Grant of Awards - Performance Share Plan

RNS Number : 8110Q

Renold PLC

08 June 2018

 

Renold plc

("Renold" or "the Company")

8 June 2018

GRANT OF AWARDS - PERFORMANCE SHARE PLAN

Renold announces that nil cost options (the "Awards") were granted on 8 June 2018 under the 2013 Performance Share Plan to the Executive Directors of the Company.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

The number of shares granted under the Awards has been calculated using an average share price of 28.87 pence.

The performance period applicable to the Awards is 1 April 2018 to 31 March 2021.

Robert Purcell (Chief Executive Officer)

Nil cost options over 2,078,282 shares were granted. The performance criteria for the vesting of the award is as follows. There are two performance targets.

EPS target attached to 50% of the award as follows:

Compound Annual Growth Rate in adjusted earnings per share ('adjusted EPS').
Entry level threshold - 25% of awards vest	10%
Maximum vesting - 100% of awards vest	15%

 

Between these two points the award vests on a linear basis.  The starting measurement point is the adjusted EPS figure for the year ended 31 March 2018.

Provided that the minimum EPS target is achieved, a TSR target is attached to 50% of the award as follows:

TSR at the end of the Performance Period	% of Part B of Option that Vests
<42.2p	0%
42.2p	25%
Between 42.2p and 72.2p	25%-100% pro-rata
72.2p	100%

 

Ian Scapens (Group Finance Director) Nil cost options over 692,761 shares were granted. The performance criteria for the vesting of the award is as follows:

Compound Annual Growth Rate in adjusted earnings per share ('adjusted EPS').
Entry level threshold - 25% of awards vest	10%
Maximum vesting - 100% of awards vest	15%

 

Between these two points the award vests on a linear basis.  The starting measurement point is the adjusted EPS figure for the year ended 31 March 2018.

ENQUIRIES:

Renold plc	0161 498 4500
Robert Purcell, Chief Executive Officer
Ian Scapens, Group Finance Director
Arden Partners	020 7614 5929
Chris Hardie
Instinctif	020 7457 2020
Helen Tarbet

NOTES FOR EDITORS

Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.

Further information about Renold can be found on its website at: www.renold.com

 

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Robert Purcell
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Renold plc
b)	LEI
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	Nil cost options over Ordinary shares of 5 pence each
	Identification code	GB0007325078
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil	2,078,282
d)	Aggregated information
	- Aggregated volume	N/A single transaction
	- Price
e)	Date of the transaction	8 June 2018
f)	Place of the transaction	London Stock Exchange

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Ian Scapens
2	Reason for the notification
a)	Position/status	Finance Director
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Renold plc
b)	LEI
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	Nil cost options over Ordinary shares of 5 pence each
	Identification code	GB0007325078
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil	692,761
d)	Aggregated information
	- Aggregated volume	N/A single transaction
	- Price
e)	Date of the transaction	8 June 2018
f)	Place of the transaction	London Stock Exchange

 

END

 

 

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