Norcros PLC Director Dealings (0256G)

TIDMNXR

RNS Number : 0256G

Norcros PLC

21 July 2021

Norcros plc ("Norcros" or "the Company")

Director Dealings - APSP Share Option and Deferred Share awards

Director/PDMR Shareholding

Norcros announces that the Board, following a recommendation from the Remuneration Committee, has granted new share options to the following Directors under the Company's Approved Performance Share Plan (the "APSP") and Deferred Bonus Plan (the "DBP") on 21 July 2021.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation ("MAR"), provides further detail.

APSP Share Option Awards

The Company has today granted the following unapproved nil cost share option awards under the APSP in respect of the current financial year (the "APSP Awards") to an Executive Director of the Company over ordinary shares of ten pence each in the Company ("Ordinary Shares").

Under the APSP, awards are made subject to performance targets relating to improvements in the Company's Earnings Per Share ("EPS"). Vesting of these Ordinary Shares will be subject to achieving aggregate diluted EPS targets over a three year performance period, starting with the 2022 financial year.

The APSP Awards will normally vest on the third anniversary of their grant, subject to satisfactory achievement of the performance targets. No consideration was paid for the APSP Awards.

 
 Name            Number of Ordinary Shares subject 
                  to the APSP Award 
 Nick Kelsall    134,885 
 

Bonus payment - Deferred Share Awards

Under the annual bonus scheme, 50 per cent. of an Executive Director's total bonus for the year is satisfied in cash, with the other 50 per cent. in the form of nil cost options under the DBP. These options represent 50 per cent. of the bonuses earned by the Executive Directors for the 2021 financial year.

Norcros therefore also announces the grant of the following nil cost share option awards under the DBP in respect of the year ended 31 March 2021 (the "Deferred Awards") to the relevant Executive Director of the Company over Ordinary Shares.

 
 Name            Number of Ordinary Shares subject 
                  to the Deferred Bonus Plan Award 
 Nick Kelsall    65,478 
  Shaun Smith     43,977 
 

The Deferred Awards will normally vest on the third anniversary of their grant. Because these shares represent part of a bonus already earned, no consideration was paid for the Deferred Awards and no consideration is due to be payable on vesting.

MAR Notification

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                        Nick Kelsall 
     --------------------------  ---------------------------------------------- 
 2    Reason for the notification 
     -------------------------------------------------------------------------- 
 a)   Position/status             Chief Executive Officer 
     --------------------------  ---------------------------------------------- 
 b)   Initial notification        Initial notification 
       /Amendment 
     --------------------------  ---------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     -------------------------------------------------------------------------- 
 a)   Name                        Norcros plc 
     --------------------------  ---------------------------------------------- 
 b)   LEI                         213800EIMJZZA1GBIE18 
     --------------------------  ---------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for (i) 
  A    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          Ordinary Share of 10 pence 
       financial instrument, 
       type of instrument 
                                   GB00BYYJL418 
       Identification code 
     --------------------------  ---------------------------------------------- 
 b)   Nature of the transaction   Grant of 134,885 options under the Company's 
                                   Approved Performance Share Plan (the "APSP") 
                                   and 65,478 options under the Deferred Bonus 
                                   Plan (the "DBP") on 21 July 2021 
     --------------------------  ---------------------------------------------- 
 c)   Price(s) and volume(s)        Price(s)   Volume(s) 
                                     n/a        n/a 
                                               ---------- 
     --------------------------  ---------------------------------------------- 
 d)   Aggregated information 
       - Aggregated volume          n/a 
       - Price                      n/a 
     --------------------------  ---------------------------------------------- 
 e)   Date of the transaction     21 July 2021 
     --------------------------  ---------------------------------------------- 
 f)   Place of the transaction    Wilmslow, Cheshire, England 
     --------------------------  ---------------------------------------------- 
 
 
 1    Details of the person discharging managerial responsibilities 
       / person closely associated 
 a)   Name                        Shaun Smith 
     --------------------------  -------------------------------------------- 
 2    Reason for the notification 
     ------------------------------------------------------------------------ 
 a)   Position/status             Chief Financial Officer 
     --------------------------  -------------------------------------------- 
 b)   Initial notification        Initial notification 
       /Amendment 
     --------------------------  -------------------------------------------- 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ------------------------------------------------------------------------ 
 a)   Name                        Norcros plc 
     --------------------------  -------------------------------------------- 
 b)   LEI                         213800EIMJZZA1GBIE18 
     --------------------------  -------------------------------------------- 
 4    Details of the transaction(s): section to be repeated for (i) 
  A    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          Ordinary Share of 10 pence 
       financial instrument, 
       type of instrument 
                                   GB00BYYJL418 
       Identification code 
     --------------------------  -------------------------------------------- 
 b)   Nature of the transaction   Grant of 43,977 options under the Company's 
                                   Deferred Bonus Plan (the "DBP") on 21 July 
                                   2021 
     --------------------------  -------------------------------------------- 
 c)   Price(s) and volume(s)        Price(s)   Volume(s) 
                                     n/a        n/a 
                                               ---------- 
     --------------------------  -------------------------------------------- 
 d)   Aggregated information 
       - Aggregated volume          n/a 
       - Price                      n/a 
     --------------------------  -------------------------------------------- 
 e)   Date of the transaction     21 July 2021 
     --------------------------  -------------------------------------------- 
 f)   Place of the transaction    Wilmslow, Cheshire, England 
     --------------------------  -------------------------------------------- 
 

Further enquiries:

 
 Norcros plc                     Tel: [phone] 
 Nick Kelsall, Chief Executive 
  Officer 
  Shaun Smith, Chief Financial 
  Officer 
 
 Hudson Sandler                  Tel: [phone] 
 Nick Lyon 
 

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July 21, 2021 10:03 ET (14:03 GMT)