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Last checked at 
27 Jul 2016 17:21
27 July 2016
Norcros plc
("Norcros" or "the Company")
Directors' Dealings - APSP Share Option and Deferred Share awards
APSP Share Option Awards
Norcros announces that the Remuneration Committee of the Company has today granted the following HMRC approved and unapproved share option awards (the "APSP Awards") to the Executive Directors of the Company under the Company's Approved Performance Share Plan (the "APSP") over ordinary shares of ten pence each in the Company ("Ordinary Shares").
Name/Position | Number of Ordinary Shares subject to the APSP Award | Option Exercise Price |
Nick Kelsall Group Chief Executive | 232,356 (HMRC unapproved) | Nil |
Shaun Smith Group Finance Director | 20,000 (HMRC approved) | 150 pence |
Shaun Smith Group Finance Director | 136,060 (HMRC unapproved) | Nil |
Under the APSP, awards are made subject to performance targets relating to the Company's diluted underlying Earnings Per Share ("EPS"). Vesting of these shares is subject to achieving aggregate EPS over a three year performance period, starting with the 2017 financial year.
The APSP Awards will normally vest on the third anniversary of their grant, subject to satisfactory achievement of the performance targets. No consideration was paid for the APSP Awards and the consideration due to be payable on vesting will be the option exercise price (if any) shown above.
Bonus payment - Deferred Share Awards
Under the annual bonus scheme, 50 per cent. of an Executive Director's total bonus for the year is satisfied in cash, with the other 50 per cent. in the form of nil cost options under the Company's Deferred Share Bonus Plan (the "Deferred Plan"). These options represent 50 per cent. of the bonuses earned by the Executive Directors for the 2016 financial year. The previous Group Finance Director's entitlement to this award lapsed on his resignation, effective 12 May 2016.
Norcros therefore also announces that the Remuneration Committee has today granted the following nil cost share option awards in respect of the year ended 31 March 2016 (the "Deferred Awards") to the relevant Executive Director of the Company over ordinary shares of ten pence each in the Company ("Ordinary Shares").
Name/Position | Number of Ordinary Shares subject to the Deferred Plan Award |
Nick Kelsall Group Chief Executive | 92,544 |
The Deferred Awards will normally vest on the third anniversary of their grant. Because these shares represent part of a bonus already earned, no consideration was paid for the Deferred Awards and no consideration is due to be payable on vesting.
Other information:
Norcros plc LEI: 213800EIMJZZA1GB1E18
Ordinary Shares identity code: GB00BYYJL418
Date of transaction: 27 July 2016
Place of transaction: Wilmslow, Cheshire, England
Further enquiries:
Norcros plc | Tel: 01625 547 700 |
Nick Kelsall, Group Chief Executive Shaun Smith, Group Finance Director |
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Hudson Sandler | Tel: 0207 796 4133 |
Nick Lyon |
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Charlie Jack |
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Katie Cohen |
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