TIDMELM
RNS Number : 5339G
Elementis PLC
25 November 2020
FORM 8 (OPD)
PUBLIC OPENING POSITION DISCLOSURE BY A PARTY TO AN OFFER
Rules 8.1 and 8.2 of the Takeover Code (the "Code")
1. KEY INFORMATION
(a) Full name of discloser: Elementis plc ("Elementis")
(b) Owner or controller of interests and short positions disclosed, if different from N/A
1(a):
The naming of nominee or vehicle companies is insufficient. For a trust, the
trustee(s),
settlor and beneficiaries must be named.
----------------------------
(c) Name of offeror/offeree in relation to whose relevant securities this form relates: Elementis
Use a separate form for each offeror/offeree
----------------------------
(d) Is the discloser the offeror or the offeree? OFFEREE
----------------------------
(e) Date position held: 25 November 2020
The latest practicable date prior to the disclosure
----------------------------
(f) In addition to the company in 1(c) above, is the discloser making disclosures in N/A
respect
of any other party to the offer?
If it is a cash offer or possible cash offer, state "N/A"
----------------------------
2. POSITIONS OF THE PARTY TO THE OFFER MAKING THE DISCLOSURE
If there are positions or rights to subscribe to disclose in
more than one class of relevant securities of the offeror or
offeree named in 1(c), copy table 2(a) or (b) (as appropriate) for
each additional class of relevant security.
(a) Interests and short positions in the relevant securities of
the offeror or offeree to which the disclosure relates
Class of relevant security:
Interests Short positions
------------ ------------------
Number % Number %
-------- ------------- ---
(1) Relevant securities owned and/or controlled: NIL - NIL -
-------- ------------- ---
(2) Cash-settled derivatives: NIL - NIL -
-------- ------------- ---
(3) Stock-settled derivatives (including options) and agreements to purchase/sell: NIL - NIL -
-------- ------------- ---
NIL - NIL -
TOTAL:
-------- ------------- ---
All interests and all short positions should be disclosed.
Details of any open stock-settled derivative positions
(including traded options), or agreements to purchase or sell
relevant securities, should be given on a Supplemental Form 8 (Open
Positions).
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
(b) Rights to subscribe for new securities
Class of relevant security in relation to which subscription right exists: None
Details, including nature of the rights concerned and relevant percentages: N/A
-----
3. POSITIONS OF PERSONS ACTING IN CONCERT WITH THE PARTY TO THE OFFER MAKING THE DISCLOSURE
Details of any interests, short positions and rights to subscribe (including directors' and
other employee options) of any person acting in concert with the party to the offer making
the disclosure:
(a) Ordinary shares in Elementis held by Elementis Directors
The issued share capital as at 25 November 2020 is
580,801,241.
Concert Party Number of ordinary Percentage of existing
shares in Elementis issued ordinary share
capital in Elementis
(per cent) (1)
Andrew Duff 113,500 0.01954%
--------------------- -----------------------
Dorothee Deuring 26,250 0.00452%
--------------------- -----------------------
Steve Good 62,500 0.01076%
--------------------- -----------------------
Ralph Hewins 59,193 0.01019%
--------------------- -----------------------
Anne Hyland 22,153 0.00381%
--------------------- -----------------------
John O'Higgins NIL NIL
--------------------- -----------------------
Christine Soden NIL NIL
--------------------- -----------------------
Paul Waterman 713,843 0.12291%
--------------------- -----------------------
(1) Rounded to 5 decimal places
(b) Deferred share awards held by Elementis Executive Directors
Deferred shares may be awarded to Elementis Executive Directors
as part of their annual bonus. Any bonus due above 50% of the
individual's maximum bonus entitlement is awarded as deferred
shares, which vest after two years unless the individual ceases
employment prior to the second anniversary of the award and
qualifies as a good leaver. Please see the Directors' Remuneration
Report on pages 79 to 95 of Elementis' 2019 Annual Report and
Accounts for further details.
(i) Deferred share awards held by Paul Waterman
Award Date Vesting Date (subject Subscription Outstanding
to employment conditions) Price (GBP)
06.03.2019 06.03.2021 GBP0.00 110,378
---------------------------- -------------- ------------
05.03.2020 05.03.2022 GBP0.00 188,130
---------------------------- -------------- ------------
(ii) Deferred share awards held by Ralph Hewins
Award Date Vesting Date (subject Subscription Outstanding
to employment conditions) Price (GBP)
07.03.2017 08.03.2019 GBP0.00 7,140
---------------------------- -------------- ------------
07.03.2017 08.03.2020 GBP0.00 17,458
---------------------------- -------------- ------------
05.03.2018 05.03.2020 GBP0.00 73,123
---------------------------- -------------- ------------
06.03.2019 06.03.2021 GBP0.00 48,865
---------------------------- -------------- ------------
05.03.2020 05.03.2022 GBP0.00 76,266
---------------------------- -------------- ------------
(c) Long Term Incentive Plan ("LTIP") awards held by Elementis Executive Directors
LTIP awards are granted to Elementis Executive Directors on an
annual basis and vest over a period of three years subject to
continued service and the achievement of a number of key
performance measures. Performance for 2017, 2018 and 2019 LTIPs is
measured based on a 50/50 split of earnings per share growth and
total shareholder return against a comparator group. Performance
for 2020 LTIPs is measured based on a 1/3 split of earnings per
share growth and total shareholder return against a comparator
group and cash conversion. Please see the Directors' Remuneration
Report on pages 79 to 95 of Elementis' 2019 Annual Report and
Accounts for further details.
