Melrose Industries PLC Posting of Annual Report and Circular (9703B)
April 07 2017 - 9:49AM
UK Regulatory
TIDMMRO
RNS Number : 9703B
Melrose Industries PLC
07 April 2017
7 April 2017
Melrose Industries PLC (the "Company")
Posting of Annual Report and Circular
The Company announces that its Annual Report for the year ended
31 December 2016 and, pursuant to Listing Rule 9.6.3, a circular
and notice of General Meeting (the "Circular") in relation to
Melrose's proposed renewal of the management incentive plan
arrangements have been posted to Shareholders today. In accordance
with Listing Rule 9.6.1, the Circular will also be available for
download on Melrose's website at www.melroseplc.net and a copy will
be submitted to the National Storage Mechanism where it will be
available for inspection at www.morningstar.co.uk/uk/NSM.
As set out in the Circular, the Remuneration Committee has
determined that 16,542 Options will be granted for nil
consideration over 2017 Incentive Shares, conditional upon
shareholder approval being obtained at the General Meeting and with
effect from 31 May 2017. These included the grants outside a
trading venue of 2,583 Options to each of Christopher Miller and
David Roper and 2,833 Options to each of Simon Peckham and Geoffrey
Martin, which were notified by the recipients to the Company today,
pursuant to Article 19(1) of the Market Abuse Regulation
(2014/596/EU) ("MAR"), each of whom is a "person discharging
managerial responsibility", as such term is defined in Article
3(1)(25) of MAR.
The Circular also provides background on the crystallisation of
the existing incentive plan, including the Remuneration Committee's
determination to cancel a portion of the Existing Options in
exchange for a cash payment to the holders of those Existing
Options sufficient to meet the related tax liability, which is
classified as a smaller related party transaction under Listing
Rule 11.1.10 R and will reduce the dilutive effect on Shareholders
of issuing Ordinary Shares that would otherwise be immediately sold
to meet such a tax liability, and its determination to convert the
balance of Existing Incentive Shares into Ordinary Shares on
crystallisation on 31 May 2017 instead of paying a cash dividend,
which ensures management remain aligned with Shareholders.
Terms used in this announcement shall have the same meanings as
set out in the Circular.
-ends-
Enquiries:
Montfort Communications
Nick Miles / Charlotte McMullen +44 (0) 203 514 0897
This information is provided by RNS
The company news service from the London Stock Exchange
END
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