Last checked at 8 Mar 2016 14:36
FOR IMMEDIATE RELEASE 8 MARCH 2016
Chemring Group PLC
Notification of Performance Share Plan Award
On 7 March 2016, a conditional award over ordinary shares of 1 pence each in Chemring Group PLC ("Shares" and the "Company") was made to a person discharging managerial responsibilities ("PDMR") as follows.
Name of PDMR | No. of Shares under the award
|
Juan Navarro | 231,944 |
The award was granted under the Chemring Group Performance Share Plan 2006.
No consideration was paid for the grant of the award and no consideration is due on the vesting of the award.
The award 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 award are based as to one half of each award on the Company's adjusted earnings per share growth ("EPS") over four financial years of the Company, starting with 1 November 2014 ("EPS Performance Period"), and as to the other half of each award on the Company's total shareholder return ("TSR") performance over the three year performance period starting with 1 November 2015 ("TSR Performance Period").
No portion of the EPS element shall vest unless the compound annual growth rate ("CAGR") in EPS over the EPS 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.
As previously disclosed, in relation to the TSR element, the performance condition will compare the Company's TSR over the TSR 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 TSR 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 transaction on 7 March 2016.
This notification is being made in accordance with DTR 3.1.4(a).
Enquiries:
Sarah Ellard
Group Legal Director & Company Secretary
Chemring Group PLC
01794 833901