Renold PLC Grant of Awards - Performance Share Plan (4447H)

TIDMRNO

RNS Number : 4447H

Renold PLC

07 June 2017

Renold plc

("Renold" or "the Company")

GRANT OF AWARDS - PERFORMANCE SHARE PLAN

Renold announces that nil cost options (the "Awards") were granted on 5 June 2017 under the 2013 Performance Share Plan to the Executive Directors of the Company.

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

The number of shares under the Awards was based on the average mid-market price for the preceding three days which was 54.79 pence.

The performance period applicable to the Awards is 1 April 2017 to 31 March 2020.

 
Robert Purcell (Chief Executive Officer) 
 

Nil cost options over 1,095,090 shares were granted. The performance criteria for the vesting of the award is as follows. There are two performance targets.

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 the award vests on a linear basis. The starting measurement point is the adjusted EPS figure for the year ended 31 March 2017.

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 
-------------------------  ---------------------- 
          <83.9p                     0% 
          83.9p                      25% 
 Between 83.9p and 109.9p     25%-100% pro-rata 
          109.9p                    100% 
 
 
Ian Scapens (Group Finance Director) 
 Nil cost options over 337,653 shares 
 were granted. The performance criteria 
 for the vesting of the award is 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 the award vests on a linear basis. The starting measurement point is the adjusted EPS figure for the year ended 31 March 2017.

5 June 2017

ENQUIRIES:

 
Renold plc                                0161 498 4500 
Robert Purcell, Chief Executive Officer 
Ian Scapens, Group 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

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 Officer 
---  ---------------------  ------------------------------- 
 b)   Initial notification   Initial 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 
       of the financial       Shares of GBP0.05 
       instrument,            ISIN: GB0007325078 
       type of instrument 
       Identification 
       code 
---  ---------------------  ------------------------------- 
 b)   Nature of              Grant of options 
       the transaction 
---  ---------------------  ------------------------------- 
 c)   Price(s) and             Price(s)    Volume(s) 
       volume(s)               ----------  ---------- 
                                Nil Cost 
                                 Options    1,095,090 
                               ----------  ---------- 
---  ---------------------  ------------------------------- 
 d)   Aggregated 
       information            N/A - single transaction 
       - Aggregated 
       volume 
       - Price 
---  ---------------------  ------------------------------- 
 e)   Date of the            5 June 2017 
       transaction 
---  ---------------------  ------------------------------- 
 f)   Place of the           London Stock Exchange (XLON) 
       transaction 
---  ---------------------  ------------------------------- 
 

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                   Ian Scapens 
---  ---------------------  ------------------------------- 
 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                   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 
       of the financial       Shares of GBP0.05 
       instrument,            ISIN: GB0007325078 
       type of instrument 
       Identification 
       code 
---  ---------------------  ------------------------------- 
 b)   Nature of              Grant of options 
       the transaction 
---  ---------------------  ------------------------------- 
 c)   Price(s) and             Price(s)    Volume(s) 
       volume(s)               ----------  ---------- 
                                Nil Cost 
                                 Options    337,653 
                               ----------  ---------- 
---  ---------------------  ------------------------------- 
 d)   Aggregated 
       information            N/A - single transaction 
       - Aggregated 
       volume 
       - Price 
---  ---------------------  ------------------------------- 
 e)   Date of the            5 June 2017 
       transaction 
---  ---------------------  ------------------------------- 
 f)   Place of the           London Stock Exchange (XLON) 
       transaction 
---  ---------------------  ------------------------------- 
 

This information is provided by RNS

The company news service from the London Stock Exchange

END

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June 07, 2017 09:26 ET (13:26 GMT)