Last checked at 5 Jun 2014 15:54
Renold plc
("Renold" or "the Company")
GRANT OF AWARDS - PERFORMANCE SHARE PLAN
Renold announces that nil cost options were granted today under the 2013 Performance Share Plan to the Executive Directors of the Company, as listed below.
The number of shares placed under award was based on the average mid-market price for the preceding three days which was 65.17 pence.
Name of Director/PDMR | Number of PSP Awards |
Robert Purcell (Chief Executive) | 460,358 |
Brian Tenner (Finance Director) | 283,887 |
The performance period applicable to the Awards is 1 April 2014 to 31 March 2017. The performance criteria for the vesting of awards are as follows:
Compound Annual Growth Rate in adjusted earnings per share ('adjusted EPS'). | |
Entry level threshold - 25% of awards vest | 20% |
Maximum vesting - 100% of awards vest | 30% |
Between these two points awards vest on a linear basis. The starting measurement point is the adjusted EPS figure for the year ended 31 March 2014 (i.e. 3.2 pence per share).
The transaction took place at Renold House, Styal Road, Manchester, M22 5WL. This announcement is made pursuant to Disclosure Rule 3.1.4 following notification under Disclosure Rule 3.1.2.
5 June 2014
ENQUIRIES:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive Officer | |
Brian Tenner, Finance Director | |
Arden Partners | 020 7614 5929 |
Chris Hardie | |
Instinctif | 020 7457 2020 |
Mark Garraway | |
Helen Tarbet |
NOTES FOR EDITORS
Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.
Further information about Renold can be found on its website at: www.renold.com