Avon Protection Regulatory News (AVON)

28 Jan 2005 07:00

Avon Rubber PLC28 January 2005 Avon Rubber p.l.c. Directors' Interests in Shares As disclosed in the 2004 annual report, awards representing 90% of the maximumpossible award under the 2001/2 Performance Share Plan vested to the ExecutiveDirectors and other senior employees of the company on 8 December 2004. The company yesterday received valid notices to exercise all of these optionsand accordingly 683, 525 shares were transferred from the Employee ShareOwnership Trust to the relevant PSP participants. In order to facilitate the payment of tax and National Insurance liabilities thePSP participants sold the relevant portions of their awards. In addition, asmall number of further sales were carried out for personal reasons. Inaccordance with the new shareholding guidelines referred to in the annual reportall the Executive Directors retained at least 2/3 of their after tax awards andthey intend to build up a shareholding equivalent to 1.5 times base salary. The table below sets out the total number of shares awarded to the Executivedirectors, total disposals, the net increase in the shares owned by the relevantdirectors and their total shareholdings following these transactions. Total Total Net Increase Total Award disposal in shareholding Shareholding Steve Willcox 197,637 81,031 116,606 163,347 Terry Stead 89,005 49,005 40,000 48,383 Steve Stone 103,115 62,556 40,558 54,563 Lee Richards 91,067 54,033 37,034 39,643 * * In addition to the above Lee Richards also sold 109 shares held by himseparately, as a consequence his total holding is now 39,534 shares. As a result of the above transactions the holding of the Employee ShareOwnership Trust reduced from 1,350,000 shares to 666,475 shares. This information is provided by RNS The company news service from the London Stock Exchange