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21 Jul 2016 15:07
Renold plc
("Renold" or "the Company")
GRANT OF AWARDS - PERFORMANCE SHARE PLAN
Renold announces that nil cost options over 1,643,836 shares (the "Award") were granted today, under the 2013 Performance Share Plan to its Chief Executive, Robert Purcell.
The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.
The number of shares under the Award was based on the average mid-market price for the preceding three days which was 36.50 pence.
The performance period applicable to the Award is 1 April 2016 to 31 March 2019. There are two performance targets applying to the Award:
EPS Target attached to 50% of the Award as follows:
Compound Annual Growth Rate in adjusted earnings per share ('adjusted EPS'). |
|
Entry level threshold - 25% of awards vest | 10% |
Maximum vesting - 100% of awards vest | 15% |
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 2016.
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% | |
62.1p | 25% |
Between 62.1p and 106.5p | 25%-100% pro-rata |
106.5p | 100% |
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 | ||||
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 | 21 July 2016 | ||||
f) | Place of the transaction | London Stock Exchange | ||||
21 July 2016
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
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