Last checked at 16 Mar 2020 14:55
16 March 2020
Avon Rubber p.l.c. ("the Company")
Directors' and PDMRs' Interest in Shares
As disclosed in the 2019 annual report, awards representing 100% of the maximum possible award under the Avon Rubber p.l.c. Performance Share Plan 2010, were granted to Executive Directors, persons discharging managerial responsibilities ('PDMRs') and other employees (together 'Participants') on 8 December 2016 ('the 2016 Awards').
The Awards were made subject to performance conditions based on the Company's Total Shareholder Return ('TSR') and Earnings Per Share ('EPS'), to be measured over a 3 year performance period which commenced on 1 October 2016 and ended on 30 September 2019. The start and end point of 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 2016 and the year ended 30 September 2019. The Company's EPS performance was measured by reference to the EPS in the 2016 and 2019 year end results.
The Remuneration Committee confirmed on 9 March 2020 that 80% of the 2016 Awards would vest.
The Company received valid exercise notices from the Participants in respect of the 2016 Awards. As a result, on 11 March 2020, Paul McDonald, Miles Ingrey-Counter and Craig Sage, pursuant to the terms of the relevant joint ownership awards, sold their vested interests over all jointly owned shares in the market and exercised their nil cost options to acquire whole shares in the Company. Some of these shares were then sold to meet tax and National Insurance liabilities associated with the vesting of the 2016 Awards. James Wilcox acquired whole shares pursuant to his 2016 Awards and sold a number of shares to meet tax and National Insurance/US social security liabilities and for personal reasons.
The table below sets out the total number of shares over which the 2016 Awards were made to Executive Directors and PDMRs and total disposals:
Total Vested Award* | Whole shares acquired under nil cost option/conditional award | Whole shares disposed | |
Executive Director | |||
Paul McDonald | 11,888 | 5,921 | 2,783 |
PDMRs | |||
Miles Ingrey-Counter | 10,242 | 5,101 | 2,398 |
Craig Sage | 8,840 | 4,403 | 2,070 |
James Wilcox | 5,334 | 5,334 | 5,334 |
*80% of the total number of the 2016 Awards. Paul McDonald, Miles Ingrey-Counter and Craig Sage held an interest in the number of shares shown in the above table which was sold, on 11 March 2020, following the vesting of the 2016 Awards. The proceeds due to the executives on sale of the jointly owned shares were determined by the 2016 Joint Ownership Agreements as £10.97 per share.
The following notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulation.
Notification and public disclosure of transactions by PDMRs:
1. Disposal of interests in jointly owned shares pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010
1 | Details of person discharging managerial responsibilities/person closely associated | |||||
a) | Name | 1) Paul McDonald 2) Miles Ingrey-Counter 3) Craig Sage | ||||
2 | Reason for the notification | |||||
a) | Position / status | 1) Chief Executive Officer 2) Company Secretary 3) Divisional Head - Dairy | ||||
b) | Initial notification / amendment | Initial notification
| ||||
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 and ISIN Code | Ordinary £1 shares in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Disposal of interests in jointly owned shares pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010 | ||||
c) | Price(s) and volume(s)
|
*of which £10.97 per jointly owned share was payable to the PDMRs. | ||||
d) | Aggregated Information 1) - Aggregated volume - Aggregated price - Aggregated total 2) - Aggregated volume - Aggregated price - Aggregated total 3) - Aggregated volume - Aggregated price - Aggregated total
|
11,888 GBP 23.00 GBP 273,424
10,242 GBP 23.00 GBP 235,566
8,840 GBP 23.00 GBP 203,320
| ||||
e) | Date of the transactions | All occurred on 2020-03-11
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f) | Place of the transaction | London Stock Exchange (XLON)
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2. Acquisition of shares pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010
1 | Details of person discharging managerial responsibilities/person closely associated | |||||
a) | Name | 1) Paul McDonald 2) Miles Ingrey-Counter 3) Craig Sage 4) James Wilcox | ||||
2 | Reason for the notification | |||||
a) | Position / status | 1) Chief Executive Officer 2) Company Secretary 3) Divisional Head - Dairy 4) Divisional Head - Military | ||||
b) | Initial notification / amendment | Initial notification
| ||||
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 and ISIN Code | Ordinary £1 shares in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Shares acquired on the exercise of nil cost options and conditional awards pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010 | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated Information 1) - Aggregated volume - Aggregated price - Aggregated total 2) - Aggregated volume - Aggregated price - Aggregated total 3) - Aggregated volume - Aggregated price - Aggregated total 4) - Aggregated volume - Aggregated price - Aggregated total |
5,921 GBP nil GBP nil
5,101 GBP nil GBP nil
4,403 GBP nil GBP nil
5,334 GBP nil GBP nil | ||||
e) | Date of the transactions | All occurred on 2020-03-11
| ||||
f) | Place of the transaction | London Stock Exchange (XLON)
| ||||
3. Disposal of shares resulting from the exercise of nil cost options pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010
1 | Details of person discharging managerial responsibilities/person closely associated | |||||
a) | Name | 1) Paul McDonald 2) Miles Ingrey-Counter 3) Craig Sage 4) James Wilcox | ||||
2 | Reason for the notification | |||||
a) | Position / status | 1) Chief Executive Officer 2) Company Secretary 3) Divisional Head - Dairy 4) Divisional Head - Military | ||||
b) | Initial notification / amendment | Initial notification
| ||||
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 and ISIN Code | Ordinary £1 shares in Avon Rubber p.l.c.
GB0000667013 | ||||
b) | Nature of the transaction | Disposal of shares resulting from the exercise of nil cost options pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010 to pay tax, National Insurance/US social security and for personal reasons | ||||
c) | Price(s) and volume(s)
|
| ||||
d) | Aggregated Information 1) - Aggregated volume - Aggregated price - Aggregated total 2) - Aggregated volume - Aggregated price - Aggregated total 3) - Aggregated volume - Aggregated price - Aggregated total 4) - Aggregated volume - Aggregated price - Aggregated total
|
2,783 GBP 23.00 GBP 64,009
2,398 GBP 23.00 GBP 55,154
2,070 GBP 23.00 GBP 47,610
5,334 GBP 23.00 GBP 122,682
| ||||
e) | Date of the transactions | All occurred on 2020-03-11
| ||||
f) | Place of the transaction | London Stock Exchange (XLON)
| ||||
LEI: 213800JM1AN62REBWA71Classification: Transactions by PDMRs under article 19 of the Market Abuse Regulation.
Contact Information:
Avon Rubber p.l.c.
Miles Ingrey-Counter, Company Secretary
| 01225 896850
|