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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Avon Protection Plc | LSE:AVON | London | Ordinary Share | GB0000667013 | ORD #1 |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| 12.00 | 1.03% | 1,180.00 | 1,176.00 | 1,188.00 | 1,210.00 | 1,170.00 | 1,170.00 | 52,070 | 16:35:27 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Rubber,plastics Hose & Belts | 280.5M | -14.4M | -0.4642 | -25.33 | 364.83M |
From Apr 2022 to Apr 2024
TIDMAVON
RNS Number : 5215K
Avon Protection PLC
21 December 2022
Avon Protection plc
21 December 2022
NOTIFICATION DEALING WITH GRANT OF AWARDS UNDER THE LTIP
AVON PROTECTION PLC
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.
On 21 December 2022 the following awards over ordinary shares of GBP1 each in Avon Protection plc were granted under the Avon Rubber p.l.c. Long Term Incentive Plan ('LTIP') to the following person(s) discharging managerial responsibilities:
Hot Features
Premium
PDMR Position Country No. of shares under
of residence Award
Rich Cashin Chief Financial Officer UK 49,406
========================= ============== ====================
Miles Ingrey-Counter Company Secretary UK 21,296
========================= ============== ====================
Steve Genzer Chief Operating Officer US 37,815
========================= ============== ====================
James Wilcox Chief Technology Officer US 24,301
========================= ============== ====================
The awards were granted as a nil cost option for the two UK resident PDMRs and conditional awards for the two PDMRs who are resident in the US. The nil cost option awards will ordinarily become exercisable and the conditional awards will ordinarily vest on 21 December 2025, subject to the grantee's continued service and the Remuneration Committee's assessment of the extent to which the performance conditions applicable to the awards are satisfied.
Each award is subject to two performance conditions (each applicable to a distinct 50% of an award).
The first performance condition compares the Company's total shareholder return ("TSR") performance over a three year performance period relative to a comparator group. The comparator group for the TSR element is the constituents of the FTSE 250 Index (excluding investment trusts) as at the start of the performance period. No portion of the TSR element may vest unless the Company's TSR performance over the performance period at least equals the median TSR performance within the comparator group, for which 20% of the TSR element may vest, rising on a straight-line basis to full vesting of the TSR element for upper quintile or better relative TSR performance.
The second performance condition is based on the Company's adjusted basic earnings per share ("EPS") over the three year performance period commencing on 1 October 2022. No portion of the EPS element may vest unless the adjusted EPS for the financial year ending 30 September 2025 is at least 100 US cents, for which 0% of the EPS element may vest, rising on a straight-line basis to full vesting of the EPS element for EPS of 150 US cents or better.
The EPS element of the awards is subject to a return on capital employed underpin in respect of which the Remuneration Committee retains discretion to reduce the extent of vesting of the EPS element by regard to the Company's ROCE performance over the performance period.
The Remuneration Committee also retains a general discretion to reduce the extent of vesting of the awards generally if it considers that the underlying business performance of the Company does not justify vesting.
Fuller details of the performance conditions applicable to the awards will be set out in the Company's Directors' Remuneration Report for the year ending 30 September 2023.
The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.
Details of the full notifications received by the Company are set out below.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Rich Cashin
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 of the financial Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 49,406
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 21 December 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Miles Ingrey-Counter
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Company Secretary
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 of the financial Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 21,296
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 21 December 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Steve Genzer
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Operating Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 of the financial Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 37,815
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 21 December 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Wilcox
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Technology Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 of the financial Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 24,301
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 1 February 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
Enquiries:
Avon Protection plc
Miles Ingrey-Counter, Company Secretary 01225 896 850
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END
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(END) Dow Jones Newswires
December 21, 2022 11:00 ET (16:00 GMT)
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