Norcros PLC Directors' Dealings (7718V)
July 25 2018 - 10:23AM
UK Regulatory
TIDMNXR
RNS Number : 7718V
Norcros PLC
25 July 2018
Norcros plc ("Norcros" or "the Company")
Directors' Dealings - APSP Share Option and Deferred Share
awards
Director/PDMR Shareholding
Norcros announces that the Board, following a recommendation
from the Remuneration Committee, has granted new share options to
the following Directors under the Company's Approved Performance
Share Plan (the "APSP") and Deferred Bonus Plan (the "DBP") on 25
July 2018.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulation ("MAR"), provides further
detail.
APSP Share Option Awards
The Company has today granted the following unapproved nil cost
share option awards under the APSP in respect of the current
financial year (the "APSP Awards") to the Executive Directors of
the Company over ordinary shares of ten pence each in the Company
("Ordinary Shares").
Under the APSP, awards are made subject to performance targets
relating to improvements in the Company's Earnings Per Share
("EPS"). Vesting of these Ordinary Shares will be subject to
achieving aggregate diluted EPS targets over a three year
performance period, starting with the 2019 financial year.
The APSP Awards will normally vest on the third anniversary of
their grant, subject to satisfactory achievement of the performance
targets. No consideration was paid for the APSP Awards.
Name Number of Ordinary Shares subject
to the APSP Award
Nick Kelsall 170,311
Shaun Smith 114,388
----------------------------------
Bonus payment - Deferred Share Awards
Under the annual bonus scheme, 50 per cent. of an Executive
Director's total bonus for the year is satisfied in cash, with the
other 50 per cent. in the form of nil cost options under the DBP.
These options represent 50 per cent. of the bonuses earned by the
Executive Directors for the 2018 financial year.
Norcros therefore also announces the grant of the following nil
cost share option awards under the DBP in respect of the year ended
31 March 2018 (the "Deferred Awards") to the relevant Executive
Director of the Company over Ordinary Shares.
Name Number of Ordinary Shares subject
to the Deferred Bonus Plan Award
Nick Kelsall 41,337
Shaun Smith 27,764
----------------------------------
The Deferred Awards will normally vest on the third anniversary
of their grant. Because these shares represent part of a bonus
already earned, no consideration was paid for the Deferred Awards
and no consideration is due to be payable on vesting.
MAR Notification
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 Nick Kelsall
-------------------------- ----------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Group Chief Executive
-------------------------- ----------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Norcros plc
-------------------------- ----------------------------------------------
b) LEI 213800EIMJZZA1GBIE18
-------------------------- ----------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
A 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 Ordinary Share of 10 pence
financial instrument,
type of instrument
GB00BYYJL418
Identification code
-------------------------- ----------------------------------------------
b) Nature of the transaction Grant of 170,311 options under the Company's
Approved Performance Share Plan (the "APSP")
and 41,337 options under the Deferred Bonus
Plan (the "DBP") on 25 July 2018
-------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
n/a n/a
----------
-------------------------- ----------------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
-------------------------- ----------------------------------------------
e) Date of the transaction 25 July 2018
-------------------------- ----------------------------------------------
f) Place of the transaction Wilmslow, Cheshire, England
-------------------------- ----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Shaun Smith
-------------------------- ----------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------
a) Position/status Group Finance Director
-------------------------- ----------------------------------------------
b) Initial notification Initial notification
/Amendment
-------------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------
a) Name Norcros plc
-------------------------- ----------------------------------------------
b) LEI 213800EIMJZZA1GBIE18
-------------------------- ----------------------------------------------
4 Details of the transaction(s): section to be repeated for (i)
A 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 Ordinary Share of 10 pence
financial instrument,
type of instrument
GB00BYYJL418
Identification code
-------------------------- ----------------------------------------------
b) Nature of the transaction Grant of 114,388 options under the Company's
Approved Performance Share Plan (the "APSP")
and 27,764 options under the Deferred Bonus
Plan (the "DBP") on 25 July 2018
-------------------------- ----------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
n/a n/a
----------
-------------------------- ----------------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
-------------------------- ----------------------------------------------
e) Date of the transaction 25 July 2018
-------------------------- ----------------------------------------------
f) Place of the transaction Wilmslow, Cheshire, England
-------------------------- ----------------------------------------------
Further enquiries:
Norcros plc Tel: 01625 547 700
Nick Kelsall, Group Chief
Executive
Shaun Smith, Group Finance
Director
Hudson Sandler Tel: 0207 796 4133
Nick Lyon
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Authority to act as a Primary Information Provider in the United
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END
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