Director/PDMR Shareholding

RNS Number : 5046A

Avon Protection PLC

02 February 2022

 

Avon Protection plc

2 February 2022

NOTIFICATION DEALING WITH GRANT OF AWARDS UNDER THE LTIP

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.

On 1 February 2022 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
Paul McDonald	Chief Executive Officer	UK	59,973
Miles Ingrey-Counter	Company Secretary	UK	20,631
Steve Genzer	Chief Operating Officer	US	33,065
James Wilcox	Chief Technology Officer	US	21,248
Keyana Hughes	President, Global Operations	US	17,881

The awards were granted as a nil cost option for the two UK resident PDMRs and conditional awards for the three PDMRs who are resident in the US.  The nil cost option awards will ordinarily become exercisable and the conditional awards will ordinarily vest on 1 February 2025, 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.

Each award is subject to two performance conditions (each applicable to a distinct 50% of an award).

The first performance condition compares the Company's total shareholder return ("TSR") performance over a three year performance period relative to a comparator group. The comparator group for the TSR element is the constituents of the FTSE 250 Index (excluding investment trusts) as at the start of the performance period. No portion of the TSR element may vest unless the Company's TSR performance over the performance period at least equals the median TSR performance within the comparator group, for which 20% of the TSR element may vest, rising on a straight-line basis to full vesting of the TSR element for upper quintile or better relative TSR performance.

The second performance condition is based on the Company's adjusted basic earnings per share ("EPS") over the three year performance period commencing on 1 October 2021. No portion of the EPS element may vest unless the adjusted EPS for the financial year ending 30 September 2024 is at least 100 US cents, for which 0% of the EPS element may vest, rising on a straight-line basis to full vesting of the EPS element for EPS of 140 US cents or better.

The EPS element of the awards is subject to a return on capital employed underpin in respect of which the Remuneration Committee retains discretion to reduce the extent of vesting of the EPS element by regard to the Company's ROCE performance over the performance period.

The Remuneration Committee also retains a general discretion to reduce the extent of vesting of the awards generally if it considers that the underlying business performance of the Company does not justify vesting.

Fuller details of the performance conditions applicable to the awards will be set out in the Company's Directors' Remuneration Report for the year ending 30 September 2022.

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	Paul McDonald
2	Reason for Notification
a)	Position/status	Chief Executive Officer
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 a nil cost option award under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 59,973
d)	Aggregated information -  Aggregated volume -  Price	Not applicable - single transaction
e)	Date of the transaction	1 February 2022
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	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 a nil cost option award under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 20,631
d)	Aggregated information -  Aggregated volume -  Price	Not applicable - single transaction
e)	Date of the transaction	1 February 2022
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Steve Genzer
2	Reason for Notification
a)	Position/status	Chief Operating Officer
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 a conditional award under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 33,065
d)	Aggregated information -  Aggregated volume -  Price	Not applicable - single transaction
e)	Date of the transaction	1 February 2022
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	Chief Technology Officer
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 a conditional award under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 21,248
d)	Aggregated information -  Aggregated volume -  Price	Not applicable - single transaction
e)	Date of the transaction	1 February 2022
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Keyana Hughes
2	Reason for Notification
a)	Position/status	President, Global Operations
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 a conditional award under the Avon Rubber p.l.c. Long Term Incentive Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil 17,881
d)	Aggregated information -  Aggregated volume -  Price	Not applicable - single transaction
e)	Date of the transaction	1 February 2022
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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