REG - Avon Rubber PLC - Replacement - Director/PDMR Shareholding <Origin Href="QuoteRef">AVON.L</Origin>
30/11/2016 14:20
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RNS Number : 5856Q
Avon Rubber PLC
30 November 2016
30 November 2016
Avon Rubber p.l.c. ("the Company")
Correction- Directors' and PDMRs' Interest in Shares Announcement on 28
November 2016
The following amendment has been made to the above announcement released on 28
November 2016 at 16.24 under RNS No. 3460Q.
The reported number of whole shares disposed of by John Kime should have
included 7,921 shares sold to meet tax and social security liabilities. The
total number of whole shares disposed by John Kime on 28 November 2016 was
23,057 and this has been corrected in the tables below. All other details
remain unchanged.
28 November 2016
As disclosed in the 2016 annual report, awards representing 100% of the
maximum possible award under the Avon Rubber p.l.c. Performance Share Plan
2010, were granted to Executive Directors, persons discharging managerial
responsibilities ('PDMRs') and other employees (together 'Participants') on 5
December 2013 ('the 2013 Awards').
The Awards were made subject to performance conditions based on the Company's
Total Shareholder Return ('TSR') and Earnings Per Share ('EPS'), to be
measured over a 3 year performance period which commenced on 1 October 2013
and ended on 30 September 2016. The start and end point of the Company's TSR
performance by reference to the comparator group was measured over the 5 days
following the announcement of the Company's annual results for the year ended
30 September 2013 and the year ended 30 September 2016. The Company's EPS
performance was measured by reference to the EPS in the 2013 and 2016 year end
results.
The Remuneration Committee confirmed on 24 November 2016 that 100% of the
Awards vested.
The Company received valid notices from the Participants in respect of the
2013 Awards. As a result, on 25 November 2016, the UK Participants, pursuant
to the terms of the relevant joint ownership awards, sold their vested
interests over all jointly owned shares in the market and exercised their nil
cost options to acquire whole shares in the Company (all tax and National
Insurance liabilities associated with the vesting of the 2013 Awards have been
met out of the sale proceeds due to the UK Participants). US Participants have
acquired whole shares pursuant to their 2013 Awards and sold a number of
shares to meet tax and social security liabilities. A number of sales by
Participants and their connected persons were also carried out for personal
reasons.
The table below sets out the total number of shares over which the 2013 Awards
were made to the Executive Directors and PDMRs, total disposals, the net
increase or decrease in the shares owned by the relevant individuals and their
total shareholdings following these transactions (details in respect of
connected persons are set out in the notes):
Total Vested Award* Whole shares acquired under nil cost option or conditional award Whole shares disposed Net increase/(decrease) in shareholding Total shareholding***
Executive Director
Andrew Lewis (standing down 30 November 2016) 43,471 27,287 77,287** (50,000) 0
PDMRs
Miles Ingrey-Counter 19,044 11,954 11,570 384 17,530
Paul McDonald 20,424 12,820 8,623 4,197 20,361
John Kime (US) 23,057 23,057 23,057 0 20,222
Sarah Matthews-DeMers 3,105 1,949 5,112 (3,163) 0
*100% of the total number of the 2013 Awards. Each executive held an interest
in the number of shares shown in the above table which was sold, on 25
November 2016, following the vesting of the 2013 Awards. The proceeds due to
the executives on sale of the jointly owned shares were determined by the 2013
Joint Ownership Agreements as £6.65 per share.
** Includes 10,000 shares sold on 24 November 2016 at a price of £10.81 per
share and 40,000 shares sold on 25 November 2016 at a price of £10.16 per
share by Mr Lewis's spouse, Karen Lewis.
