Employee SAYE awards and director shareholding

RNS Number : 7088J

Norcros PLC

23 December 2020

 

Norcros plc

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

23 December 2020

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 Group's Save as You Earn ("SAYE") scheme.  The SAYE scheme is approved in the UK by HM Revenue and Customs.

Pursuant to the SAYE scheme, certain employees have chosen to participate resulting in them today being granted options to subscribe for up to 692,908 in aggregate ordinary shares of ten pence each in the capital of the Company ("SAYE Options") at a price of 164.0p per share.

Pursuant to these all-employee SAYE scheme awards, Nick Kelsall, the Chief Executive Officer, has received 10,975 SAYE Options.

Subject to certain conditions being satisfied, the entitlement to subscribe for shares resulting from the SAYE Options will arise in 2024 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, Chief Executive Officer

Shaun Smith, Chief Financial Officer

Hudson Sandler

Tel: [phone]

Nick Lyon

 

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