Source - RNS
RNS Number : 3218G
Avon Rubber PLC
16 March 2020
 

16 March 2020

Avon Rubber p.l.c. ("the Company")

Directors' and PDMRs' Interest in Shares

 

As disclosed in the 2019 annual report, awards representing 100% of the maximum possible award under the Avon Rubber p.l.c. Performance Share Plan 2010, were granted to Executive Directors, persons discharging managerial responsibilities ('PDMRs') and other employees (together 'Participants') on 8 December 2016 ('the 2016 Awards').

The Awards were made subject to performance conditions based on the Company's Total Shareholder Return ('TSR') and Earnings Per Share ('EPS'), to be measured over a 3 year performance period which commenced on 1 October 2016 and ended on 30 September 2019. The start and end point of the Company's TSR performance by reference to the comparator group was measured over the 5 days following the announcement of the Company's annual results for the year ended 30 September 2016 and the year ended 30 September 2019. The Company's EPS performance was measured by reference to the EPS in the 2016 and 2019 year end results.

The Remuneration Committee confirmed on 9 March 2020 that 80% of the 2016 Awards would vest.

The Company received valid exercise notices from the Participants in respect of the 2016 Awards. As a result, on 11 March 2020, Paul McDonald, Miles Ingrey-Counter and Craig Sage, pursuant to the terms of the relevant joint ownership awards, sold their vested interests over all jointly owned shares in the market and exercised their nil cost options to acquire whole shares in the Company. Some of these shares were then sold to meet tax and National Insurance liabilities associated with the vesting of the 2016 Awards. James Wilcox acquired whole shares pursuant to his 2016 Awards and sold a number of shares to meet tax and National Insurance/US social security liabilities and for personal reasons.

The table below sets out the total number of shares over which the 2016 Awards were made to Executive Directors and PDMRs and total disposals:

 


Total Vested Award*

Whole shares acquired under nil cost option/conditional award

Whole shares disposed

Executive Director

Paul McDonald

11,888

5,921

2,783

PDMRs

Miles Ingrey-Counter

10,242

5,101

2,398

Craig Sage

8,840

4,403

2,070

James Wilcox

5,334

5,334

5,334

*80% of the total number of the 2016 Awards. Paul McDonald, Miles Ingrey-Counter and Craig Sage held an interest in the number of shares shown in the above table which was sold, on 11 March 2020,  following the vesting of the 2016 Awards. The proceeds due to the executives on sale of the jointly owned shares were determined by the 2016 Joint Ownership Agreements as £10.97 per share.

The following notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulation.  

Notification and public disclosure of transactions by PDMRs:

1.  Disposal of interests in jointly owned shares pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010

1

Details of person discharging managerial responsibilities/person closely associated

a) 

Name

1)  Paul McDonald

2)  Miles Ingrey-Counter

3)  Craig Sage

2

Reason for the notification

a) 

Position / status

1)  Chief Executive Officer

2)  Company Secretary

3)  Divisional Head - Dairy

b) 

Initial notification /

amendment

Initial notification

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a) 

Name

Avon Rubber p.l.c.

b) 

LEI

213800JM1AN62REBWA71

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 the

financial instrument

and ISIN Code

Ordinary £1 shares in Avon Rubber p.l.c.

 

GB0000667013

b) 

Nature of the

transaction

Disposal of interests in jointly owned shares pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010

c) 

Price(s) and

volume(s)

 

Price(s)

Volume(s)

1)  GBP 23.00*

2)  GBP 23.00*

3)  GBP 23.00*

1)  11,888

2)  10,242

3)  8,840

*of which £10.97 per jointly owned share was payable to the PDMRs.

d) 

Aggregated Information

1)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

2)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

3)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

 

 

 

 

11,888

GBP 23.00

GBP 273,424

 

10,242

GBP 23.00

GBP 235,566

 

8,840

GBP 23.00

GBP 203,320

 

e) 

Date of the

transactions

All occurred on 2020-03-11

 

f) 

Place of the

transaction

London Stock Exchange (XLON)

 

 

2.  Acquisition of shares pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010

1

Details of person discharging managerial responsibilities/person closely associated

a) 

Name

1)  Paul McDonald

2)  Miles Ingrey-Counter

3)  Craig Sage

4)  James Wilcox

2

Reason for the notification

a) 

Position / status

1)  Chief Executive Officer

2)  Company Secretary

3)  Divisional Head - Dairy

4)  Divisional Head - Military

b) 

Initial notification /

amendment

Initial notification

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a) 

Name

Avon Rubber p.l.c.

b) 

LEI

213800JM1AN62REBWA71

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 the

financial instrument

and ISIN Code

Ordinary £1 shares in Avon Rubber p.l.c.

 

GB0000667013

b) 

Nature of the

transaction

Shares acquired on the exercise of nil cost options and conditional awards pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010

c) 

Price(s) and

volume(s)

 

Price(s)

Volume(s)

1)  GBP nil

2)  GBP nil

3)  GBP nil

4)  GBP nil

 

1)  5,921

2)  5,101

3)  4,403

4)  5,334

 

d) 

Aggregated Information

1)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

2)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

3)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

4)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

 

 

5,921

GBP nil

GBP nil

 

5,101

GBP nil

GBP nil

 

4,403

GBP nil

GBP nil

 

5,334

GBP nil

GBP nil

e) 

Date of the

transactions

All occurred on 2020-03-11

 

f) 

Place of the

transaction

London Stock Exchange (XLON)

 

3.  Disposal of shares resulting from the exercise of nil cost options pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010

1

Details of person discharging managerial responsibilities/person closely associated

a) 

Name

1)  Paul McDonald

2)  Miles Ingrey-Counter

3)  Craig Sage

4)  James Wilcox

2

Reason for the notification

a) 

Position / status

1)  Chief Executive Officer

2)  Company Secretary

3)  Divisional Head - Dairy

4)  Divisional Head - Military

b) 

Initial notification /

amendment

Initial notification

 

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a) 

Name

Avon Rubber p.l.c.

b) 

LEI

213800JM1AN62REBWA71

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 the

financial instrument

and ISIN Code

Ordinary £1 shares in Avon Rubber p.l.c.

 

GB0000667013

b) 

Nature of the

transaction

Disposal of shares resulting from the exercise of nil cost options pursuant to the vesting of 2016 Awards made under the Avon Rubber p.l.c. Performance Share Plan 2010 to pay tax, National Insurance/US social security and for personal reasons

c) 

Price(s) and

volume(s)

 

Price(s)

Volume(s)

1)  GBP 23.00

2)  GBP 23.00

3)  GBP 23.00

4)  GBP 23.00

1)  2,783

2)  2,398

3)  2,070

4)  5,334

 

d) 

Aggregated Information

1)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

2)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

3)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

4)

-  Aggregated volume

-  Aggregated price

-  Aggregated total

 

 

 

2,783

GBP 23.00

GBP 64,009

 

2,398

GBP 23.00

GBP 55,154

 

2,070

GBP 23.00

GBP 47,610

 

5,334

GBP 23.00

GBP 122,682

 

 

e) 

Date of the

transactions

All occurred on 2020-03-11

 

f) 

Place of the

transaction

London Stock Exchange (XLON)

 

LEI: 213800JM1AN62REBWA71
Classification: Transactions by PDMRs under article 19 of the Market Abuse Regulation.

Contact Information:

Avon Rubber p.l.c.

Miles Ingrey-Counter, Company Secretary

 

01225 896850

 

 


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