TIDMAVON
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 Whole shares Whole shares
Award* acquired under disposed
nil cost option/conditional
award
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 GBP10.97 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 Initial notification
/
amendment
------------------------- -----------------------------------------
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 Ordinary GBP1 shares in Avon Rubber
the p.l.c.
financial instrument
and ISIN Code GB0000667013
------------------------- -----------------------------------------
b) Nature of the Disposal of interests in jointly
transaction 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 Price(s) Volume(s)
volume(s) 1) GBP 23.00* 1) 11,888
2) GBP 23.00* 2) 10,242
3) GBP 23.00* 3) 8,840
----------------
*of which GBP10.97 per jointly owned
share was payable to the PDMRs.
------------------------- -----------------------------------------
d) Aggregated Information
1)
* Aggregated volume 11,888
GBP 23.00
GBP 273,424
* Aggregated price
10,242
GBP 23.00
* Aggregated total GBP 235,566
8,840
2) GBP 23.00
* Aggregated volume GBP 203,320
* Aggregated price
* Aggregated total
3)
* Aggregated volume
* Aggregated price
* Aggregated total
------------------------- -----------------------------------------
e) Date of the All occurred on 2020-03-11
transactions
------------------------- -----------------------------------------
f) Place of the London Stock Exchange (XLON)
transaction
------------------------- -----------------------------------------
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 Initial notification
/
amendment
------------------------- -----------------------------------------------
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 Ordinary GBP1 shares in Avon Rubber
the p.l.c.
financial instrument
and ISIN Code GB0000667013
------------------------- -----------------------------------------------
b) Nature of the Shares acquired on the exercise of
transaction 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 Price(s) Volume(s)
volume(s) 1) GBP nil 1) 5,921
2) GBP nil 2) 5,101
3) GBP nil 3) 4,403
4) GBP nil 4) 5,334
---------------
------------------------- -----------------------------------------------
d) Aggregated Information
1)
* Aggregated volume 5,921
GBP nil
GBP nil
* Aggregated price
5,101
GBP nil
* Aggregated total GBP nil
4,403
2) GBP nil
* Aggregated volume GBP nil
5,334
* Aggregated price GBP nil
GBP nil
* Aggregated total
3)
* Aggregated volume
* Aggregated price
* Aggregated total
4)
* Aggregated volume
* Aggregated price
* Aggregated total
------------------------- -----------------------------------------------
e) Date of the All occurred on 2020-03-11
transactions
------------------------- -----------------------------------------------
f) Place of the London Stock Exchange (XLON)
transaction
------------------------- -----------------------------------------------
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 Initial notification
/
amendment
-------------------------- ------------------------------------------
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 Ordinary GBP1 shares in Avon Rubber
the p.l.c.
financial instrument
and ISIN Code GB0000667013
-------------------------- ------------------------------------------
b) Nature of the Disposal of shares resulting from the
transaction 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 Price(s) Volume(s)
volume(s) 1) GBP 23.00 1) 2,783
2) GBP 23.00 2) 2,398
3) GBP 23.00 3) 2,070
4) GBP 23.00 4) 5,334
---------------
-------------------------- ------------------------------------------
d) Aggregated Information
1)
* Aggregated volume 2,783
GBP 23.00
GBP 64,009
* Aggregated price
2,398
GBP 23.00
* Aggregated total GBP 55,154
2,070
2) GBP 23.00
* Aggregated volume GBP 47,610
5,334
* Aggregated price GBP 23.00
GBP 122,682
* Aggregated total
3)
* Aggregated volume
* Aggregated price
* Aggregated total
4)
* Aggregated volume
* Aggregated price
* Aggregated total
-------------------------- ------------------------------------------
e) Date of the All occurred on 2020-03-11
transactions
-------------------------- ------------------------------------------
f) Place of the London Stock Exchange (XLON)
transaction
-------------------------- ------------------------------------------
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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END
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