***This excludes interests held under unvested joint ownership awards. The
total shareholding number includes shares held by connected persons. As
announced on 18 October 2016, Mr Lewis will be stepping down from the Board on
30 November 2016 and was therefore permitted by the Remuneration Committee to
sell all of his shares. In the case of Miles Ingrey-Counter, the total share
number is constituted by 3,031 shares held by Miles Ingrey-Counter (number
includes 1,422 deferred bonus shares) and 14,499 shares held by Emma
Ingrey-Counter. In the case of Paul McDonald, the total share number is
constituted by 13,361 shares held by Paul McDonald (number includes 1,664
deferred bonus shares) and 7,000 shares held by Deborah McDonald. John Kime's
shareholding is held in his own name and includes 2,030 deferred bonus shares.
Sarah Matthews-DeMers is stepping down as a PDMR and was therefore permitted
to sell all of her shares. On 28 November 2016 Mrs Matthews-DeMers sold 3,163
shares at a price of £10.18 per share.
Other employees and ex-employees accounted for total vested UK awards of
145,426 shares. Other UK Participants sold their jointly owned interests in
59,382 shares and acquired nil cost options over 37,275 whole shares, of which
32,969 were sold for personal reasons. Other US participants acquired 73,495
whole shares of which 64,718 were sold to pay tax and for personal reasons.
The following notification is intended to satisfy the Company's obligations
under Article 19 of the Market Abuse Regulation.
Details of PDMR
Name Andrew Lewis
Position / status Director
Initial notification /amendment Initial notification
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
Description of thefinancial instrumentand ISIN Code Ordinary £1 shares in Avon Rubber p.l.c. GB0000667013
Nature of thetransaction Disposal of nil cost option shares acquired pursuant to vesting of Avon Rubber p.l.c. performance share plan awards granted in 2013
Price(s) andvolume(s) Price(s) Volume(s) GBP 10.20 27,287
AggregatedinformationAggregated volumePrice GBP 278,327.40
Date of thetransaction 2016-11-25
Place of thetransaction London Stock Exchange
Date of thetransaction
2016-11-25
Place of thetransaction
London Stock Exchange
Details of PCA
Name Karen Lewis
Position / status The notification concerns the PCA of Andrew Lewis, a Director of Avon Rubber p.l.c.
Initial notification /amendment Initial notification
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
Description of thefinancial instrumentand ISIN Code Ordinary £1 shares in Avon Rubber p.l.c. GB0000667013
Nature of thetransaction Disposal of 10,000 shares on 24 November 2016Disposal of 40,000 shares on 25 November 2016
Price(s) andvolume(s) Price(s) Volume(s) GBP 10.81 10,000 GBP 10.16 40,000
AggregatedinformationAggregated volumePrice 24 November GBP 108,10025 November GBP 406,400
Date of thetransaction 2016-11-242016-11-25
Place of thetransaction London Stock Exchange
AggregatedinformationAggregated volumePrice
24 November GBP 108,10025 November GBP 406,400
Date of thetransaction
2016-11-242016-11-25
Place of thetransaction
London Stock Exchange
Details of PDMR
Name Miles Ingrey-Counter
Position / status Company Secretary and General Counsel
Initial notification /amendment Initial notification
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
Description of thefinancial instrumentand ISIN Code Ordinary £1 shares in Avon Rubber p.l.c. GB0000667013
Nature of thetransaction Disposal of nil cost option shares acquired pursuant to vesting of Avon Rubber p.l.c. performance share plan awards granted in 2013
Price(s) andvolume(s) Price(s) Volume(s) GBP 10.20 11,570
AggregatedinformationAggregated volumePrice GBP 118,014
Date of thetransaction 2016-11-25
Place of thetransaction London Stock Exchange
Date of thetransaction
2016-11-25
Place of thetransaction
London Stock Exchange
Details of PDMR
Name Paul McDonald
Position / status Divisional Head- Dairy
Initial notification /amendment Initial notification
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
Description of thefinancial instrumentand ISIN Code Ordinary £1 shares in Avon Rubber p.l.c. GB0000667013
Nature of thetransaction Disposal of nil cost option shares acquired pursuant to vesting of Avon Rubber p.l.c. performance share plan awards granted in 2013
