Norcros PLC Directors' Dealings (7614W)
November 16 2017 - 10:40AM
UK Regulatory
TIDMNXR
RNS Number : 7614W
Norcros PLC
16 November 2017
Norcros plc ("Norcros" or "the Company")
Directors' Dealings - APSP Share Option and Deferred Share
awards
Director/PDMR Shareholding
Norcros announces that the Board, following a recommendation
from the Remuneration Committee, has granted new share options to
the following Directors under the Company's Approved Performance
Share Plan (the "APSP") and Deferred Bonus Plan (the "DBP") on 16
November 2017.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulation ("MAR"), provides further
detail.
APSP Share Option Awards
The Company has today granted the following unapproved nil cost
share option awards under the APSP in respect of the current
financial year (the "APSP Awards") to the Executive Directors of
the Company over ordinary shares of ten pence each in the Company
("Ordinary Shares").
Under the APSP, awards are made subject to performance targets
relating to improvements in the Company's Earnings Per Share
("EPS"). Vesting of these Ordinary Shares is subject to achieving
aggregate diluted EPS targets over a three year performance period,
starting with the 2018 financial year.
The APSP Awards will normally vest on the third anniversary of
their grant, subject to satisfactory achievement of the performance
targets. No consideration was paid for the APSP Awards.
Name Number of Ordinary Shares
subject to the APSP Award
-------------- ---------------------------
Nick Kelsall 205,494
Shaun Smith 138,018
-------------- ---------------------------
Bonus payment - Deferred Share Awards
Under the annual bonus scheme, 50 per cent. of an Executive
Director's total bonus for the year is satisfied in cash, with the
other 50 per cent. in the form of nil cost options under the DBP.
These options represent 50 per cent. of the bonuses earned by the
Executive Directors for the 2017 financial year.
Norcros therefore also announces the grant of the following nil
cost share option awards under the DBP in respect of the year ended
31 March 2017 (the "Deferred Awards") to the relevant Executive
Director of the Company over Ordinary Shares.
Name Number of Ordinary Shares
subject to the Deferred
Bonus Plan Award
-------------- --------------------------
Nick Kelsall 68,920
Shaun Smith 45,993
-------------- --------------------------
The Deferred Awards will normally vest on the third anniversary
of their grant. Because these shares represent part of a bonus
already earned, no consideration was paid for the Deferred Awards
and no consideration is due to be payable on vesting.
MAR Notification
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 Nick Kelsall
--- ------------------------- ------------------------------------
2 Reason for the notification
--- ---------------------------------------------------------------
a) Position/status Group Chief Executive
--- ------------------------- ------------------------------------
b) Initial notification Initial notification
/Amendment
--- ------------------------- ------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- ---------------------------------------------------------------
a) Name Norcros plc
--- ------------------------- ------------------------------------
b) LEI 213800EIMJZZA1GBIE18
--- ------------------------- ------------------------------------
4 Details of the transaction(s): section to be
A 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 Ordinary Share of 10 pence
the financial
instrument, type
of instrument GB00BYYJL418
Identification
code
--- ------------------------- ------------------------------------
b) Nature of the Grant of 205,494 options under
transaction the Company's Approved Performance
Share Plan (the "APSP") and 68,920
options under the Deferred Bonus
Plan (the "DBP") on 16 November
2017
--- ------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
n/a n/a
--------- ----------
--- ------------------------- ------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
--- ------------------------- ------------------------------------
e) Date of the transaction 16 November 2017
--- ------------------------- ------------------------------------
f) Place of the transaction Wilmslow, Cheshire, England
--- ------------------------- ------------------------------------
1 Details of the person discharging managerial
responsibilities / person closely associated
--- ---------------------------------------------------------------
a) Name Shaun Smith
--- ------------------------- ------------------------------------
2 Reason for the notification
--- ---------------------------------------------------------------
a) Position/status Group Finance Director
--- ------------------------- ------------------------------------
b) Initial notification Initial notification
/Amendment
--- ------------------------- ------------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- ---------------------------------------------------------------
a) Name Norcros plc
--- ------------------------- ------------------------------------
b) LEI 213800EIMJZZA1GBIE18
--- ------------------------- ------------------------------------
4 Details of the transaction(s): section to be
A 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 Ordinary Share of 10 pence
the financial
instrument, type
of instrument GB00BYYJL418
Identification
code
--- ------------------------- ------------------------------------
b) Nature of the Grant of 138,018 options under
transaction the Company's Approved Performance
Share Plan (the "APSP") and 45,993
options under the Deferred Bonus
Plan (the "DBP") on 16 November
2017
--- ------------------------- ------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
--------- ----------
n/a n/a
--------- ----------
--- ------------------------- ------------------------------------
d) Aggregated information
- Aggregated volume n/a
- Price n/a
--- ------------------------- ------------------------------------
e) Date of the transaction 16 November 2017
--- ------------------------- ------------------------------------
f) Place of the transaction Wilmslow, Cheshire, England
--- ------------------------- ------------------------------------
Further enquiries:
Norcros plc Tel: 01625 547 700
Nick Kelsall, Group
Chief Executive
Shaun Smith, Group
Finance Director
Hudson Sandler Tel: 0207 796 4133
Nick Lyon
Charlie Jack
Fern Duncan
This information is provided by RNS
The company news service from the London Stock Exchange
END
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