Renold PLC Grant of Awards - Performance Share Plan (9067E)
July 21 2016 - 9:07AM
UK Regulatory
TIDMRNO
RNS Number : 9067E
Renold PLC
21 July 2016
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 % of Part B of Option
Performance Period that Vests
------------------------- ----------------------
<62.1p 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 Initial notification
notification
/Amendment
--- ------------------ --------------------------------------
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 Nil cost options over Ordinary Shares
of the financial of GBP0.05
instrument, ISIN: GB0007325078
type of
instrument
Identification
code
--- ------------------ --------------------------------------
b) Nature of Grant of options
the transaction
--- ------------------ --------------------------------------
c) Price(s) Price(s) Volume(s)
and volume(s) ---------- ----------
Nil Cost
Options 1,643,836
---------- ----------
--- ------------------ --------------------------------------
d) Aggregated
information N/A - single transaction
- Aggregated
volume
- Price
--- ------------------ --------------------------------------
e) Date of 21 July 2016
the transaction
--- ------------------ --------------------------------------
f) Place of London Stock Exchange
the transaction
--- ------------------ --------------------------------------
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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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