(i) LTIP awards held by Paul Waterman
Award Date Vesting Date (subject Subscription Outstanding
to performance and Price (GBP)
employment conditions)
30.04.2018 30.04.2021 GBP0.00 483,127
------------------------- -------------- ------------
01.04.2019 01.04.2022 GBP0.00 849,282
------------------------- -------------- ------------
07.04.2020 07.04.2023 GBP0.00 2,037,577
------------------------- -------------- ------------
(ii) LTIP awards held by Ralph Hewins
Award Date Vesting Date (subject Subscription Outstanding
to performance and Price (GBP)
employment conditions)
07.03.2017 07.03.2017 GBP0.00 92,262
------------------------- -------------- ------------
30.04.2018 30.04.2021 GBP0.00 229,983
------------------------- -------------- ------------
01.04.2019 01.04.2022 GBP0.00 381,469
------------------------- -------------- ------------
07.04.2020 07.04.2023 GBP0.00 862,469
------------------------- -------------- ------------
(d) Save as you earn ("SAYE") awards held by Elementis Executive Directors
This is a savings based share option scheme that is not subject
to performance conditions.
(i) SAYE awards held by Paul Waterman
Award Date Vesting Date (subject Subscription Outstanding
to performance and Price (GBP)
employment conditions)
15.09.2020 15.05.2022 GBP0.6311 59,188
------------------------- -------------- ------------
(ii) SAYE awards held by Ralph Hewins
Award Date Vesting Date (subject Subscription Outstanding
to performance and Price (GBP)
employment conditions)
27.11.2018 27.11.2021 GBP1.6391 10,981
------------------------- -------------- ------------
BUCK TRUSTEES (GUERNSEY) LIMITED
Class of relevant security: Ordinary shares in Elementis
Interests Short Positions
-------------------- ------------------
Name Number % Number %
--------- --------- ----------- -----
(1) Relevant securities
owned and/or controlled: 621,236 0.10696% NIL NIL
--------- --------- ----------- -----
(2) Cash-settled derivatives: NIL NIL NIL NIL
--------- --------- ----------- -----
(3) Stock-settled derivatives NIL NIL NIL NIL
(including options) and
agreements to purchase/sell:
--------- --------- ----------- -----
TOTAL: 621,236 0.10696% NIL NIL
--------- --------- ----------- -----
(1) Rounded to 5 decimal places
(e) Interests and short positions of Elementis' advisers in ordinary shares in Elementis
J.P. MORGAN CHASE BANK (CUSTODY)
Class of relevant security: Ordinary shares in Elementis
Interests Short positions
--------------------- -----------------
Name Number % Number %
------- ------------ ---------- -----
(1) Relevant securities owned and/or controlled: 2 0.00000(1) NIL NIL
------- ------------ ---------- -----
(2) Cash-settled derivatives: NIL NIL NIL NIL
------- ------------ ---------- -----
(3) Stock-settled derivatives (including options) and agreements to NIL NIL NIL NIL
purchase/sell:
------- ------------ ---------- -----
TOTAL: 2 0.00000(1) NIL NIL
------- ------------ ---------- -----
(1) Rounded to 5 decimal places.
No interests, short positions or rights to subscribe are held by
Elementis plc's connected advisers Rothschild & Co or Numis
Securities Limited, or the persons affiliated with them, who are
not exempt principal traders for the purposes of the Rule 8 of the
Code.
Details of any securities borrowing and lending positions or
financial collateral arrangements should be disclosed on a
Supplemental Form 8 (SBL).
4. OTHER INFORMATION
(a) Indemnity and other dealing arrangements
Details of any indemnity or option arrangement, or any agreement or understanding, formal
or informal, relating to relevant securities which may be an inducement to deal or refrain
from dealing entered into by the party to the offer making the disclosure or any person acting
in concert with it:
Irrevocable commitments and letters of intent should not be included. If there are no such
agreements, arrangements or understandings, state "none"
None
(b) Agreements, arrangements or understandings relating to options or derivatives
Details of any agreement, arrangement or understanding, formal or informal, between the party
to the offer making the disclosure, or any person acting in concert with it, and any other
person relating to:
(i) the voting rights of any relevant securities under any option; or
(ii) the voting rights or future acquisition or disposal of any relevant securities to which
any derivative is referenced:
If there are no such agreements, arrangements or understandings, state "none"
None
(c) Attachments
Are any Supplemental Forms attached?
Supplemental Form 8 (Open Positions) NO
Supplemental Form 8 (SBL) NO
---
Date of disclosure: 25 November 2020
Contact name: Laura Higgins
Group Company Secretary
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Telephone number: 020 7067 2999
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Public disclosures under Rule 8 of the Code must be made to a
Regulatory Information Service.
The Panel's Market Surveillance Unit is available for
consultation in relation to the Code's disclosure requirements on
+44 (0)20 7638 0129.
The Code can be viewed on the Panel's website at
www.thetakeoverpanel.org.uk .
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END
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