Price(s) andvolume(s) Price(s) Volume(s) GBP 10.20 8,623
AggregatedinformationAggregated volumePrice GBP 87,954.60
Date of thetransaction 2016-11-25
Place of thetransaction London Stock Exchange
Date of thetransaction
2016-11-25
Place of thetransaction
London Stock Exchange
Details of PDMR
Name John Kime
Position / status Protection Management
Initial notification /amendment Initial notification
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
Description of thefinancial instrumentand ISIN Code Ordinary £1 shares in Avon Rubber p.l.c. GB0000667013
Nature of thetransaction Disposal of conditional award of shares acquired pursuant to vesting of Avon Rubber p.l.c. performance share plan awards granted in 2013
Price(s) andvolume(s) Price(s) Volume(s) GBP 10.20 23,057
AggregatedinformationAggregated volumePrice GBP 235,181.40
Date of thetransaction 2016-11-25
Place of thetransaction London Stock Exchange
Date of thetransaction
2016-11-25
Place of thetransaction
London Stock Exchange
Details of PDMR
Name Sarah Matthews-DeMers
Position / status Associate Group Finance Director
Initial notification /amendment Initial notification
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
Description of thefinancial instrumentand ISIN Code Ordinary £1 shares in Avon Rubber p.l.c. GB0000667013
Nature of thetransaction Disposal of 1,949 nil cost option shares acquired pursuant to vesting of Avon Rubber p.l.c. performance share plan awards granted in 2013 on 25 November 2016Disposal of 3,163 shares on 28 November 2016
Price(s) andvolume(s) Price(s) Volume(s) GBP 10.20 1,949 GBP 10.18 3,163
AggregatedinformationAggregated volumePrice GBP 19,879.80GBP 32,199.34
Date of thetransaction 2016-11-252016-11-28
Place of thetransaction London Stock Exchange
AggregatedinformationAggregated volumePrice
GBP 19,879.80GBP 32,199.34
Date of thetransaction
2016-11-252016-11-28
Place of thetransaction
London Stock Exchange
Contact Information:
Avon Rubber p.l.c.
Miles Ingrey-Counter, Company Secretary Webber Shandwick Financial Nick Oborne 01225 896850 020 7067 0700
Note to editors: The Group has transformed itself over the past five years
into an innovative design and engineering group specialising in two core
markets, Protection & Defence and Dairy. With a strong emphasis on research
and development we design, test and manufacture specialist products from a
number of sites in the US and UK, serving markets around the world. We achieve
this through nurturing the talent and aspirations of our employees to realise
their highest potential.
Avon Protection is the recognised global market leader in advanced Chemical,
Biological, Radiological and Nuclear (CBRN) respiratory protection systems
technology for the world's military, homeland security, first responder, fire
and industrial markets. With an unrivalled pedigree in mask design dating back
to the 1920's, Avon Protection's advanced products are the first choice for
Personal Protective Equipment (PPE) users worldwide and are placed at the
heart of many international defence and tactical PPE deployment strategies.
Our expanding global customer base now includes military forces, civil and
first line defence troops, emergency service teams and industrial, marine,
mineral and oil extraction site personnel. All put their trust in Avon's
advanced respiratory solutions to shield them from every possible threat.
Our world-leading Dairy business and its Milkrite brand have a global market
presence. With a long history of manufacturing liners and tubing for the dairy
industry, Milkrite has become the leading innovator and designer for products
and services right at the heart of milking. Our goal is always to improve and
maintain animal health. Working with the leading scientists and health
specialists in the global dairy industry we continue to invest in technology
to further improve the milking process and animal welfare. Our products
provide exceptional results for both the animal and the milker, making the
milk extraction process run smoothly. As our market share and milking
experience continue to grow, so does our global presence.
For further information please visit the Group's website www.avon-rubber.com
This information is provided by RNS
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