TIDMAVON
RNS Number : 3460Q
Avon Rubber PLC
28 November 2016
PRESS RELEASE
28 November 2016
Avon Rubber p.l.c. ("the Company")
Directors' and PDMRs' Interest in Shares
As disclosed in the 2016 annual report, awards representing 100%
of the maximum possible award under the Avon Rubber p.l.c.
Performance Share Plan 2010, were granted to Executive Directors,
persons discharging managerial responsibilities ('PDMRs') and other
employees (together 'Participants') on 5 December 2013 ('the 2013
Awards').
The Awards were made subject to performance conditions based on
the Company's Total Shareholder Return ('TSR') and Earnings Per
Share ('EPS'), to be measured over a 3 year performance period
which commenced on 1 October 2013 and ended on 30 September 2016.
The start and end point of the Company's TSR performance by
reference to the comparator group was measured over the 5 days
following the announcement of the Company's annual results for the
year ended 30 September 2013 and the year ended 30 September 2016.
The Company's EPS performance was measured by reference to the EPS
in the 2013 and 2016 year end results.
The Remuneration Committee confirmed on 24 November 2016 that
100% of the Awards vested.
The Company received valid notices from the Participants in
respect of the 2013 Awards. As a result, on 25 November 2016, the
UK Participants, pursuant to the terms of the relevant joint
ownership awards, sold their vested interests over all jointly
owned shares in the market and exercised their nil cost options to
acquire whole shares in the Company (all tax and National Insurance
liabilities associated with the vesting of the 2013 Awards have
been met out of the sale proceeds due to the UK Participants). US
Participants have acquired whole shares pursuant to their 2013
Awards and sold a number of shares to meet tax and social security
liabilities. A number of sales by Participants and their connected
persons were also carried out for personal reasons.
The table below sets out the total number of shares over which
the 2013 Awards were made to the Executive Directors and PDMRs,
total disposals, the net increase or decrease in the shares owned
by the relevant individuals and their total shareholdings following
these transactions (details in respect of connected persons are set
out in the notes):
Total Whole shares Whole Net increase/(decrease) Total shareholding***
Vested acquired shares in shareholding
Award* under nil disposed
cost option
or conditional
award
----------------------- -------- ---------------- ---------- ------------------------ ----------------------
Executive Director
-----------------------------------------------------------------------------------------------------------------
Andrew Lewis
(standing
down 30 November
2016) 43,471 27,287 77,287** (50,000) 0
----------------------- -------- ---------------- ---------- ------------------------ ----------------------
PDMRs
-----------------------------------------------------------------------------------------------------------------
Miles Ingrey-Counter 19,044 11,954 11,570 384 17,530
----------------------- -------- ---------------- ---------- ------------------------ ----------------------
Paul McDonald 20,424 12,820 8,623 4,197 20,361
----------------------- -------- ---------------- ---------- ------------------------ ----------------------
John Kime
(US) 23,057 23,057 15,136 0 20,222
----------------------- -------- ---------------- ---------- ------------------------ ----------------------
Sarah Matthews-DeMers 3,105 1,949 5,112 (3,163) 0
----------------------- -------- ---------------- ---------- ------------------------ ----------------------
*100% of the total number of the 2013 Awards. Each executive
held an interest in the number of shares shown in the above table
which was sold, on 25 November 2016, following the vesting of the
2013 Awards. The proceeds due to the executives on sale of the
jointly owned shares were determined by the 2013 Joint Ownership
Agreements as GBP6.65 per share.
** Includes 10,000 shares sold on 24 November 2016 at a price of
GBP10.81 per share and 40,000 shares sold on 25 November 2016 at a
price of GBP10.16 per share by Mr Lewis's spouse, Karen Lewis.
***This excludes interests held under unvested joint ownership
awards. The total shareholding number includes shares held by
connected persons. As announced on 18 October 2016, Mr Lewis will
be stepping down from the Board on 30 November 2016 and was
therefore permitted by the Remuneration Committee to sell all of
his shares. In the case of Miles Ingrey-Counter, the total share
number is constituted by 3,031 shares held by Miles Ingrey-Counter
(number includes 1,422 deferred bonus shares) and 14,499 shares
held by Emma Ingrey-Counter. In the case of Paul McDonald, the
total share number is constituted by 13,361 shares held by Paul
McDonald (number includes 1,664 deferred bonus shares) and 7,000
shares held by Deborah McDonald. John Kime's shareholding is held
in his own name and includes 2,030 deferred bonus shares. Sarah
Matthews-DeMers is stepping down as a PDMR and was therefore
permitted to sell all of her shares. On 28 November 2016 Mrs
Matthews-DeMers sold 3,163 shares at a price of GBP10.18 per
share.
