Employee SAYE awards and director shareholding

RNS Number : 0715S

Norcros PLC

16 December 2016

 

Norcros plc

("Norcros", the "Group" or "the Company")

16 December 2016

Employee SAYE awards and director shareholding

Norcros announces that the Company has today been notified of the following share option grant to a Director of the Company under the Company's Save as You Earn ("SAYE") scheme.  The SAYE scheme is approved by HM Revenue and Customs.

Under the SAYE scheme, certain employees have chosen to participate resulting in them today being granted options to subscribe for in aggregate up to 297,238 ordinary shares of ten pence each in the capital of the Company ("SAYE Options") at a price of £1.5125 per share.

Pursuant to this all-employee SAYE scheme award, Shaun Smith, the Group Finance Director, has received 11,900 SAYE Options.

Subject to certain conditions being satisfied, the entitlement to subscribe for shares resulting from the SAYE Options will arise in 2020 at the end of the three-year SAYE scheme savings contract period.  Participants who choose to exercise their entitlements pursuant to the rules of the SAYE scheme will meet the obligation to pay for the resultant shares out of funds they have paid into the SAYE scheme prior to such exercise.  Participants in the SAYE scheme may opt to withdraw from the SAYE scheme, recovering paid-in funds, prior to that time.

Further enquiries:

Norcros plc

Tel: [phone]

Nick Kelsall, Group Chief Executive

Shaun Smith, Group Finance Director

Hudson Sandler

Tel: [phone]

Nick Lyon

Fern Duncan

 

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