Directors Dealing

RNS Number : 4421F
Norcros PLC
27 July 2016
 

27 July 2016

Norcros plc

("Norcros" or "the Company")

 

 Directors' Dealings - APSP Share Option and Deferred Share awards

 APSP Share Option Awards

Norcros announces that the Remuneration Committee of the Company has today granted the following HMRC approved and unapproved share option awards (the "APSP Awards") to the Executive Directors of the Company under the Company's Approved Performance Share Plan (the "APSP") over ordinary shares of ten pence each in the Company ("Ordinary Shares").

Name/Position

Number of Ordinary Shares subject to the APSP Award

Option Exercise Price

Nick Kelsall

Group Chief Executive

232,356 (HMRC unapproved)

Nil

Shaun Smith

Group Finance Director

20,000 (HMRC approved)

150 pence

Shaun Smith

Group Finance Director

136,060 (HMRC unapproved)

Nil

 

Under the APSP, awards are made subject to performance targets relating to the Company's diluted underlying Earnings Per Share ("EPS").  Vesting of these shares is subject to achieving aggregate EPS over a three year performance period, starting with the 2017 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 and the consideration due to be payable on vesting will be the option exercise price (if any) shown above.

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 Company's Deferred Share Bonus Plan (the "Deferred Plan").  These options represent 50 per cent. of the bonuses earned by the Executive Directors for the 2016 financial year.  The previous Group Finance Director's entitlement to this award lapsed on his resignation, effective 12 May 2016.

Norcros therefore also announces that the Remuneration Committee has today granted the following nil cost share option awards in respect of the year ended 31 March 2016 (the "Deferred Awards") to the relevant Executive Director of the Company over ordinary shares of ten pence each in the Company ("Ordinary Shares").

Name/Position

Number of Ordinary Shares subject to the Deferred Plan Award

Nick Kelsall

Group Chief Executive

92,544

 

The Deferred Awards 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.

Other information:

Norcros plc LEI:                                  213800EIMJZZA1GB1E18

Ordinary Shares identity code:   GB00BYYJL418

Date of transaction:                         27 July 2016

Place of transaction:                        Wilmslow, Cheshire, England

Further enquiries:

Norcros plc

Tel: 01625 547 700

Nick Kelsall, Group Chief Executive

Shaun Smith, Group Finance Director

 

 

 

Hudson Sandler

Tel: 0207 796 4133

Nick Lyon

 

Charlie Jack

 

Katie Cohen

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
END
 
 
DSHPGURAMUPQGAM

Companies

Norcros (NXR)
UK 100

Latest directors dealings