Notification of PDMR Dealing

Avon Protection PLC

20 October 2023

 

Avon Protection plc

20 October 2023

NOTIFICATION OF PDMR DEALING

AVON PROTECTION PLC

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.

LTIP awards

On 19 October 2023 the following awards over ordinary shares of £1 each in Avon Protection plc 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 of residence	No. of Shares under Award I	No. of Shares under Award II
James Wilcox	President Head Protection	US	47,980	11,387
Steve Elwell	President Respiratory Protection	UK	42,633	6,848
Paul Hamilton	President of Operational Excellence and Continuous Improvement	US	42,892	2,796
Miles Ingrey-Counter	General Counsel and Company Secretary	UK	41,336	10,482

The awards were granted as nil cost options for the two UK resident PDMRs and as conditional awards for the two PDMRs who are resident in the US. 

In respect of the awards noted as Award I above: such nil cost option awards will ordinarily become exercisable and the conditional awards will ordinarily vest on 19 October 2026, 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. The performance conditions attached to such awards have an underlying performance period of three financial years of the Company (commencing with the current financial year) and relate to measures of profit after tax and return on invested capital.

In respect of the awards noted as Award II above: such nil cost option awards will ordinarily become exercisable and the conditional awards will ordinarily vest on 19 October 2026, subject to the grantee's continued service and satisfactory personal performance.

In respect of both types of award the Remuneration Committee retains a general discretion under the rules of the LTIP to adjust the extent of vesting that would otherwise apply to take into account such factors as it considers relevant (including, but not limited to, the overall performance of the Company, any Group Member or the grantee).

Part waiver and cancellation of certain LTIP awards

On 19 October 2023 the following person(s) discharging managerial responsibilities waived awards granted to them under the LTIP in 2021 and 2022 in respect of the number of ordinary shares of £1 each in Avon Protection plc as summarised below:

PDMR	Position	Country of residence	No. of Shares waived under 02.02.21 LTIP Award	No. of Shares waived under 01.02.22 LTIP Award
James Wilcox	President Head Protection	US	10,624	12,151
Steve Elwell	President Respiratory Protection	UK	4,198	9,498
Paul Hamilton	President of Operational Excellence and Continuous Improvement	US	-	5,592
Miles Ingrey-Counter	General Counsel and Company Secretary	UK	10,316	10,648

The aforementioned waivers equated to one half of the total number of Shares in respect of which such awards were ordinarily granted which had associated earnings per share performance conditions attached.

The balance of the awards remains intact and continues to be capable of vesting on the associated third anniversary of the grant, subject to the grantee's continued service and to the extent to which the original total shareholder related performance conditions attached to such remaining balance of such awards are met.

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	Steve Elwell
2	Reason for Notification
a)	Position/status	President Respiratory Protection
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Avon Protection plc
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 instrument, type of instrument Identification code	Ordinary Shares of £1 each in Avon Protection plc GB0000667013
b)	Nature of the transaction	Grant of two nil cost option awards under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 42,633 Nil 6,848
d)	Aggregated information -       Aggregated volume -       Price	49,481 Nil
e)	Date of the transaction	19 October 2023
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	General Counsel and 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 Protection plc
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 instrument, type of instrument Identification code	Ordinary Shares of £1 each in Avon Protection plc GB0000667013
b)	Nature of the transaction	Grant of two nil cost option awards under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 41,336 Nil 10,482
d)	Aggregated information -       Aggregated volume -       Price	51,818 Nil
e)	Date of the transaction	19 October 2023
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 Head Protection
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Avon Protection plc
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 instrument, type of instrument Identification code	Ordinary Shares of £1 each in Avon Protection plc GB0000667013
b)	Nature of the transaction	Grant of two conditional awards under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 47,980 Nil 11,387
d)	Aggregated information -       Aggregated volume -       Price	59,367 Nil
e)	Date of the transaction	19 October 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Paul Hamilton
2	Reason for Notification
a)	Position/status	President of Operational Excellence and Continuous Improvement
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Avon Protection plc
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 instrument, type of instrument Identification code	Ordinary Shares of £1 each in Avon Protection plc GB0000667013
b)	Nature of the transaction	Grant of two conditional awards under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 42,892 Nil 2,796
d)	Aggregated information -       Aggregated volume -       Price	45,688 Nil
e)	Date of the transaction	19 October 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Steve Elwell
2	Reason for Notification
a)	Position/status	President Respiratory
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Avon Protection plc
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 instrument, type of instrument Identification code	Ordinary Shares of £1 each in Avon Protection plc GB0000667013
b)	Nature of the transaction	Part surrender of 2021 and 2023 awards under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 4,198 Nil 9,498
d)	Aggregated information -       Aggregated volume -       Price	13,696 Nil
e)	Date of the transaction	19 October 2023
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	General Counsel and 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 Protection plc
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 instrument, type of instrument Identification code	Ordinary Shares of £1 each in Avon Protection plc GB0000667013
b)	Nature of the transaction	Part surrender of 2021 and 2023 awards under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 10,316 Nil 10,648
d)	Aggregated information -       Aggregated volume -       Price	20,964 Nil
e)	Date of the transaction	19 October 2023
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 Head Protection
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Avon Protection plc
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 instrument, type of instrument Identification code	Ordinary Shares of £1 each in Avon Protection plc GB0000667013
b)	Nature of the transaction	Part surrender of 2021 and 2023 awards under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 10,624 Nil 12,151
d)	Aggregated information -       Aggregated volume -       Price	22,775 Nil
e)	Date of the transaction	19 October 2023
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Paul Hamilton
2	Reason for Notification
a)	Position/status	President of Operational Excellence and Continuous Improvement
b)	Initial notification/Amendment	Initial Announcement
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Avon Protection plc
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 instrument, type of instrument Identification code	Ordinary Shares of £1 each in Avon Protection plc GB0000667013
b)	Nature of the transaction	Part surrender of 2021 and 2023 awards under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 5,592
d)	Aggregated information -       Aggregated volume -       Price	5,592
e)	Date of the transaction	19 October 2023
f)	Place of the transaction	Outside a trading venue

Enquiries:       

Avon Protection plc

Miles Ingrey-Counter, Company Secretary                                   01225 896 850           

 

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