Norcros PLC Directors' Dealings (7614W)

TIDMNXR

RNS Number : 7614W

Norcros PLC

16 November 2017

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

Directors' 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 16 November 2017.

The notification 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 the Executive Directors 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 is subject to achieving aggregate diluted EPS targets over a three year performance period, starting with the 2018 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    205,494 
 Shaun Smith     138,018 
--------------  --------------------------- 
 

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 2017 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 2017 (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    68,920 
 Shaun Smith     45,993 
--------------  -------------------------- 
 

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            Group Chief Executive 
---  -------------------------  ------------------------------------ 
 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 
  A    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             Ordinary Share of 10 pence 
       the financial 
       instrument, type 
       of instrument              GB00BYYJL418 
 
       Identification 
       code 
---  -------------------------  ------------------------------------ 
 b)   Nature of the              Grant of 205,494 options under 
       transaction                the Company's Approved Performance 
                                  Share Plan (the "APSP") and 68,920 
                                  options under the Deferred Bonus 
                                  Plan (the "DBP") on 16 November 
                                  2017 
---  -------------------------  ------------------------------------ 
 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    16 November 2017 
---  -------------------------  ------------------------------------ 
 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            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                       Norcros plc 
---  -------------------------  ------------------------------------ 
 b)   LEI                        213800EIMJZZA1GBIE18 
---  -------------------------  ------------------------------------ 
 4    Details of the transaction(s): section to be 
  A    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             Ordinary Share of 10 pence 
       the financial 
       instrument, type 
       of instrument              GB00BYYJL418 
 
       Identification 
       code 
---  -------------------------  ------------------------------------ 
 b)   Nature of the              Grant of 138,018 options under 
       transaction                the Company's Approved Performance 
                                  Share Plan (the "APSP") and 45,993 
                                  options under the Deferred Bonus 
                                  Plan (the "DBP") on 16 November 
                                  2017 
---  -------------------------  ------------------------------------ 
 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    16 November 2017 
---  -------------------------  ------------------------------------ 
 f)   Place of the transaction   Wilmslow, Cheshire, England 
---  -------------------------  ------------------------------------ 
 

Further enquiries:

 
 Norcros plc           Tel: [phone] 
 Nick Kelsall, Group 
  Chief Executive 
  Shaun Smith, Group 
  Finance Director 
 
 Hudson Sandler        Tel: [phone] 
 Nick Lyon 
 Charlie Jack 
 Fern Duncan 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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November 16, 2017 11:40 ET (16:40 GMT)