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20 Dec 2011 15:30
20 December 2011
Avon Rubber p.l.c. ("the Company")
Directors' and PDMRs' Interest in Shares
As disclosed in the 2011 annual report, awards representing 69% of the maximum possible award under the Avon Rubber p.l.c. Performance Share Plan 2002 ('the Awards'), were granted to Executive Directors, persons discharging managerial responsibilities ('PDMRs') and other employees (together 'Participants') on 8 January 2009. The Awards were made subject to a performance condition based on the Company's Total Shareholder Return ('TSR') relative to the TSR of a comparator group, to be measured over a 3 year performance period which commenced on 1 October 2008 and ended on 30 September 2011. The Company's TSR performance by reference to the comparator group was measured over the 5 days following the announcement of the Company's annual results for the year ended 30 September 2011. The Remuneration Committee confirmed on 1 December 2011 that the Awards vested in full.
The Company today received valid notices to exercise all of the Awards and accordingly 1,225,347 shares were transferred from the Avon Rubber plc Employee Share Ownership Trust No.1 to the Participants.
In order to facilitate the payment of tax and National Insurance liabilities the Participants sold the relevant portions of their awards. In addition, a number of further sales were carried out for personal reasons. In accordance with the shareholding guidelines referred to in the annual report both the Executive Directors retained at least two thirds of their after tax awards and are obliged to build up a shareholding equivalent to one and a half times base salary.
The table below sets out the total number of shares awarded to the Executive Directors and PDMRs, total disposals, the net increase in the shares owned by the relevant individuals and their total shareholdings following these transactions:
Total award | Total disposal | Net increase in shareholding | Total shareholding | |
Executive Directors | ||||
Peter Slabbert | 460,714 | 343,572 | 126,142 | 139,975 |
Andrew Lewis | 222,857 | 147,857 | 75,000 | 75,000 |
PDMRs | ||||
Miles Ingrey-Counter | 60,000 | 35,000 | 25,000 | 25,000 |
Paul McDonald | 62,571 | 32,537 | 30,034 | 30,034 |
Other employees accounted for total awards of 419,205 and total disposals of 275,442. The total number of shares sold on behalf of Participants was 825,408.
As a result of the above transactions the combined holding of the two Employee Share Ownership Trusts reduced from 2,537,681 shares to 1,312,334 shares
Contact Information: Miles Ingrey-Counter, Company Secretary, on telephone 01225 896850
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