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LONDON - Avation PLC (LSE:AVAP), a commercial passenger aircraft leasing company, announced Wednesday it has granted 655,000 share warrants to directors and employees.
The warrants were issued at an exercise price of 160 pence per share, with one-third vesting at the end of each of the first three years from the grant date, according to a company press release. The warrants are subject to clawback under the company’s remuneration policy.
Executive Chairman Robert Jeffries Chatfield received 300,000 warrants, bringing his total to 2,524,001. Director Mark Stephen Shelton was granted 70,000 warrants, increasing his total to 248,000. The remaining 285,000 warrants were distributed to other staff members on the same terms.
Following this issuance, Avation has 4,939,452 staff warrants outstanding, plus 5,742,404 bondholder listed warrants. If all warrants were exercised, they would represent 13.86% of the company’s issued capital.
The warrant grant was made under authorities approved by shareholders at Avation’s last annual general meeting and aligns with the company’s long-term incentive program.
Avation currently has 66,588,757 ordinary shares in issue, with 215,000 held in treasury, resulting in 66,373,757 total voting rights.
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