Director/PDMR Shareholding (3571U)
December 20 2011 - 9:30AM
UK Regulatory
TIDMAVON
RNS Number : 3571U
Avon Rubber PLC
20 December 2011
20 December 2011
Avon Rubber p.l.c. ("the Company")
Directors' and PDMRs' Interest in Shares
As disclosed in the 2011 annual report, awards representing 69%
of the maximum possible award under the Avon Rubber p.l.c.
Performance Share Plan 2002 ('the Awards'), were granted to
Executive Directors, persons discharging managerial
responsibilities ('PDMRs') and other employees (together
'Participants') on 8 January 2009. The Awards were made subject to
a performance condition based on the Company's Total Shareholder
Return ('TSR') relative to the TSR of a comparator group, to be
measured over a 3 year performance period which commenced on 1
October 2008 and ended on 30 September 2011. The Company's TSR
performance by reference to the comparator group was measured over
the 5 days following the announcement of the Company's annual
results for the year ended 30 September 2011. The Remuneration
Committee confirmed on 1 December 2011 that the Awards vested in
full.
The Company today received valid notices to exercise all of the
Awards and accordingly 1,225,347 shares were transferred from the
Avon Rubber plc Employee Share Ownership Trust No.1 to the
Participants.
In order to facilitate the payment of tax and National Insurance
liabilities the Participants sold the relevant portions of their
awards. In addition, a number of further sales were carried out for
personal reasons. In accordance with the shareholding guidelines
referred to in the annual report both the Executive Directors
retained at least two thirds of their after tax awards and are
obliged to build up a shareholding equivalent to one and a half
times base salary.
The table below sets out the total number of shares awarded to
the Executive Directors and PDMRs, total disposals, the net
increase in the shares owned by the relevant individuals and their
total shareholdings following these transactions:
Total award Total disposal Net increase Total shareholding
in shareholding
Executive Directors
Peter Slabbert 460,714 343,572 126,142 139,975
------------ --------------- ----------------- -------------------
Andrew Lewis 222,857 147,857 75,000 75,000
------------ --------------- ----------------- -------------------
PDMRs
Miles Ingrey-Counter 60,000 35,000 25,000 25,000
------------ --------------- ----------------- -------------------
Paul McDonald 62,571 32,537 30,034 30,034
------------ --------------- ----------------- -------------------
Other employees accounted for total awards of 419,205 and total
disposals of 275,442. The total number of shares sold on behalf of
Participants was 825,408.
As a result of the above transactions the combined holding of
the two Employee Share Ownership Trusts reduced from 2,537,681
shares to 1,312,334 shares
Contact Information: Miles Ingrey-Counter, Company Secretary, on
telephone 01225 896850
This information is provided by RNS
The company news service from the London Stock Exchange
END
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