon payment of the nominal value of the Ordinary Shares from the date which is three years following the date of grant and will lapse ten years from the anniversary of the date of grant. Recipients must be employed and not be under notice given or received at vesting and must have worked and contributed throughout the vesting period. 

The Company has today granted 1,213,000 options under the Plan representing 0.57% of the Company's issued share capital, being within the 10% in 10 years share plans dilution limit.

Details of the awards to PDMRs under the Plan are as follows:

Director

 Number of Options issued under the Plan

Stephen Heapy, Chief Executive Officer

136,000

Gary Brown, Group Chief Financial Officer

105,000

 

The awards to our Chief Executive Officer and Group Chief Financial Officer under the Plan, are the first awards (beyond part deferral of bonus outcomes awarded previously as deferred shares under the Senior Executive Incentive (Deferred Award) Plan ("SEIP")) which they have received since their last awards under the SEIP in July 2019. 

In addition, on 20 July 2021, Stephen Heapy and Gary Brown subscribed for 20,421 and 19,156 Ordinary Shares at 1.25p per Ordinary Share, respectively, pursuant to the vesting of a deferred award granted under the SEIP, representing the deferred element of the bonus earned for the financial year ended 31 March 2018.

In order to fund only the income tax, National Insurance liabilities and administrative fees arising on vesting, Stephen Heapy and Gary Brown subsequently sold 9,867 and 9,256 Ordinary Shares at £10.50 per Ordinary Share and retained the balance of 10,554 and 9,900 Ordinary Shares, respectively.

Following these transactions, Mr Heapy beneficially holds a total of 261,165 Ordinary Shares, representing approximately 0.12% of the Company's issued share capital, and Mr Brown beneficially holds a total of 90,576 Ordinary Shares, representing approximately 0.04% of the Company's issued share capital.

The notifications below, made in accordance with the requirements of the UK version of Regulation (EU) No 596/2014, provide further details.

 

 For further information, please contact:

 

Jet2 plc

Philip Meeson, Executive Chairman

Ian Day, Company Secretary

Tel:        0113 239 7692

 

 

 

Cenkos Securities plc - Nominated Adviser

Katy Birkin/Camilla Hume

 

Tel:        020 7397 8900

Buchanan - Financial PR

Richard Oldworth

Tel:        020 7466 5000

 

 

 

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Stephen Heapy

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Jet2 plc

b)

LEI

I72RQ3PNLDPW8R7JIJ56

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 1.25p each

 

Identification code

GB00B1722W11

b)

Nature of the transaction

Grant of options under the Company's Share Reward Plan

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

£0.0125

136,000

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

21 July 2021

f)

Place of the transaction

Outside of a trading venue

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Gary Brown

2

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Jet2 plc

b)

LEI

I72RQ3PNLDPW8R7JIJ56

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 1.25p each

 

Identification code

GB00B1722W11

b)

Nature of the transaction

Grant of options under the Company's Share Reward Plan

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

£0.0125

105,000

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

21 July 2021

f)

Place of the transaction

Outside of a trading venue

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Stephen Heapy

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Jet2 PLC

b)

LEI

I72RQ3PNLDPW8R7JIJ56

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 1.25p each

 

Identification code

GB00B1722W11

b)

Nature of the transaction

Subscription for shares pursuant to the vesting of a deferred award granted under the Senior Executive Incentive (Deferred Award) Plan representing the deferred element of the bonus earned for the financial year ended 31 March 2018

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

£0.0125

20,421

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

20 July 2021

f)

Place of the transaction

XOFF

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Stephen Heapy

2

Reason for the notification

a)

Position/status

Chief Executive Officer

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Jet2 plc

b)

LEI

I72RQ3PNLDPW8R7JIJ56

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 1.25p each

 

Identification code

GB00B1722W11

b)

Nature of the transaction

Sale of Ordinary Shares received pursuant to the vesting of a deferred award under the Senior Executive Incentive (Deferred Award) Plan to fund only the income tax and National Insurance liabilities and administrative fees arising on vesting. The balance of 10,554 Ordinary Shares has been retained.

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

£10.50

9,867

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

20 July 2021

f)

Place of the transaction

XOFF

 

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Gary Brown

2

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Jet2 plc

b)

LEI

I72RQ3PNLDPW8R7JIJ56

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 1.25p each

 

Identification code

GB00B1722W11

b)

Nature of the transaction

Subscription for shares pursuant to the vesting of a deferred award granted under the Senior Executive Incentive (Deferred Award) Plan representing the deferred element of the bonus earned for the financial year ended 31 March 2018

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

£0.0125

19,156

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

20 July 2021

f)

Place of the transaction

XOFF

 

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Gary Brown

2

Reason for the notification

a)

Position/status

Chief Financial Officer

b)

Initial notification/Amendment

Initial Notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Jet2 plc

b)

LEI

I72RQ3PNLDPW8R7JIJ56

4

Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted

a)

Description of the financial instrument, type of instrument

Ordinary shares of 1.25p each

 

Identification code

GB00B1722W11

b)

Nature of the transaction

Sale of Ordinary Shares received pursuant to the vesting of a deferred award under the Senior Executive Incentive (Deferred Award) Plan to fund only the income tax and National Insurance liabilities and administrative fees arising on vesting. The balance of 9,900 Ordinary Shares has been retained.

c)

Price(s) and volumes(s)

Price(s)

Volume(s)

£10.50

9,256

d)

Aggregated information

N/A single transaction

 

Aggregated volume

N/A single transaction

 

Price

N/A single transaction

e)

Date of the transaction

20 July 2021

f)

Place of the transaction

XOFF

 

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Written by Internal

Posted in

July 21, 2021 at 00:00

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