Director's Dealings

Norcros PLC

26 July 2023

 

Norcros plc ("Norcros" or "the Company")

Director Dealings - APSP Share Option and Deferred Share awards

Director/PDMR Shareholding

Norcros announces that the Board, following a recommendation from the Remuneration Committee, has granted new share options to the following current and former Directors under the Company's Approved Performance Share Plan (the "APSP") and Deferred Bonus Plan (the "DBP") on 26 July 2023.

The notification below, made in accordance with the requirements of the Market Abuse Regulation ("MAR"), provides further details.

APSP Share Option Awards

The Company has today granted the following unapproved nil cost share option awards under the APSP in respect of the current financial year (the "APSP Awards") to two Executive Directors of the Company over ordinary shares of ten pence each in the Company ("Ordinary Shares"). 

Under the APSP, awards are made subject to performance targets relating to improvements in the Company's Earnings Per Share ("EPS").  Vesting of these Ordinary Shares will be subject to achieving aggregate diluted EPS targets over a three year performance period, starting with the 2024 financial year.

The APSP Awards will normally vest on the third anniversary of their grant, subject to satisfactory achievement of the performance targets.  No consideration was paid for the APSP Awards.

Name	Number of Ordinary Shares subject to the APSP Award
Thomas Willcocks (CEO from 1 April 2023)	247,058
James Eyre (CFO)	188,235

Bonus payment - Deferred Share Awards

Under the annual bonus scheme, 50 per cent. of an Executive Director's total bonus for the year is satisfied in cash, with the other 50 per cent. in the form of nil cost options under the DBP.  These options represent 50 per cent. of the bonuses earned by the Executive Directors for the 2023 financial year.   During this financial year Nick Kelsall was CEO of the Company.

Norcros therefore also announces the grant of the following nil cost share option awards under the DBP in respect of the year ended 31 March 2023 (the "Deferred Awards") to the relevant Executive Director of the Company over Ordinary Shares.

Name	Number of Ordinary Shares subject to the Deferred Bonus Plan Award
Nick Kelsall (CEO until 31 March 2023) James Eyre (CFO)	45,220 27,550

The Deferred Awards are granted on the terms of the DBP and will normally vest on the third anniversary of their grant.  Because these shares represent part of a bonus already earned, no consideration was paid for the Deferred Awards and no consideration is due to be payable on vesting.

MAR Notification

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	Thomas Willcocks
2	Reason for the notification
a)	Position/status	Chief Executive Officer (effective from 1 April 2023)
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Norcros plc
b)	LEI	213800EIMJZZA1GBIE18
4 A	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 Share of 10 pence GB00BYYJL418
b)	Nature of the transaction	Grant of 247,058 options under the Company's Approved Performance Share Plan (the "APSP")
c)	Price(s) and volume(s)	Price(s) Volume(s) n/a n/a
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	26 July 2023
f)	Place of the transaction	Wilmslow, Cheshire, England

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James Eyre
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Norcros plc
b)	LEI	213800EIMJZZA1GBIE18
4 A	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 Share of 10 pence GB00BYYJL418
b)	Nature of the transaction	Grant of 188,235 options under the Company's Approved Performance Share Plan (the "APSP") and 27,550 options under the Company's Deferred Bonus Plan (the "DBP") on 26 July 2023
c)	Price(s) and volume(s)	Price(s) Volume(s) n/a n/a
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	26 July 2023
f)	Place of the transaction	Wilmslow, Cheshire, England

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Nick Kelsall
2	Reason for the notification
a)	Position/status	Chief Executive Officer (to 31 March 2023)
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Norcros plc
b)	LEI	213800EIMJZZA1GBIE18
4 A	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 Share of 10 pence GB00BYYJL418
b)	Nature of the transaction	Grant of 45,220 options under the Deferred Bonus Plan (the "DBP") on 26 July 2023
c)	Price(s) and volume(s)	Price(s) Volume(s) n/a n/a
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	26 July 2023
f)	Place of the transaction	Wilmslow, Cheshire, England

Further enquiries:

Norcros plc	Tel: [phone]
Thomas Willcocks, Chief Executive Officer James Eyre, Chief Financial Officer
Hudson Sandler	Tel: [phone]
Nick Lyon

 

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