Avon Protection Regulatory News (AVON)

13 Jun 2007 16:09

Avon Rubber PLC13 June 2007 For Immediate Release 13 June 2007 Avon Rubber p.l.c. ("Avon" or the "Company") Employee Share Ownership Trust Avon Rubber p.l.c. (the "Company") announces that, the Company has recommendedto Towers Perrin Share Plan Services (Guernsey) Limited (the "Trustee"), theTrustee of the Company's Employee Share Ownership Trust (the "ESOT"), that itrevise the current hedging arrangements in respect of the Company's PerformanceShare Plan 2002 (the "Plan"). The ESOT currently holds 666,190 shares in theCompany which are being held to hedge potential awards under the Plan. Given thelikely vesting profile of these awards the Company has recommended that theTrustee consider disposing of up to 666,190 ordinary shares of £1 each in theCompany, at such time as the Trustee sees fit. The original purchase of the shares held by the Trustee was funded by paymentsfrom the Company to the Trustee made for the purposes of establishing thehedging arrangement relating to the ESOT. To ensure that there is no prejudiceto the beneficiaries of the ESOT, the Trustee will apply the proceeds of anydisposal to subscribe for up to 666,191 new ordinary shares of £1 each in theCompany. Once the disposal by the Trustee has taken place a formal application for thelisting of up to 666,191 ordinary shares of £1 each in the Company will be madeto the UK Listing Authority and the London Stock Exchange. The shares are beingallotted to trade on the London Stock Exchange and to be admitted to theOfficial List upon allotment and will be held by the Trustee in order to satisfyawards under the Plan. The total number of ordinary shares subject to awards currently outstandingunder the Plan is 812,765 (representing 2.87% of the Company's issued sharecapital). Options outstanding over shares under the Plan to Directors and personsdischarging managerial responsibility are as follows:-T.K.P. Stead - 315,500P.C. Slabbert - 151,441Total - 466,941 -Ends- Contact Information: Avon Rubber p.l.c. 01225 896831Peter Slabbert, Finance Director Weber Shandwick Financial 020 7067 0700Richard Hews / Rachel Taylor / Hannah Marwood This information is provided by RNS The company news service from the London Stock Exchange