Renold PLC Grant of Awards - Performance Share Plan (8110Q)

TIDMRNO

RNS Number : 8110Q

Renold PLC

08 June 2018

Renold plc

("Renold" or "the Company")

8 June 2018

GRANT OF AWARDS - PERFORMANCE SHARE PLAN

Renold announces that nil cost options (the "Awards") were granted on 8 June 2018 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 granted under the Awards has been calculated using an average share price of 28.87 pence.

The performance period applicable to the Awards is 1 April 2018 to 31 March 2021.

 
Robert Purcell (Chief Executive Officer) 
 

Nil cost options over 2,078,282 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 2018.

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 
------------------------  ---------------------- 
         <42.2p                     0% 
          42.2p                     25% 
 Between 42.2p and 72.2p     25%-100% pro-rata 
          72.2p                    100% 
------------------------  ---------------------- 
 
 
Ian Scapens (Group Finance Director) 
 Nil cost options over 692,761 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 2018.

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 
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 
----  ------------------------------  ------------------------------------- 
 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                  Nil cost options over Ordinary 
        the financial                   shares of 5 pence each 
        instrument, type 
        of instrument 
---- 
 
       Identification                  GB0007325078 
        code 
 
 b)    Nature of the                   Grant of options 
        transaction 
----  ------------------------------  ------------------------------------- 
 c)    Price(s) and volume(s) 
----                                   ----------------  ---------------- 
                                        Price(s)          Volume(s) 
----                                   ----------------  ---------------- 
    Nil                                                   2,078,282 
   ----------------------------------------------------  ---------------- 
 
 d)    Aggregated information 
---- 
 
  - Aggregated volume             N/A single transaction 
 
  - Price 
 
 e)    Date of the transaction         8 June 2018 
----  ------------------------------  ------------------------------------- 
 f)    Place of the transaction        London Stock Exchange 
----  ------------------------------  ------------------------------------- 
 

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                 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 
----  ------------------------------  ------------------------------------- 
 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                  Nil cost options over Ordinary 
        the financial                   shares of 5 pence each 
        instrument, type 
        of instrument 
---- 
 
       Identification                  GB0007325078 
        code 
 
 b)    Nature of the                   Grant of options 
        transaction 
----  ------------------------------  ------------------------------------- 
 c)    Price(s) and volume(s) 
----                                   ----------------  ---------------- 
                                        Price(s)          Volume(s) 
----                                   ----------------  ---------------- 
    Nil                                                   692,761 
   ----------------------------------------------------  ---------------- 
 
 d)    Aggregated information 
---- 
 
  - Aggregated volume             N/A single transaction 
 
  - Price 
 
 e)    Date of the transaction         8 June 2018 
----  ------------------------------  ------------------------------------- 
 f)    Place of the transaction        London Stock Exchange 
----  ------------------------------  ------------------------------------- 
 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

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June 08, 2018 07:49 ET (11:49 GMT)