REG - Norcros PLC - Director's Dealings

NorcrosAnnouncement

26/07/2023 13:15

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RNS Number : 2980H  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)  45,220

 James Eyre (CFO)                        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  Ordinary Share of 10 pence

      Identification code

                                                                   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                                          n/a

      - Price                                                      n/a

 e)   Date of the transaction                                      26 July 2023

 f)   Place of the transaction                                     Wilmslow, Cheshire, England

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  Ordinary Share of 10 pence

      Identification code

                                                                   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                                          n/a

      - Price                                                      n/a

 e)   Date of the transaction                                      26 July 2023

 f)   Place of the transaction                                     Wilmslow, Cheshire, England

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  Ordinary Share of 10 pence

      Identification code

                                                                   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                                          n/a

      - Price                                                      n/a

 e)   Date of the transaction                                      26 July 2023

 f)   Place of the transaction                                     Wilmslow, Cheshire, England

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: 01625 547 700
 Thomas Willcocks, Chief Executive Officer

 James Eyre, Chief Financial Officer

 Hudson Sandler                             Tel: 0207 796 4133
 Nick Lyon

 

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