Anpario PLC Director/PDMR Shareholding and Share Plan Limits (1177K)

TIDMANP

RNS Number : 1177K

Anpario PLC

16 September 2016

Anpario plc

("Anpario" or the "Company")

Director/PDMR Shareholding and Share Plan Limits

Anpario announces its position in relation to the Director/PDMR shareholdings and limits under its share plans.

Through acquisition and organic growth, the profile of Anpario has changed considerably since it listed on AIM in 2005. One consequence of this growth is that the Enterprise Management Incentive ("EMI") share option plan which Anpario has previously used to incentivise key employees can no longer be used, because it has now exceeded the statutory limits which apply to EMI plans. The EMI plan is being replaced by a tax-advantaged Company Share Option Plan ("CSOP") which allows for the grant of tax advantaged options over shares worth up to GBP30,000 to each employee. Anpario will also continue to use its Joint Share Ownership Plan ("JSOP") for its most senior personnel.

In 2016, Anpario has undergone a major restructuring and made key new appointments to its senior management team. Anpario considers it necessary to have in place a competitive senior executive employment package, including equity awards, for its key new appointments, and to ensure that existing managers and directors are properly incentivised.

Anpario has previously discussed with its key shareholders the number of shares it could grant under its share plans and now wishes to formalise the position relating to share plan limits and potential shareholder dilution.

Anpario will therefore apply a limit to the total number of new shares which may be issued under awards under the CSOP, SAYE, JSOP and under any other incentive plans which might involve the issue of new shares. That limit will be that the total number of new shares over which future awards may be made, when added to the total number of shares issued and issuable under awards granted after the date of this notice and any awards which are outstanding as at the date of this notice, shall not exceed 16.3% of the total of the number of shares in issue from time to time.

Ordinary Shares issued under the Company's JSOP

Anpario also announces that, on 15 September 2016, it has allotted a total of 718,295 new Ordinary Shares. The Ordinary Shares will be issued at a subscription price of 245 pence per Ordinary Share, being the closing price of an Ordinary Share on 14 September 2016, pursuant to The Anpario plc Employees' JSOP (the "Plan").

The Ordinary Shares will be issued into the respective joint beneficial ownership of (i) each of the participating executive Directors named below and (ii) the trustee of the Trust upon and subject to the terms of joint ownership agreements ("JOAs") respectively entered into between the Director concerned, the Company and the Trustee. The subscription price will be paid by the Trust out of funds advanced to it by the Company.

 
Name of Director   Jointly Owned Shares 
                    Awarded 
 
Richard Edwards    390,219 
Karen Prior        328,076 
 
 

In addition, 612,143 existing Ordinary Shares, which had been acquired by the Trustee on the exercise of call options in respect of shares formerly held in joint ownership, have been transferred by the Trustee, for no consideration, into the respective joint beneficial ownership of (i) each of the participating executive Directors named below and (ii) the Trustee upon and subject to the terms of the JOAs respectively entered into between the Director concerned, the Company and the Trustee.

 
Name of Director   Jointly owned Ordinary 
                    Shares Awarded 
 
Richard Edwards    350,000 
Karen Prior        262,143 
 
 

The terms of the JOAs provide, inter alia, that if jointly owned shares become vested and are sold, the proceeds of sale will be divided between the joint owners so that the participating Director receives an amount equal to any growth in the market value of the jointly owned Ordinary Shares above the initial market value of 245 pence per share, less a "carrying cost" (equivalent to simple interest at 4.5 per cent per annum on the initial market value) and the Trust receives the initial market value of the jointly owned shares plus the carrying cost. Jointly owned Ordinary Shares will become vested if the participant remains with the Company for a minimum period of 3 years.

Effect of the transactions

Following the above transactions, the Company's issued share capital will be 23,004,999 and awards to employees under the Company's share plans represent 14.1% as follows:

 
               Number of 
                  shares 
 EMI Scheme      442,900 
 JSOP          2,550,000 
 SAYE             25,370 
 Unapproved 
  options        195,000 
 CSOP             30,000 
 

The beneficial interests held by the Directors of the Company before and after the above transactions and remaining unchanged are:

 
Director          Ordinary shares  EMI options   SAYE options 
Richard Edwards   202,723          122,400      3,964 
Karen Prior       202,836          122,400      3,964 
 

The jointly owned Ordinary Shares held by the Directors of the Company before and after the above transactions will be:

 
Director   Interests       Interests in       New interests    Interests 
            in jointly      jointly owned      in jointly       in jointly 
            owned           Ordinary Shares    owned Ordinary   owned Ordinary 
            Ordinary        transferred        Shares issued    Shares following 
            Shares          from the Trustee   under JSOP       the transactions 
            prior           to Directors 
            to the          under the JSOP 
            transactions: 
Richard 
 Edwards   609,781         350,000            390,219          1,350,000 
Karen 
 Prior     609,781         262,143            328,076          1,200,000 
 

The Company holds 143,042 Ordinary Shares in Treasury. The total number of Ordinary Shares in issue (excluding shares held as treasury shares) is 22,861,957 and may be used by shareholders as the denominator for the calculations by which they will determine if they are required to notify their interest in, or a change to their interest in, the Company under the Disclosure and Transparency Rules.

Enquiries

Anpario plc

   Richard Edwards, Chief Executive Officer                                  [phone] 
   Karen Prior, Group Finance Director                                       [phone] 

Peel Hunt

   Dan Webster, Adrian Trimmings, George Sellar                           [phone] 

This information is provided by RNS

The company news service from the London Stock Exchange

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September 16, 2016 11:36 ET (15:36 GMT)