Last checked at 3 Feb 2021 17:00
Avon Rubber PLC
3 February 2021
NOTIFICATION DEALING WITH GRANT OF AWARDS UNDER THE LTIP
AVON RUBBER P.L.C.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.
On 2 February 2021 the following awards over ordinary shares of £1 each in Avon Rubber p.l.c. were granted under the Avon Rubber p.l.c. Long Term Incentive Plan ('LTIP') to the following person(s) discharging managerial responsibilities:
PDMR | Position | Country of residence | No. of shares under Award |
Paul McDonald | Chief Executive Officer | UK | 28,153 |
Nick Keveth | Chief Financial Officer | UK | 19,707 |
Miles Ingrey-Counter | Company Secretary | UK | 6,918 |
James Wilcox | President, Military | US | 6,458 |
David Mack | President, First Responder | US | 5,950 |
Keyana Hughes | President, Operations | US | 5,871 |
Jose Rizo-Patron | President, Team Wendy | US | 6,458 |
The awards were granted as a nil cost option for the three UK resident PDMRs and conditional awards for the PDMRs who are resident in the US. The nil cost option awards will ordinarily become exercisable and the conditional awards will ordinarily vest on 1 December 2023, subject to the grantee's continued service and the Remuneration Committee's assessment of the extent to which the performance conditions applicable to the awards are satisfied.
Each award is subject to two performance conditions (each applicable to a distinct 50% of an award) measured over a performance period of three financial years, starting with the 2021 financial year.
The first performance condition compares the Company's total shareholder return ("TSR") performance over the performance period relative to a comparator group. The comparator group for the TSR element is the constituents of the FTSE 250 Index (excluding investment trusts) as at the start of the performance period. No portion of the TSR element may vest unless the Company's TSR performance over the performance period at least equals the median TSR performance within the comparator group, for which 20% of the TSR element may vest, rising on a straight-line basis to full vesting of the TSR element for upper quintile or better relative TSR performance.
The second performance condition measures the Company's compound annual growth rate ("CAGR") in the Company's adjusted basic earnings per share ("EPS") over the performance period. No portion of the EPS element may vest unless the CAGR in EPS over the performance period at least equals 5%p.a., for which 0% of the EPS element may vest, rising on a straight-line basis to full vesting of the EPS element for CAGR in EPS over the performance period of 14%p.a. or better. The base point for such CAGR calculation shall be the reported EPS for the 2020 financial year but with the full year 2020 earnings of the disposed milkrite | InterPuls business added back.
The EPS element of the awards is subject to a return on capital employed underpin in respect of which the Remuneration Committee retains discretion to reduce the extent of vesting of the EPS element by regard to the Company's ROCE performance over the performance period.
The Remuneration Committee also retains a general discretion to reduce the extent of vesting of the awards generally if it considers that the underlying business performance of the Company does not justify vesting.
Fuller details of the performance conditions applicable to the awards will be set out in the Company's Directors' Remuneration Report for the year ending 30 September 2021.
In addition, the Company has granted Keyana Hughes an additional 2,638 shares as part of the Company's 2020 LTIP awards as a result of her promotion to President of Operations part way through the 2020 financial year. These awards were granted as conditional awards and will ordinarily vest on 1 December 2022, subject to continued service and the Remuneration Committee's assessment of the extent to which the performance conditions applicable to the awards are satisfied. Fuller details of the performance conditions applicable to these awards were set out in the Company's Directors' Remuneration Report for the year ending 30 September 2019.
The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.
Details of the full notifications received by the Company are set out below.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Paul McDonald | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Avon Rubber p.l.c. | ||||
b) | LEI | 213800JM1AN62REBWA71 | ||||
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
Identification code | Ordinary Shares of £1 each in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Grant of a nil cost option award under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 2 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Nick Keveth | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Financial Officer | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Avon Rubber p.l.c. | ||||
b) | LEI | 213800JM1AN62REBWA71 | ||||
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
Identification code | Ordinary Shares of £1 each in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Grant of a nil cost option award under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 2 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Miles Ingrey-Counter | ||||
2 | Reason for Notification | |||||
a) | Position/status | Company Secretary | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Avon Rubber p.l.c. | ||||
b) | LEI | 213800JM1AN62REBWA71 | ||||
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
Identification code | Ordinary Shares of £1 each in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Grant of a nil cost option award under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 2 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | James Wilcox | ||||
2 | Reason for Notification | |||||
a) | Position/status | President, Military | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Avon Rubber p.l.c. | ||||
b) | LEI | 213800JM1AN62REBWA71 | ||||
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
Identification code | Ordinary Shares of £1 each in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Grant of a conditional award under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 2 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | David Mack | ||||
2 | Reason for Notification | |||||
a) | Position/status | President, First Responder | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Avon Rubber p.l.c. | ||||
b) | LEI | 213800JM1AN62REBWA71 | ||||
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
Identification code | Ordinary Shares of £1 each in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Grant of a conditional award under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 2 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Keyana Hughes | ||||
2 | Reason for Notification | |||||
a) | Position/status | President, Operations | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Avon Rubber p.l.c. | ||||
b) | LEI | 213800JM1AN62REBWA71 | ||||
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
Identification code | Ordinary Shares of £1 each in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Grant of a conditional award under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 2 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Jose Rizo-Patron | ||||
2 | Reason for Notification | |||||
a) | Position/status | President, Team Wendy | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Avon Rubber p.l.c. | ||||
b) | LEI | 213800JM1AN62REBWA71 | ||||
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
Identification code | Ordinary Shares of £1 each in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Grant of a conditional award under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 2 February 2021 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Enquiries:
Avon Rubber p.l.c.
Miles Ingrey-Counter, Company Secretary 01225 896 850