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SPX Spirax-sarco Engineering Plc

10,090.00
-10.00 (-0.10%)
Last Updated: 10:25:45
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Spirax-sarco Engineering Plc LSE:SPX London Ordinary Share GB00BWFGQN14 ORD 26 12/13P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -10.00 -0.10% 10,090.00 10,090.00 10,095.00 10,135.00 9,990.00 10,100.00 13,909 10:25:45
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Automatic Regulatng Controls 1.68B 183.6M 2.4946 40.55 7.44B

Spirax-Sarco Engineering PLC Section 430(2B) Companies Act 2006 Statement (2128J)

08/04/2020 10:33am

UK Regulatory


Spirax-sarco Engineering (LSE:SPX)
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RNS Number : 2128J

Spirax-Sarco Engineering PLC

08 April 2020

8th April 2020

SECTION 430(2B) COMPANIES ACT 2006 STATEMENT - JAY WHALEN

Spirax-Sarco Engineering plc, the world leader in thermal energy management, peristaltic pumping and associated fluid path technologies announced, on 4th September 2019, that Jay Whalen, President, Watson-Marlow Fluid Technology Group (WMFTG), and Executive Director, would retire from WMFTG and the Board effective 31st December 2019.

In accordance with section 430(2B) of the Companies Act 2006, the following remuneration arrangements, have been agreed for Jay in accordance with his Service Agreement and the relevant provisions of the Company's Remuneration Policy approved by shareholders:

i) An annual bonus for 2019 of GBP355,543 based on the level of achievement of the Company's 2019 financial and strategic objectives as well as Jay's personal strategic objectives. The level of achievement has been assessed by the Remuneration Committee using the measures defined at the start of the year and in line with the Remuneration Policy. Full disclosure of the measures and achievement levels are provided in the Directors' Remuneration Report in the Company's Annual Report 2019;

ii) As approved by the Remuneration Committee, and in accordance with the rules of the Performance Share Plan (PSP), Jay has been treated as a good leaver and a total of 13,883 ordinary shares vested in respect of awards made under the PSP in 2017, 2018 and 2019 (with the awards made in 2018 and 2019 vesting after time prorating). After settlement of income tax, the balance of vested shares are subject to a two-year holding period in accordance with the 2017 Remuneration Policy; and

iii) Payments of GBP3,898.50 (excluding VAT) towards tax advice fees incurred in connection with his loss of office, the precise amount of which will be based on fees actually incurred.

The Company confirms that Jay did not receive any other remuneration payment or any payment for loss of office of the type specified in section 430(2B) of the Companies Act 2006. Further details of the contractual and leaving provisions for Board directors are summarised in the Directors' Remuneration Report in our Annual Report 2019.

Enquiries:

Andy Robson, Group General Counsel and Company Secretary

Tel: 01242 535194

About Spirax--Sarco Engineering plc

Spirax--Sarco Engineering plc is a thermal energy management and niche pumping specialist. It comprises three world--leading businesses: Steam Specialties, for the control and management of steam; Electric Thermal Solutions, for advanced electrical process heating and temperature management solutions; and Watson-Marlow, for peristaltic pumping and associated fluid path technologies. The Steam Specialties and Electric Thermal Solutions businesses provide a broad range of fluid control and electrical process heating products, engineered packages, site services and systems expertise for a diverse range of industrial and institutional customers. Both businesses help their end users to improve production efficiency, meet their environmental sustainability targets, improve product quality and enhance the safety of their operations. Watson--Marlow Fluid Technology Group provides solutions for a wide variety of demanding fluid path applications with highly accurate, controllable and virtually maintenance free pumps and associated technologies.

The Group is headquartered in Cheltenham, UK, has strategically located manufacturing plants around the world and employs over 8,000 people, of whom over 1,600 are direct sales and service engineers. Its shares have been listed on the London Stock Exchange since 1959 (symbol: SPX) and it is a constituent of the FTSE 100 Index.

Further information can be found at www.spiraxsarcoengineering.com

RNS filter: Inside information prior to release

LEI 213800WFVZQMHOZP2W17

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 rns@lseg.com or visit www.rns.com.

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(END) Dow Jones Newswires

April 08, 2020 05:33 ET (09:33 GMT)

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