TIDMAVON
RNS Number : 9194N
Avon Rubber PLC
03 February 2021
Avon Rubber PLC
3 February 2021
NOTIFICATION DEALING WITH GRANT OF AWARDS UNDER THE LTIP
AVON RUBBER P.L.C.
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them in accordance with the Market Abuse
Regulations.
On 2 February 2021 the following awards over ordinary shares of
GBP1 each in Avon Rubber p.l.c. were granted under the Avon Rubber
p.l.c. Long Term Incentive Plan ('LTIP') to the following person(s)
discharging managerial responsibilities:
PDMR Position Country No. of shares under
of residence Award
Paul McDonald Chief Executive Officer UK 28,153
=========================== ============== ====================
Nick Keveth Chief Financial Officer UK 19,707
=========================== ============== ====================
Miles Ingrey-Counter Company Secretary UK 6,918
=========================== ============== ====================
James Wilcox President, Military US 6,458
=========================== ============== ====================
David Mack President, First Responder US 5,950
=========================== ============== ====================
Keyana Hughes President, Operations US 5,871
=========================== ============== ====================
Jose Rizo-Patron President, Team Wendy US 6,458
=========================== ============== ====================
The awards were granted as a nil cost option for the three UK
resident PDMRs and conditional awards for the PDMRs who are
resident in the US. The nil cost option awards will ordinarily
become exercisable and the conditional awards will ordinarily vest
on 1 December 2023, subject to the grantee's continued service and
the Remuneration Committee's assessment of the extent to which the
performance conditions applicable to the awards are satisfied.
Each award is subject to two performance conditions (each
applicable to a distinct 50% of an award) measured over a
performance period of three financial years, starting with the 2021
financial year.
The first performance condition compares the Company's total
shareholder return ("TSR") performance over the performance period
relative to a comparator group. The comparator group for the TSR
element is the constituents of the FTSE 250 Index (excluding
investment trusts) as at the start of the performance period. No
portion of the TSR element may vest unless the Company's TSR
performance over the performance period at least equals the median
TSR performance within the comparator group, for which 20% of the
TSR element may vest, rising on a straight-line basis to full
vesting of the TSR element for upper quintile or better relative
TSR performance.
The second performance condition measures the Company's compound
annual growth rate ("CAGR") in the Company's adjusted basic
earnings per share ("EPS") over the performance period. No portion
of the EPS element may vest unless the CAGR in EPS over the
performance period at least equals 5%p.a., for which 0% of the EPS
element may vest, rising on a straight-line basis to full vesting
of the EPS element for CAGR in EPS over the performance period of
14%p.a. or better. The base point for such CAGR calculation shall
be the reported EPS for the 2020 financial year but with the full
year 2020 earnings of the disposed milkrite | InterPuls business
added back.
The EPS element of the awards is subject to a return on capital
employed underpin in respect of which the Remuneration Committee
retains discretion to reduce the extent of vesting of the EPS
element by regard to the Company's ROCE performance over the
performance period.
The Remuneration Committee also retains a general discretion to
reduce the extent of vesting of the awards generally if it
considers that the underlying business performance of the Company
does not justify vesting.
Fuller details of the performance conditions applicable to the
awards will be set out in the Company's Directors' Remuneration
Report for the year ending 30 September 2021.
In addition, the Company has granted Keyana Hughes an additional
2,638 shares as part of the Company's 2020 LTIP awards as a result
of her promotion to President of Operations part way through the
2020 financial year. These awards were granted as conditional
awards and will ordinarily vest on 1 December 2022, subject to
continued service and the Remuneration Committee's assessment of
the extent to which the performance conditions applicable to the
awards are satisfied. Fuller details of the performance conditions
applicable to these awards were set out in the Company's Directors'
Remuneration Report for the year ending 30 September 2019.
The information set out below is provided in accordance with the
requirements of Article 19(3) of the Market Abuse Regulation (EU)
No 596/2014.
Details of the full notifications received by the Company are
set out below.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Paul McDonald
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Rubber p.l.c.
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Rubber p.l.c.
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 28,153
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 2 February 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Nick Keveth
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Rubber p.l.c.
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Rubber p.l.c.
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 19,707
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 2 February 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Miles Ingrey-Counter
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Company Secretary
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Rubber p.l.c.
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Rubber p.l.c.
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 6,918
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 2 February 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Wilcox
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status President, Military
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Rubber p.l.c.
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Rubber p.l.c.
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 6,458
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 2 February 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name David Mack
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status President, First Responder
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Rubber p.l.c.
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Rubber p.l.c.
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 5,950
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 2 February 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Keyana Hughes
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status President, Operations
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Rubber p.l.c.
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Rubber p.l.c.
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 8,509
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 2 February 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Jose Rizo-Patron
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status President, Team Wendy
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Rubber p.l.c.
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Rubber p.l.c.
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 6,458
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 2 February 2021
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
Enquiries:
Avon Rubber p.l.c.
Miles Ingrey-Counter, Company Secretary 01225 896 850
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END
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