Morgan Advanced Materials Regulatory News (MGAM)

RNS Announcement Morgan Advanced Materials Plc

Board change

Morgan Advanced Materials announces that Kevin Dangerfield, Chief Financial Officer, is to leave the company after 16 years of service.

Kevin joined Morgan Advanced Materials in 2000 as Deputy Group Financial Controller. He was appointed to the Board on becoming Chief Financial Officer in August 2006.

Andrew Shilston, Chairman, said:

"On behalf of the Board, I would like to thank Kevin for his contribution to the Company. During more than a decade and a half he has played a significant role in shaping the company and delivering a much improved financial performance. We also thank him for stepping up to the role of interim Chief Executive Officer prior to Pete Raby's arrival in August last year."

Kevin Dangerfield said:

"I have hugely enjoyed my time at Morgan and feel privileged to have played my part in building a stronger and more profitable business. I wish the company every success in the future."

Mr Dangerfield will leave the company on March 31. We will announce his successor in due course.

Enquiries:

Notes to Editors:

The following payments will be made to Mr Dangerfield:

· Mr Dangerfield will receive a one-off payment of £87,360 in connection with the termination of his employment.

· Mr Dangerfield will remain an employee and director of the Company until 31 March 2016 and will continue to receive his contractual pay and benefits for that period.

· The Company will make an initial payment on termination of £151,076 and two further payments of £141,076 gross to Mr Dangerfield, in lieu of notice for the remainder of his contractual notice period, made up of base salary, the cash equivalent of pension contributions and other benefits. These figures will be adjusted to reflect any additional payments that would have been due to Mr Dangerfield following closure of the Morgan Group Senior Staff Pension Life Assurance Scheme to further accrual, had he served his full notice. The first of these payments will be made on his termination date and the last will be made no later than November 2016.

· If Mr Dangerfield obtains an alternative remunerated position prior to 31 March 2017 the Company will be entitled to make a corresponding reduction to the above payments.

· The Company will also pay outplacement fees up to £20,000 plus VAT.

Retained share awards

The Morgan Advanced Materials Bonus Deferral Share Matching Plan: Mr Dangerfield's 15,313 deferred shares (which include notional dividends accrued) will vest on termination of his employment and will be subject to withholding for tax and NI. These deferred shares were awarded as a result of performance under incentive schemes in prior years, and acquired voluntarily with bonus earned. Mr Dangerfield's matching award of up to 44,325 shares under the rules of the plan will lapse on termination of his employment.

Morgan Advanced Materials plc Long-Term Incentive Plan (LTIP): In line with the rules of the LTIP, Mr Dangerfield's awards totalling 286,511 shares (2013, 2014 and 2015 schemes) will lapse on termination of his employment.

Morgan Advanced Materials plc Sharesave Scheme: Mr Dangerfield will be entitled to repayment of his savings under the Company's Sharesave Scheme. His option to purchase 3,515 shares (2014 scheme) will lapse.

All payments are in line with the Company's Remuneration Policy (which was approved by shareholders at the 2014 AGM). No further payments are to be made to Mr Dangerfield in connection with his loss of office or the cessation of his employment.

www.morganadvancedmaterials.com

Morgan Advanced Materials plc Registered in England & Wales at Quadrant, 55-57 High Street, Windsor, Berkshire SL4 1LP UK Company No. 286773