Director/PDMR Shareholding

RNS Number : 6466J

Nichols PLC

01 July 2011

 



For immediate release:

1 July 2011

Director/PDMR shareholding

The Directors of Nichols Plc (the "Company") (AIM: NICL), the soft drinks company, announce that awards of ordinary shares at nil cost have been made to certain employees and Directors in accordance with the Company's Long Term Incentive Plan ("LTIP").  Any ordinary shares have been issued out of treasury; no new Ordinary Shares will need to be admitted to trading on AIM.

The LTIP has a number of performance criteria, including one which related to financial trading performance for the year ended 31 December 2010 and also that executives had to remain a member for three years from the date of joining the scheme.  In March 2010, the LTIP Rules were amended to allow all the executives who were part of the scheme to exercise their options ahead of 5 April 2010, but on condition that they granted an option over their Ordinary Shares back to the Employee Benefit Trust ("EBT") to allow claw back of these Ordinary Shares should any of the performance criteria not be met.

Brendan Hynes

Included in the exercise of options referred to above is a transaction by Brendan Hynes, Chief Executive. The Company was notified on 24 March 2010 that on the same day Mr Hynes exercised an option under the Company's LTIP Scheme to receive 225,000 Ordinary Shares for nil consideration. On 24 March 2010, the EBT sold 92,271 of these Ordinary Shares at a price of 345p (to the Company for Treasury) to settle the attendant income tax liability on this award.  On 28 April 2011, with all outstanding performance criteria having been met, the option held by the EBT lapsed and 132,729 Ordinary Shares were transferred to his wife, Mrs V Hynes.  As a result of these transactions, Mr and Mrs Hynes have increased their holding in the Company by 132,729 Ordinary Shares to 231,599 Ordinary Shares representing approximately 0.6 per cent of the Company's issued share capital.

Tim Croston

Included in the exercise of options referred to above is a transaction by Tim Croston, Finance Director of the Company. The Company was notified on 24 March 2010 that on the same day Mr Croston exercised an option under the Company's LTIP Scheme to receive 25,000 Ordinary Shares for nil consideration. On 24 March 2010, the EBT sold 10,271 of these Ordinary Shares at a price of 345p (to the Company for Treasury) to settle the attendant income tax liability on this award.  As Mr Croston is a late entrant to the LTIP Scheme, he has yet to satisfy the minimum vesting period of three years, although all other performance criteria have been met.  It is anticipated that this award will vest unconditionally on 31 December 2013, until that time the shares will be held in the name of the EBT.   

Ends

For further enquiries please contact:

Tim Croston, Finance Director                                                  01925 222222

Mark Brady, Brewin Dolphin (NOMAD)                                    0845 213 4729 

 

END

 

 

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