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20 Oct 2023 15:00
Avon Protection plc
20 October 2023
NOTIFICATION OF PDMR DEALING
AVON PROTECTION PLC
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.
LTIP awards
On 19 October 2023 the following awards over ordinary shares of £1 each in Avon Protection plc 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 I | No. of Shares under Award II |
James Wilcox | President Head Protection | US | 47,980 | 11,387 |
Steve Elwell | President Respiratory Protection | UK | 42,633 | 6,848 |
Paul Hamilton | President of Operational Excellence and Continuous Improvement | US | 42,892 | 2,796 |
Miles Ingrey-Counter | General Counsel and Company Secretary | UK | 41,336 | 10,482 |
The awards were granted as nil cost options for the two UK resident PDMRs and as conditional awards for the two PDMRs who are resident in the US.
In respect of the awards noted as Award I above: such nil cost option awards will ordinarily become exercisable and the conditional awards will ordinarily vest on 19 October 2026, 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. The performance conditions attached to such awards have an underlying performance period of three financial years of the Company (commencing with the current financial year) and relate to measures of profit after tax and return on invested capital.
In respect of the awards noted as Award II above: such nil cost option awards will ordinarily become exercisable and the conditional awards will ordinarily vest on 19 October 2026, subject to the grantee's continued service and satisfactory personal performance.
In respect of both types of award the Remuneration Committee retains a general discretion under the rules of the LTIP to adjust the extent of vesting that would otherwise apply to take into account such factors as it considers relevant (including, but not limited to, the overall performance of the Company, any Group Member or the grantee).
Part waiver and cancellation of certain LTIP awards
On 19 October 2023 the following person(s) discharging managerial responsibilities waived awards granted to them under the LTIP in 2021 and 2022 in respect of the number of ordinary shares of £1 each in Avon Protection plc as summarised below:
PDMR | Position | Country of residence | No. of Shares waived under 02.02.21 LTIP Award | No. of Shares waived under 01.02.22 LTIP Award |
James Wilcox | President Head Protection | US | 10,624 | 12,151 |
Steve Elwell | President Respiratory Protection | UK | 4,198 | 9,498 |
Paul Hamilton | President of Operational Excellence and Continuous Improvement | US | - | 5,592 |
Miles Ingrey-Counter | General Counsel and Company Secretary | UK | 10,316 | 10,648 |
The aforementioned waivers equated to one half of the total number of Shares in respect of which such awards were ordinarily granted which had associated earnings per share performance conditions attached.
The balance of the awards remains intact and continues to be capable of vesting on the associated third anniversary of the grant, subject to the grantee's continued service and to the extent to which the original total shareholder related performance conditions attached to such remaining balance of such awards are met.
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 | Steve Elwell | ||||||
2 | Reason for Notification | |||||||
a) | Position/status | President Respiratory Protection | ||||||
b) | Initial notification/Amendment | Initial Announcement | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Avon Protection plc | ||||||
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 Protection plc
GB0000667013 | ||||||
b) | Nature of the transaction | Grant of two nil cost option awards under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
49,481 Nil | ||||||
e) | Date of the transaction | 19 October 2023 | ||||||
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 | General Counsel and 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 Protection plc | ||||||
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 Protection plc
GB0000667013 | ||||||
b) | Nature of the transaction | Grant of two nil cost option awards under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
51,818 Nil | ||||||
e) | Date of the transaction | 19 October 2023 | ||||||
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 Head Protection | ||||||
b) | Initial notification/Amendment | Initial Announcement | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Avon Protection plc | ||||||
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 Protection plc
GB0000667013 | ||||||
b) | Nature of the transaction | Grant of two conditional awards under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
59,367 Nil | ||||||
e) | Date of the transaction | 19 October 2023 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Paul Hamilton | ||||||
2 | Reason for Notification | |||||||
a) | Position/status | President of Operational Excellence and Continuous Improvement | ||||||
b) | Initial notification/Amendment | Initial Announcement | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Avon Protection plc | ||||||
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 Protection plc
GB0000667013 | ||||||
b) | Nature of the transaction | Grant of two conditional awards under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
45,688 Nil | ||||||
e) | Date of the transaction | 19 October 2023 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||||
a) | Name | Steve Elwell | ||||||
2 | Reason for Notification | |||||||
a) | Position/status | President Respiratory | ||||||
b) | Initial notification/Amendment | Initial Announcement | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Avon Protection plc | ||||||
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 Protection plc
GB0000667013 | ||||||
b) | Nature of the transaction | Part surrender of 2021 and 2023 awards under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
13,696 Nil
| ||||||
e) | Date of the transaction | 19 October 2023 | ||||||
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 | General Counsel and 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 Protection plc | ||||||
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 Protection plc
GB0000667013 | ||||||
b) | Nature of the transaction | Part surrender of 2021 and 2023 awards under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
20,964 Nil
| ||||||
e) | Date of the transaction | 19 October 2023 | ||||||
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 Head Protection | ||||||
b) | Initial notification/Amendment | Initial Announcement | ||||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||||
a) | Name | Avon Protection plc | ||||||
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 Protection plc
GB0000667013 | ||||||
b) | Nature of the transaction | Part surrender of 2021 and 2023 awards under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||||
c) | Price(s) and volume(s) |
| ||||||
d) | Aggregated information - Aggregated volume - Price |
22,775 Nil
| ||||||
e) | Date of the transaction | 19 October 2023 | ||||||
f) | Place of the transaction | Outside a trading venue | ||||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Paul Hamilton | ||||
2 | Reason for Notification | |||||
a) | Position/status | President of Operational Excellence and Continuous Improvement | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Avon Protection plc | ||||
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 Protection plc
GB0000667013 | ||||
b) | Nature of the transaction | Part surrender of 2021 and 2023 awards under the Avon Rubber p.l.c. Long Term Incentive Plan. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
5,592
| ||||
e) | Date of the transaction | 19 October 2023 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
Enquiries:
Avon Protection plc
Miles Ingrey-Counter, Company Secretary 01225 896 850
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