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29 Apr 2014 13:20
FOR IMMEDIATE RELEASE 29 APRIL 2014
Chemring Group PLC
Notification of Performance Share Plan Awards
On 28 April 2014, conditional awards over ordinary shares of 1 pence each in Chemring Group PLC ("Shares" and the "Company") were made to certain directors and other persons discharging managerial responsibilities ("PDMRs") as follows.
Name of director/PDMRs | No. of Shares under the award
|
Mark Papworth | 307,112 |
Steve Bowers | 193,965 |
Sarah Ellard | 139,978 |
Juan Navarro | 106,994 |
The awards were granted under the Chemring Group Performance Share Plan 2006.
No consideration was paid for the grant of the awards and no consideration is due on the vesting of the awards.
The awards will ordinarily vest on the third anniversary of grant subject to the grantee's continued service and to the extent performance conditions are satisfied.
The performance conditions applying to the awards are based as to one half of each award on the Company's adjusted earnings per share growth ("EPS") over three financial years of the Company, starting with the current financial year, and as to the other half of each award on the Company's total shareholder return ("TSR") performance over the same three year performance period.
No portion of the EPS element shall vest unless the compound annual growth rate ("CAGR") in EPS over the performance period is at least 5% p.a., for which one quarter of the EPS element may vest rising on a straight-line basis for full vesting of the EPS element where the CAGR in EPS over the performance period is 10% p.a. or greater.
The base EPS figure for the purposes of such growth calculations (for the year ended 31 October 2013) will be calculated on a proforma basis to take account of the Company's recently announced proposed disposal of the Company's European Munitions Business (Mecar and Simmel). Such figure shall be externally validated by the Company's auditors, Deloitte.
The proforma base EPS figure shall be determined by the Remuneration Committee no later than 31 October 2014, with an appropriate adjustment to reflect the reduction in interest charges achieved following the proposed repayment of loan notes in the current year, and will be disclosed in the Annual Report on Directors' Remuneration for the current financial year of the Company.
As previously disclosed, in relation to the TSR element, the performance condition will compare the Company's TSR over the performance period against the TSR performance of a comparator group of companies.
No portion of the TSR element shall vest unless the Company's TSR performance over the performance period relative to the TSR performance of the comparator group is at least median performance, for which one quarter of the TSR element may vest, rising on a straight-line basis to full vesting of the TSR element for upper quartile ranking TSR performance or better.
The Company was informed of the above transactions on 28 April 2014.
This notification is being made in accordance with DTR 3.1.4(a).
Enquiries:
Sarah Ellard
Group Legal Director & Company Secretary
Chemring Group PLC
01489 881880
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