TYMAN PLC
("Tyman" or the "Company")
DIRECTOR/PDMR SHAREHOLDINGS
awards under the DEFERRED SHARE BONUS PLAN (THE "DSBP")
Tyman plc ("Tyman" or the "Group"), a leading international supplier of engineered components and access solutions to the construction industry, announces that the Remuneration Committee of the Company has granted the following nil cost share awards in respect of the year ended 31 December 2021 (the "2021 Awards") to the two Executive Directors of the Company under the Company's Deferred Share Bonus Plan ("DSBP") over ordinary shares of 5 pence each in the Company ("Ordinary Shares").
| Name | Number of Ordinary Shares subject to the Deferred Plan Award1 |
| Jo Hallas | 83,975 |
| Jason Ashton | 48,493 |
1 Number of shares calculated by reference to the 5-day average closing price prior to the date that shares were awarded (5 trading days ended 14th April 2022) of £3.126.
Under the DSBP, 50% of Executive Director bonuses that would otherwise have been payable in cash are instead delivered in the form of nil-cost options.
These awards will normally vest (together with dividend equivalents in cash or Ordinary Shares) following the publication of the Group's audited results for the year ending
31 December 2024, expected to be in March 2025. No consideration was paid for the 2021 Awards and no consideration is due to be payable on vesting.
A further three executive managers employed by the Company and its subsidiaries have also been granted under the DSBP nil-cost options over a total of 34,244 Ordinary Shares.
AWARDS UNDER THE TYMAN PLC LONG TERM INCENTIVE PLAN (THE "LTIP")
On 14 April 2022 ("Award Date"), the Company's two Executive Directors were granted the following share awards (the "2022 Awards") under the LTIP, in the form of nil cost options over ordinary shares of 5 pence each in the Company ("Ordinary Shares"):
| Name | Number of 2022 Awards1 |
| Jo Hallas | 263,915 |
| Jason Ashton | 137,755 |
1 Number of shares calculated by reference to the 5-day average closing price prior to the date that shares were awarded (5 trading days ended 14th April 2022) of £3.126.
Performance conditions
Under the terms of the LTIP, the Awards are subject to the following terms:
· EPS performance target. 40% of each Award is based on the Company's adjusted earnings per share ("EPS") growth over the three-year period to the end of the financial year 2024 ("FY24"). No such part of an Award will vest if the three-year compound annualised growth rate ("CAGR") in the Company's EPS to FY24 is below 4.5% per annum. 25% of this element will vest if the Company's EPS CAGR is equal to 4.5% per annum, rising on a straight-line basis to 100% vesting if the Company's EPS CAGR equals or exceeds 12.0% per annum.
· ROCE performance target. 25% of each Award is based on the Company's underlying return on capital employed ("ROCE") performance over the three-year period to the end of FY24. No such part of an Award will vest if the Company's average ROCE over the three-year period ("Average ROCE") is less than 13.6%. 25% of this element will vest if the Company's Average ROCE is equal to 13.6%, rising on a straight-line basis to 100% vesting if the Company's Average ROCE equals or exceeds 15.0%.
· TSR performance target. 20% of each Award is based on the Company's total shareholder return over the period 2022 - 2024 relative to the constituents of the FTSE250 Index (excluding Tyman and investment trusts). No part of this element will vest if the Company's relative TSR is less than the median. 25% of this element will vest if the Company's relative TSR is equal to the median, rising on a straight-line basis to 100% vesting if the Company's relative TSR is equal to the upper quartile.
· Group sustainability scorecard target. 15% of each Award is based on the Company's Group sustainability scorecard target. The Group Sustainability Scorecard is split equally across the four metrics of Safety, Environment, Impact and Culture (further details of which can be found on page 135 of the 2021 Annual Report and Accounts).
Five year holding period
Awards granted to the Executive Directors that vest shall be subject to a compulsory holding period of five years from the Award Date.
Timetable and Awards Outstanding
2022 Awards are expected to vest in March 2025, following the announcement of the Company's results for the year ended 31 December 2024, subject to fulfilment of the performance conditions and continued employment in the Group, and the holding requirement is expected to expire in March 2027.
The details of the Awards are set out below:
| 1
| Details of the persons discharging managerial responsibilities / person closely associated
| |||
| a)
| Names
| i. JO HALLAS ii. JASON ASHTON
| ||
| 2
| Reason for the notification: AWARD OF OPTIONS
| |||
| a)
| Position/status
| i. CHIEF EXECUTIVE OFFICER ii. 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
| TYMAN PLC | ||
| b)
| LEI
| 213800AAFUV5PKGQU848 | ||
| 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, type of instrument | ORDINARY SHARES OF 5P EACH
| ||
| | | |||
| Identification code | ISIN NUMBER:GB00B29H4253 | |||
|
| | |||
| b)
| Nature of the transaction | NIL COST OPTIONS GRANTED UNDER TYMAN PLC DEFERRED SHARE BONUS PLAN | ||
| c) | Prices (s) and volume(s) |
| Price | Volume |
| i. | Nil | 83,975 | ||
| ii. | Nil | 48,493 | ||
| d)
| Aggregated information | | ||
| | | |||
| - Aggregated volume | - 132,468
| |||
| | | |||
| - Price | - Nil | |||
| | | |||
| e)
| Date of the transaction
| 14 April 2022 | ||
| f)
| Place of the transaction | OUTSIDE OF TRADING VENUE | ||
| | | | ||
| | | | ||
| | | | ||
| 1
| Details of the persons discharging managerial responsibilities / person closely associated
| |||
| a)
| Names
| i. JO HALLAS ii. JASON ASHTON
| ||
| 2
| Reason for the notification: AWARD OF OPTIONS
| |||
| a)
| Position/status
| i. CHIEF EXECUTIVE OFFICER ii. 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
| TYMAN PLC | ||
| b)
| LEI
| 213800AAFUV5PKGQU848 | ||
| 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, type of instrument | ORDINARY SHARES OF 5P EACH
| ||
| | | |||
| Identification code | ISIN NUMBER:GB00B29H4253 | |||
|
| | |||
| b)
| Nature of the transaction | NIL COST OPTIONS GRANTED SUBJECT TO PERFORMANCE CONDITIONS UNDER TYMAN PLC LONG TERM INCENTIVE PLAN | ||
| c) | Prices (s) and volume(s) |
| Price | Volume |
| i. | Nil | 263,915 | ||
| ii. | Nil | 137,755 | ||
| d)
| Aggregated information | | ||
| | | |||
| - Aggregated volume | - 401,670
| |||
| | | |||
| - Price | - Nil | |||
| | | |||
| e)
| Date of the transaction
| 14 April 2022 | ||
| f)
| Place of the transaction | OUTSIDE OF TRADING VENUE | ||
This disclosure is made in accordance with Article 19 of EU Market Abuse Regulation No. 596/2014 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018.
20 April 2022
|
Enquiries: | |
| Tyman plc | 020 7976 8000 |
| Peter Ho - General Counsel & Company Secretary | www.tymanplc.com |
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