Last checked at 7 Jun 2017 14:26
Renold plc
("Renold" or "the Company")
GRANT OF AWARDS - PERFORMANCE SHARE PLAN
Renold announces that nil cost options (the "Awards") were granted on 5 June 2017 under the 2013 Performance Share Plan to the Executive Directors of the Company.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
The number of shares under the Awards was based on the average mid-market price for the preceding three days which was 54.79 pence.
The performance period applicable to the Awards is 1 April 2017 to 31 March 2020.
Robert Purcell (Chief Executive Officer) |
Nil cost options over 1,095,090 shares were granted. The performance criteria for the vesting of the award is as follows. There are two performance targets.
EPS target attached to 50% of the award as follows:
Compound Annual Growth Rate in adjusted earnings per share ('adjusted EPS'). |
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Entry level threshold - 25% of awards vest | 10% |
Maximum vesting - 100% of awards vest | 15% |
Between these two points the award vests on a linear basis. The starting measurement point is the adjusted EPS figure for the year ended 31 March 2017.
Provided that the minimum EPS target is achieved, a TSR target is attached to 50% of the award as follows:
TSR at the end of the Performance Period | % of Part B of Option that Vests |
0% | |
83.9p | 25% |
Between 83.9p and 109.9p | 25%-100% pro-rata |
109.9p | 100% |
Ian Scapens (Group Finance Director) Nil cost options over 337,653 shares were granted. The performance criteria for the vesting of the award is as follows: |
Compound Annual Growth Rate in adjusted earnings per share ('adjusted EPS'). |
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Entry level threshold - 25% of awards vest | 10% |
Maximum vesting - 100% of awards vest | 15% |
Between these two points the award vests on a linear basis. The starting measurement point is the adjusted EPS figure for the year ended 31 March 2017.
5 June 2017
ENQUIRIES:
Renold plc | 0161 498 4500 |
Robert Purcell, Chief Executive Officer |
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Ian Scapens, Group Finance Director |
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Arden Partners | 020 7614 5929 |
Chris Hardie |
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Instinctif | 020 7457 2020 |
Mark Garraway |
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Helen Tarbet |
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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
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Robert Purcell | ||||
2 | Reason for the notification | |||||
a) | Position/status | Chief Executive Officer | ||||
b)
| Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Renold plc | ||||
b) | LEI | 213800LNDGJY65SP6P54 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a)
| Description of the financial instrument, type of instrument Identification code | Nil cost options over Ordinary Shares of £0.05
ISIN: GB0007325078
| ||||
b) | Nature of the transaction | Grant of options | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A - single transaction | ||||
e) | Date of the transaction | 5 June 2017 | ||||
f) | Place of the transaction | London Stock Exchange (XLON) | ||||
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Ian Scapens | ||||
2 | Reason for the notification | |||||
a) | Position/status | Group Finance Director | ||||
b)
| Initial notification /Amendment | Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Renold plc | ||||
b) | LEI | 213800LNDGJY65SP6P54 | ||||
4
| Details of the transaction(s): section to be repeated for (i) each type of instrument; (ii) each type of transaction; (iii) each date; and (iv) each place where transactions have been conducted | |||||
a)
| Description of the financial instrument, type of instrument Identification code | Nil cost options over Ordinary Shares of £0.05
ISIN: GB0007325078
| ||||
b) | Nature of the transaction | Grant of options | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | N/A - single transaction | ||||
e) | Date of the transaction | 5 June 2017 | ||||
f) | Place of the transaction | London Stock Exchange (XLON) | ||||