Norcros plc ("Norcros" or "the Company")
Director 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 21 July 2021.
The notifications 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 an Executive Director 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 will be subject to achieving aggregate diluted EPS targets over a three year performance period, starting with the 2022 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 | 134,885 |
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 2021 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 2021 (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 Shaun Smith | 65,478 43,977 |
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 | Chief Executive Officer | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Norcros plc | ||||
| b) | LEI | 213800EIMJZZA1GBIE18 | ||||
| 4 A
| 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, type of instrument
Identification code
| Ordinary Share of 10 pence
GB00BYYJL418
| ||||
| b)
| Nature of the transaction
| Grant of 134,885 options under the Company's Approved Performance Share Plan (the "APSP") and 65,478 options under the Deferred Bonus Plan (the "DBP") on 21 July 2021 | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
n/a n/a
| ||||
| e)
| Date of the transaction
| 21 July 2021 | ||||
| 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 | Chief Financial Officer | ||||
| b) | Initial notification /Amendment | Initial notification | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Norcros plc | ||||
| b) | LEI | 213800EIMJZZA1GBIE18 | ||||
| 4 A
| 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, type of instrument
Identification code
| Ordinary Share of 10 pence
GB00BYYJL418
| ||||
| b)
| Nature of the transaction
| Grant of 43,977 options under the Company's Deferred Bonus Plan (the "DBP") on 21 July 2021 | ||||
| c)
| Price(s) and volume(s)
|
| ||||
| d)
| Aggregated information - Aggregated volume - Price |
n/a n/a
| ||||
| e)
| Date of the transaction
| 21 July 2021 | ||||
| f)
| Place of the transaction
| Wilmslow, Cheshire, England | ||||
Further enquiries:
| Norcros plc | Tel: 01625 547 700 |
| Nick Kelsall, Chief Executive Officer Shaun Smith, Chief Financial Officer |
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| Hudson Sandler | Tel: 0207 796 4133 |
| Nick Lyon |
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