Renold PLC Grant of Awards - Performance Share Plan (6516U)

TIDMRNO

RNS Number : 6516U

Renold PLC

19 January 2017

Renold plc

("Renold" or "the Company")

GRANT OF AWARDS - PERFORMANCE SHARE PLAN

Renold announces that nil cost options over 368,465 shares (the "Award") were granted on 16 January 2017, under the 2013 Performance Share Plan to its Group Finance Director, Ian Scapens.

The number of shares under the Award was based on the average mid-market price for the preceding three days which was 50.21 pence.

The performance period applicable to the Award is 1 April 2016 to 31 March 2019. The performance criteria for the vesting of the Award is as follows:

 
 Compound Annual Growth Rate in 
  adjusted earnings per share ('adjusted 
  EPS'). 
-----------------------------------------  ---- 
 Entry level threshold - 25% of 
  awards vest                               10% 
-----------------------------------------  ---- 
 Maximum vesting - 100% of awards 
  vest                                      15% 
-----------------------------------------  ---- 
 

Between these two points awards vest on a linear basis. The starting measurement point is the adjusted EPS figure for the year ended 31 March 2016.

19 January 2017

ENQUIRIES:

 
Renold plc                                0161 498 4500 
Robert Purcell, Chief Executive Officer 
Ian Scapens, Group Finance Director 
Arden Partners                            020 7614 5929 
Chris Hardie 
Instinctif                                020 7457 2020 
Mark Garraway 
Helen Tarbet 
 

NOTES FOR EDITORS

Renold is a global leader in the manufacture of industrial chains and also manufactures a range of torque transmission products which are sold throughout the world to a broad range of original equipment manufacturers and distributors. The Company has a well deserved reputation for quality that is recognised worldwide. Its products are used in a wide variety of industries including manufacturing, transportation, energy, steel and mining.

Further information about Renold can be found on its website at: www.renold.com

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                   Ian Scapens 
---  ---------------------  ------------------------------------------------- 
 2    Reason for the notification 
---  ------------------------------------------------------------------------ 
 a)   Position/status        Group Finance Director 
---  ---------------------  ------------------------------------------------- 
 b)   Initial notification   Initial notification 
       /Amendment 
---  ---------------------  ------------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
---  ------------------------------------------------------------------------ 
 a)   Name                   Renold Plc 
---  ---------------------  ------------------------------------------------- 
 b)   LEI                    213800LNDGJY65SP6P54 
---  ---------------------  ------------------------------------------------- 
 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            Nil cost options over Ordinary Shares of GBP0.05 
       of the financial       ISIN: GB0007325078 
       instrument, 
       type of instrument 
       Identification 
       code 
---  ---------------------  ------------------------------------------------- 
 b)   Nature of the          Grant of options 
       transaction 
---  ---------------------  ------------------------------------------------- 
 c)   Price(s) and             Price(s)    Volume(s) 
       volume(s)               ----------  ---------- 
                                Nil Cost 
                                 Options     368,465 
                               ----------  ---------- 
---  ---------------------  ------------------------------------------------- 
 d)   Aggregated 
       information            N/A - single transaction 
       - Aggregated 
       volume 
       - Price 
---  ---------------------  ------------------------------------------------- 
 e)   Date of the            16 January 2017 
       transaction 
---  ---------------------  ------------------------------------------------- 
 f)   Place of the           London Stock Exchange (XLON) 
       transaction 
---  ---------------------  ------------------------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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January 19, 2017 10:08 ET (15:08 GMT)