Renold PLC Grant of Awards - Performance Share Plan (9067E)

TIDMRNO

RNS Number : 9067E

Renold PLC

21 July 2016

Renold plc

("Renold" or "the Company")

GRANT OF AWARDS - PERFORMANCE SHARE PLAN

Renold announces that nil cost options over 1,643,836 shares (the "Award") were granted today, under the 2013 Performance Share Plan to its Chief Executive, Robert Purcell.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

The number of shares under the Award was based on the average mid-market price for the preceding three days which was 36.50 pence.

The performance period applicable to the Award is 1 April 2016 to 31 March 2019. There are two performance targets applying to the Award:

EPS Target attached to 50% of the Award 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.

Provided that the minimum EPS Target is achieved, a TSR Target is attached to 50% of the Award as follows:

 
  TSR at the end of the     % of Part B of Option 
    Performance Period            that Vests 
-------------------------  ---------------------- 
          <62.1p                     0% 
          62.1p                      25% 
 Between 62.1p and 106.5p     25%-100% pro-rata 
          106.5p                    100% 
 

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                Robert Purcell 
---  ------------------  -------------------------------------- 
 2    Reason for the notification 
---  ---------------------------------------------------------- 
 a)   Position/status     Chief Executive 
---  ------------------  -------------------------------------- 
 b)   Initial             Initial notification 
       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 the financial    of GBP0.05 
       instrument,         ISIN: GB0007325078 
       type of 
       instrument 
       Identification 
       code 
---  ------------------  -------------------------------------- 
 b)   Nature of           Grant of options 
       the transaction 
---  ------------------  -------------------------------------- 
 c)   Price(s)              Price(s)    Volume(s) 
       and volume(s)        ----------  ---------- 
                             Nil Cost 
                              Options    1,643,836 
                            ----------  ---------- 
---  ------------------  -------------------------------------- 
 d)   Aggregated 
       information         N/A - single transaction 
       - Aggregated 
       volume 
       - Price 
---  ------------------  -------------------------------------- 
 e)   Date of             21 July 2016 
       the transaction 
---  ------------------  -------------------------------------- 
 f)   Place of            London Stock Exchange 
       the transaction 
---  ------------------  -------------------------------------- 
 

21 July 2016

ENQUIRIES:

 
Renold plc                                0161 498 4500 
Robert Purcell, Chief Executive Officer 
Brian Tenner, 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

This information is provided by RNS

The company news service from the London Stock Exchange

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July 21, 2016 10:07 ET (14:07 GMT)