Directors and PDMRs Interest in Shares

RNS Number : 8364S

Avon Rubber PLC

05 December 2012

 



5 December 2012

Avon Rubber p.l.c. ("the Company")

Directors' and PDMRs' Interest in Shares

As disclosed in the 2012 annual report, awards representing 100% of the maximum possible award under the Avon Rubber p.l.c. Performance Share Plan 2010, were granted to Executive Directors, persons discharging managerial responsibilities ('PDMRs') and other employees (together 'Participants') on 15 March 2010 ('the 2009 Awards'). 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 2009 and ended on 30 September 2012. 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 2012.  The Remuneration Committee confirmed on 30 November 2012 that the Awards vested in full.

The Company has received valid notices from the Participants in respect of the 2009 Awards. As a result, UK Participants have, pursuant to the terms of the relevant joint ownership awards, sold their vested interests over all jointly owned shares in the market and exercised their nil cost options to acquire whole shares in the Company (all tax and National Insurance liabilities associated with the vesting of the 2009 Awards have been met out of the sale proceeds due to the UK Participants). US participants have acquired whole shares pursuant to their 2009 Awards and sold a number of shares to meet tax and social security liabilities.  A number of sales of the whole shares acquired by Participants were also carried out for personal reasons.  

Following these transactions, in accordance with the shareholding guidelines referred to in the annual report, both the Executive Directors have a retained shareholding equivalent to at least one and a half times base salary.

The table below sets out the total number of shares over which the 2009 Awards were made 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*	Whole shares acquired under nil cost option	Whole shares disposed	Net increase in shareholding	Total shareholding**
Executive Directors
Peter Slabbert	230,126	72,645	46,000	26,645	166,823
Andrew Lewis	112,971	35,662	10,662	25,000	100,203
PDMRs
Miles Ingrey-Counter	56,485	17,831	8,915	8,916	34,119
Paul McDonald	53,347	16,840	nil	16,840	41,874

*This excludes interests held under unvested joint ownership awards.

**Each executive held an interest in the number of shares shown in the above table which was sold, on 3 December, following the vesting of the 2009 Awards. The proceeds due to the executives on sale of the jointly owned shares were determined by the 2009 Joint Ownership Agreements as £2.37 per share.

Other employees accounted for total awards of 227,141 shares. Other UK participants sold their jointly owned interests in 110,461 shares and acquired nil cost options over 34,870 whole shares, of which 20,803 were sold for personal reasons. US participants acquired 116,680 whole shares of which 60,617 were sold to pay tax and for personal reasons.

Contact Information: Miles Ingrey-Counter, Company Secretary, on telephone [phone]

 

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