Other employees and ex-employees accounted for total vested UK
awards of 145,426 shares. Other UK Participants sold their jointly
owned interests in 59,382 shares and acquired nil cost options over
37,275 whole shares, of which 32,969 were sold for personal
reasons. Other US participants acquired 73,495 whole shares of
which 64,718 were sold to pay tax and for personal reasons.
The following notification is intended to satisfy the Company's
obligations under Article 19 of the Market Abuse Regulation.
Details of PDMR
----------------------------------------------------
Name Andrew Lewis
-------------- ------------------------------------
Position Director
/ status
-------------- ------------------------------------
Initial Initial notification
notification
/
amendment
-------------- ------------------------------------
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
----------------------------------------------------
Description Ordinary GBP1 shares in Avon Rubber
of the p.l.c.
financial
instrument GB0000667013
and ISIN
Code
-------------- ------------------------------------
Nature of Disposal of nil cost option shares
the acquired pursuant to vesting of
transaction Avon Rubber p.l.c. performance
share plan awards granted in 2013
-------------- ------------------------------------
Price(s) Price(s) Volume(s)
and ----------- ----------
volume(s) GBP 10.20 27,287
----------- ----------
-------------- ------------------------------------
Aggregated GBP 278,327.40
information
Aggregated
volume
Price
-------------- ------------------------------------
Date of 2016-11-25
the
transaction
-------------- ------------------------------------
Place of London Stock Exchange
the
transaction
-------------- ------------------------------------
Details of PCA
----------------------------------------------------
Name Karen Lewis
-------------- ------------------------------------
Position The notification concerns the PCA
/ status of Andrew Lewis, a Director of
Avon Rubber p.l.c.
-------------- ------------------------------------
Initial Initial notification
notification
/
amendment
-------------- ------------------------------------
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
----------------------------------------------------
Description Ordinary GBP1 shares in Avon Rubber
of the p.l.c.
financial
instrument GB0000667013
and ISIN
Code
-------------- ------------------------------------
Nature of Disposal of 10,000 shares on 24
the November 2016
transaction Disposal of 40,000 shares on 25
November 2016
-------------- ------------------------------------
Price(s) Price(s) Volume(s)
and ----------- ----------
volume(s) GBP 10.81 10,000
----------- ----------
GBP 10.16 40,000
----------- ----------
-------------- ------------------------------------
Aggregated 24 November GBP 108,100
information 25 November GBP 406,400
Aggregated
volume
Price
-------------- ------------------------------------
Date of 2016-11-24
the
transaction 2016-11-25
-------------- ------------------------------------
Place of London Stock Exchange
the
transaction
-------------- ------------------------------------
Details of PDMR
------------------------------------------------------
Name Miles Ingrey-Counter
-------------- --------------------------------------
Position Company Secretary and General Counsel
/ status
-------------- --------------------------------------
Initial Initial notification
notification
/
amendment
-------------- --------------------------------------
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
------------------------------------------------------
Description Ordinary GBP1 shares in Avon Rubber
of the p.l.c.
financial
instrument GB0000667013
and ISIN
Code
-------------- --------------------------------------
Nature of Disposal of nil cost option shares
the acquired pursuant to vesting of
transaction Avon Rubber p.l.c. performance
share plan awards granted in 2013
-------------- --------------------------------------
Price(s) Price(s) Volume(s)
and ----------- ----------
volume(s) GBP 10.20 11,570
----------- ----------
-------------- --------------------------------------
Aggregated GBP 118,014
information
Aggregated
volume
Price
-------------- --------------------------------------
Date of 2016-11-25
the
transaction
-------------- --------------------------------------
Place of London Stock Exchange
the
transaction
-------------- --------------------------------------
Details of PDMR
----------------------------------------------------
Name Paul McDonald
-------------- ------------------------------------
Position Divisional Head- Dairy
/ status
-------------- ------------------------------------
Initial Initial notification
notification
/
amendment
-------------- ------------------------------------
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
----------------------------------------------------
Description Ordinary GBP1 shares in Avon Rubber
of the p.l.c.
