Avon Rubber PLC Director/PDMR Shareholding (5095P)

TIDMAVON

RNS Number : 5095P

Avon Rubber PLC

17 November 2016

17 November 2016

Avon Rubber p.l.c. ('the Company')

Directors' and PDMRs' Interest in Shares

As previously announced to shareholders on 1 December 2014, a portion of the annual bonus payments due to the Executive Director, Andrew Lewis and certain PDMRs of the Company in respect of the 2013/14 financial year were deferred into Company shares, to be held for two years.

On 16 November 2016, following expiry of the deferral period, the 2014 deferred bonus shares were released to Andrew Lewis and certain PDMRs, who sold these shares at a price of 1045 pence per share. The number of shares sold by each individual is set out in the table below. Deferred bonus shares are not subject to the Company's shareholding guidelines.

 
 Executive Director      Number of 2013/14 
                          deferred bonus shares sold 
                          on 16 November 2016 
----------------------  ---------------------------- 
 Andrew Lewis                       5,710 
----------------------  ---------------------------- 
 PDMRs 
----------------------  ---------------------------- 
 Miles Ingrey-Counter               1,824 
----------------------  ---------------------------- 
 Paul McDonald                      1,809 
----------------------  ---------------------------- 
 John Kime                          2,600 
----------------------  ---------------------------- 
 

In addition, the 3,241 deferred bonus shares held for Andrew Lewis in respect of the 2014/15 financial year were converted into cash to be held until November 2017 pursuant to the Company's deferred bonus arrangements. Andrew Lewis and PDMR Sarah Matthews-DeMers each also sold 1,225 shares held pursuant to the Company's Share Incentive Plan on 16 November 2016 at a price of 1030 pence per share.

2015/16 deferred bonus arrangements

A portion of the annual bonus payments due to the Executive Director, Rob Rennie and certain PDMRs of the Company in respect of the 2015/16 financial year were deferred into Company shares on 16 November 2016. 25% of the annual bonus linked to financial targets, as distinct from personal performance targets, was subjected to tax and national insurance/social security and the net amount was used to purchase Company shares. The shares are to be held for two years and are not subject to the Company's shareholding guidelines.

The table below sets out the number of deferred bonus shares and the total number of shares held by the Executive Directors and each PDMR following the transactions detailed above.

 
 Executive Director       2015/16 deferred   Total shareholding 
                           bonus shares       (including deferred 
                                              bonus shares) 
-----------------------  -----------------  --------------------- 
 Rob Rennie                    2,081                14,238 
-----------------------  -----------------  --------------------- 
 Andrew Lewis                    -                  50,000 
-----------------------  -----------------  --------------------- 
 PDMRs 
-----------------------  -----------------  --------------------- 
 Miles Ingrey-Counter           365                 17,146 
-----------------------  -----------------  --------------------- 
 Paul McDonald                  392                 16,164 
-----------------------  -----------------  --------------------- 
 John Kime                      710                 20,222 
-----------------------  -----------------  --------------------- 
 Sarah Matthews-DeMers           -                  3,163 
-----------------------  -----------------  --------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

DSHUBRBRNSAAAAA

(END) Dow Jones Newswires

November 17, 2016 12:06 ET (17:06 GMT)