Last checked at 8 Mar 2016 11:20
RNS Number:3952RAvon Rubber p.l.c.8 March 2016
AVON RUBBER p.l.c. ("Avon", the "Group" or the "Company")
Director/PDMR Shareholding
The Company has been notified that, on 7 March 2016, Rob Rennie, the Chief Executive of the Company purchased 771 Avon Rubber p.l.c. ordinary shares of £1 each ("Shares") at a purchase price of 763.5 pence per Share.
Following this transaction, which represents 0.002% of the issued share capital of the Company, Mr Rennie holds 10,771 Shares, representing 0.03% of the issued share capital of the Company. The registered shareholder is Redmayne (Nominees) Limited.
The Shares were purchased on the open market by Mr Rennie using employer's pension contributions which have been paid to him by the Company as a salary supplement. In future, it is Mr Rennie's intention to make further purchases of Shares using accumulated employer's pension contributions pursuant to a trading plan, as defined and required under paragraphs 23 to 26 of the Model Code at Annex 1 of Listing Rule 9, entered into today. Further details of the trading plan are set out below.
Under the trading plan, Mr Rennie has instructed Arden Partners plc to acquire ordinary shares in the Company on a quarterly basis using his accumulated employer's pension contributions. These contributions equate to 15% of Mr Rennie's annual salary of £300,000 and are normally paid monthly. Under the trading plan each contribution will be subjected to income tax and national insurance deductions and withheld by the Company each month for 3 months.
On the 5th day of the following month (or the next working day) the accumulated contributions will be used to purchase the Company's shares at the best price obtainable. Each purchase will be announced to the market at the appropriate time.
The purchased shares will be treated as forming part of the shareholding Mr Rennie must accumulate to satisfy the shareholding guidelines applying to the CEO role. He will not therefore be entitled to sell the shares purchased under this trading plan until he has accumulated shares with a value equal to two times' his annual salary.
For further information contact:
Miles Ingrey-Counter, Company Secretary 01225 896850