financial
instrument GB0000667013
and ISIN
Code
-------------- ------------------------------------
Nature of Disposal of nil cost option shares
the acquired pursuant to vesting of
transaction Avon Rubber p.l.c. performance
share plan awards granted in 2013
-------------- ------------------------------------
Price(s) Price(s) Volume(s)
and ----------- ----------
volume(s) GBP 10.20 8,623
----------- ----------
-------------- ------------------------------------
Aggregated GBP 87,954.60
information
Aggregated
volume
Price
-------------- ------------------------------------
Date of 2016-11-25
the
transaction
-------------- ------------------------------------
Place of London Stock Exchange
the
transaction
-------------- ------------------------------------
Details of PDMR
-----------------------------------------------------
Name John Kime
-------------- -------------------------------------
Position Protection Management
/ status
-------------- -------------------------------------
Initial Initial notification
notification
/
amendment
-------------- -------------------------------------
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
-----------------------------------------------------
Description Ordinary GBP1 shares in Avon Rubber
of the p.l.c.
financial
instrument GB0000667013
and ISIN
Code
-------------- -------------------------------------
Nature of Disposal of conditional award of
the shares acquired pursuant to vesting
transaction of Avon Rubber p.l.c. performance
share plan awards granted in 2013
-------------- -------------------------------------
Price(s) Price(s) Volume(s)
and ----------- ----------
volume(s) GBP 10.20 15,136
----------- ----------
-------------- -------------------------------------
Aggregated GBP 154,387.20
information
Aggregated
volume
Price
-------------- -------------------------------------
Date of 2016-11-25
the
transaction
-------------- -------------------------------------
Place of London Stock Exchange
the
transaction
-------------- -------------------------------------
Details of PDMR
-----------------------------------------------------
Name Sarah Matthews-DeMers
-------------- -------------------------------------
Position Associate Group Finance Director
/ status
-------------- -------------------------------------
Initial Initial notification
notification
/
amendment
-------------- -------------------------------------
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
-----------------------------------------------------
Description Ordinary GBP1 shares in Avon Rubber
of the p.l.c.
financial
instrument GB0000667013
and ISIN
Code
-------------- -------------------------------------
Nature of Disposal of 1,949 nil cost option
the shares acquired pursuant to vesting
transaction of Avon Rubber p.l.c. performance
share plan awards granted in 2013
on 25 November 2016
Disposal of 3,163 shares on 28
November 2016
-------------- -------------------------------------
Price(s) Price(s) Volume(s)
and ----------- ----------
volume(s) GBP 10.20 1,949
----------- ----------
GBP 10.18 3,163
----------- ----------
-------------- -------------------------------------
Aggregated GBP 19,879.80
information GBP 32,199.34
Aggregated
volume
Price
-------------- -------------------------------------
Date of 2016-11-25
the
transaction 2016-11-28
-------------- -------------------------------------
Place of London Stock Exchange
the
transaction
-------------- -------------------------------------
Contact Information:
Avon Rubber p.l.c.
Miles Ingrey-Counter, Company Secretary 01225 896850
Webber Shandwick Financial
Nick Oborne 020 7067 0700
Note to editors: The Group has transformed itself over the past
five years into an innovative design and engineering group
specialising in two core markets, Protection & Defence and
Dairy. With a strong emphasis on research and development we
design, test and manufacture specialist products from a number of
sites in the US and UK, serving markets around the world. We
achieve this through nurturing the talent and aspirations of our
employees to realise their highest potential.
Avon Protection is the recognised global market leader in
advanced Chemical, Biological, Radiological and Nuclear (CBRN)
respiratory protection systems technology for the world's military,
homeland security, first responder, fire and industrial markets.
With an unrivalled pedigree in mask design dating back to the
1920's, Avon Protection's advanced products are the first choice
for Personal Protective Equipment (PPE) users worldwide and are
placed at the heart of many international defence and tactical PPE
deployment strategies. Our expanding global customer base now
includes military forces, civil and first line defence troops,
emergency service teams and industrial, marine, mineral and oil
extraction site personnel. All put their trust in Avon's advanced
respiratory solutions to shield them from every possible
threat.
Our world-leading Dairy business and its Milkrite brand have a
global market presence. With a long history of manufacturing liners
and tubing for the dairy industry, Milkrite has become the leading
innovator and designer for products and services right at the heart
of milking. Our goal is always to improve and maintain animal
health. Working with the leading scientists and health specialists
in the global dairy industry we continue to invest in technology to
further improve the milking process and animal welfare. Our
products provide exceptional results for both the animal and the
milker, making the milk extraction process run smoothly. As our
market share and milking experience continue to grow, so does our
global presence.
For further information please visit the Group's website
www.avon-rubber.com
This information is provided by RNS
The company news service from the London Stock Exchange
END
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