Wizz Air Holdings (LON:WIZZ)

Wizz Air Holdings (LON:WIZZ)


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Wizz Air Holdings RNS Release

Long Term Incentive Plan Award Grants


RNS Number : 9618A
Wizz Air Holdings PLC
03 June 2019
 

Wizz Air Holdings Plc

Wizz Air Long Term Incentive Plan ("LTIP") award grants

Geneva, 3 June 2019 - Wizz Air Holdings Plc ("Wizz Air" or the "Company"), the largest low-cost airline in Central and Eastern Europe, announces the granting of awards under its LTIP, to a number of persons discharging management responsibilities ("PDMRs").

On 30 May 2019, following approval by the Company's Remuneration Committee, Wizz Air made a grant of options under the LTIP over 203,103 ordinary shares in the capital of Wizz Air of £0.0001 par value (identification code JE00BN574F90) ("Awards") to PDMRs as set out below.

The following PDMRs were granted Awards of Performance Options:

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

József Váradi

2.        

Reason for the notification

a)

Position / status

Chief Executive Officer

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Options

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

46,796

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

46,796

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Diederik Pen

2.        

Reason for the notification

a)

Position / status

Executive Vice President & Group Chief Operations Officer

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Options

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

30,300

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

30,300

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Johan Eidhagen

2.        

Reason for the notification

a)

Position / status

Chief People & Marketing Officer

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Options

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

17,600

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

17,600

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Owain Jones

2.        

Reason for the notification

a)

Position / status

Managing Director WUK

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Options

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

17,600

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

17,600

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

George Michalopoulos

2.        

Reason for the notification

a)

Position / status

Chief Commercial Officer

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Options

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

17,600

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

17,600

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Marion Geoffroy

2.        

Reason for the notification

a)

Position / status

Chief Corporate Officer

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Shares

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

17,600

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

17,600

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Heiko Holm

2.        

Reason for the notification

a)

Position / status

Chief Operations Officer

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Shares

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

17,600

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

17,600

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Iain Wetherall

2.        

Reason for the notification

a)

Position / status

Chief Financial Officer

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Shares

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

17,600

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

17,600

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.        

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Stephen Jones

2.        

Reason for the notification

a)

Position / status

Deputy CEO and Managing Director WAH

b)

Initial notification / amendment

Initial notification

3.        

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Shares

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

30,300

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

30,300

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Joel Goldberg

2.

Reason for the notification

a)

Position / status

Chief Digital Officer

b)

Initial notification / amendment

Initial notification

3/

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Options

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

17,600

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

17,600

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

1.

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

András Sebők

2.

Reason for the notification

a)

Position / status

Chief Supply Chain Officer

b)

Initial notification / amendment

Initial notification

3.

Details of the issuer

a)

Name

Wizz Air Holdings Plc

b)

Legal entity identifier

213800COXGZCORLJZA85

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 £0.0001 each

 

Identification code

JE00BN574F90

b)

Nature of the transaction

Grant of Performance Options

c)

Currency

British Pounds

d)

Price(s) and volume(s)

 

Price(s)

Volume(s)

 

 

NIL

17,600

 

e)

Aggregated information

·    Aggregated volume

·    Price

 

17,600

NIL

f)

Date of the transaction

30 May 2019

g)

Place of the transaction

N/A

 

 

The performance conditions (with a 50% weighting for each) applicable to the Performance Options as set by the Remuneration Committee are:

1.   Total shareholder return ("TSR") relative to the TSR of certain selected European airlines. The base measure for TSR will be the average trading price of shares during the 30 days immediately before the reference date (30 May 2019), and the closing measure will be the average trading price of shares during the 30 days immediately before the third anniversary of the reference date. At vesting, pay-out is to be 25% of the award for TSR performance equal to median performance, with a 100% pay-out for performance equal to, or exceeding, upper quartile performance.  Linear interpolation will apply for performance between the median and upper quartile; and

2.   Absolute growth in underlying, fully-diluted earnings per share ("EPS"). EPS growth will be measured over the period from 1 April 2019 to 31 March 2022 (FY 2020 to FY 2022 inclusive).

Target EPS growth over the performance period has been set at an average of 19.5% per annum (achievement of which will result in 50% of the award vesting), with the threshold set at 12% per annum (triggering 25% vesting), and the maximum at 27% per annum (triggering 100% vesting). Linear interpolation applies for performance between threshold and maximum.

All vested options must be exercised within ten years of the date of grant. If exercised, then the underlying shares of the vested options will be issued at nil cost to the option holders. No amounts have been paid by the relevant PDMRs for the grant of these options.

This announcement is made pursuant to Article 19 of the EU Market Abuse Regulation 596/2014.

 

-End-

 

ABOUT WIZZ AIR

 

Wizz Air is the largest low-cost airline in Central and Eastern Europe, operates a fleet of 113 Airbus A320 and Airbus A321 aircraft, and offers more than 650 routes from 25 bases, connecting 146 destinations across 44 countries. At Wizz Air, a team of more than 4,500 aviation professionals delivers superior service and very low ticket prices making Wizz Air the preferred choice of over 34 million passengers in the past 12 months. Wizz Air is listed on the London Stock Exchange under the ticker WIZZ and is included in the FTSE 250 and FTSE All-Share Indices. Wizz Air is registered under the International Air Transport Association (IATA), Operational Safety Audit (IOSA), the global benchmark in airline safety recognition. The company recently received the highest 7-star safety rating by airlineratings.com, the world's only safety and product rating agency, and was recently named 2017 - European Airline of the Year by Aviation 100, a renowned annual publication that recognizes the year's most outstanding performers in the aerospace industry.

 

For more information:

Investors:

Evelin Horvath, Wizz Air

+41 22 555 9863




Media:

Tamara Vallois, Wizz Air:

+36 1 777 9324


Edward Bridges / Jonathan Neilan, FTI Consulting LLP:

+44 20 3727 1017

 


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