REG - Avon Protection PLC - Director/PDMR Shareholding
02/02/2022 13:30
For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220202:nRSB5046Aa&default-theme=true
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 Ordinary Shares of £1 each in Avon Protection plc
Identification code 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 Not applicable - single transaction
- Aggregated volume
- Price
e) Date of the transaction 1 February 2022
f) Place of the transaction Outside a trading venue
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 Ordinary Shares of £1 each in Avon Protection plc
Identification code 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 Not applicable - single transaction
- Aggregated volume
- Price
e) Date of the transaction 1 February 2022
f) Place of the transaction Outside a trading venue
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 Ordinary Shares of £1 each in Avon Protection plc
Identification code 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 Not applicable - single transaction
- Aggregated volume
- Price
e) Date of the transaction 1 February 2022
f) Place of the transaction Outside a trading venue
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 Ordinary Shares of £1 each in Avon Protection plc
Identification code 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 Not applicable - single transaction
- Aggregated volume
- Price
e) Date of the transaction 1 February 2022
f) Place of the transaction Outside a trading venue
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 Ordinary Shares of £1 each in Avon Protection plc
Identification code 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 Not applicable - single transaction
- Aggregated volume
- Price
e) Date of the transaction 1 February 2022
f) Place of the transaction Outside a trading venue
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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
or visit
www.rns.com (http://www.rns.com/)
.
RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
. END DSHXLLFBLLLLBBXRecent news on Avon Technologies
See all newsRCS - Avon Technologies - Notice of Results & Investor Presentation via IMC
AnnouncementREG - Avon Technologies - Holding(s) in Company
AnnouncementREG - Avon Technologies - Directors'/PDMR Shareholding
AnnouncementREG - Avon Technologies - Holding(s) in Company
AnnouncementREG - Avon Technologies - Q2 trading update
Announcement