Renold PLC Grant of Awards - Performance Share Plan (4447H)
07 June 2017 - 11:26PM
UK Regulatory
TIDMRNO
RNS Number : 4447H
Renold PLC
07 June 2017
Renold plc
("Renold" or "the Company")
GRANT OF AWARDS - PERFORMANCE SHARE PLAN
Renold announces that nil cost options (the "Awards") were
granted on 5 June 2017 under the 2013 Performance Share Plan to the
Executive Directors of the Company.
The notification below, made in accordance with the requirements
of the EU Market Abuse Regulation, provides further detail.
The number of shares under the Awards was based on the average
mid-market price for the preceding three days which was 54.79
pence.
The performance period applicable to the Awards is 1 April 2017
to 31 March 2020.
Robert Purcell (Chief Executive Officer)
Nil cost options over 1,095,090 shares were granted. The
performance criteria for the vesting of the award is as follows.
There are two performance targets.
EPS target attached to 50% of the award as follows:
Compound Annual Growth
Rate in adjusted earnings
per share ('adjusted EPS').
------------------------------ ----
Entry level threshold
- 25% of awards vest 10%
------------------------------ ----
Maximum vesting - 100%
of awards vest 15%
------------------------------ ----
Between these two points the award vests on a linear basis. The
starting measurement point is the adjusted EPS figure for the year
ended 31 March 2017.
Provided that the minimum EPS target is achieved, a TSR target
is attached to 50% of the award as follows:
TSR at the end of the % of Part B of Option
Performance Period that Vests
------------------------- ----------------------
<83.9p 0%
83.9p 25%
Between 83.9p and 109.9p 25%-100% pro-rata
109.9p 100%
Ian Scapens (Group Finance Director)
Nil cost options over 337,653 shares
were granted. The performance criteria
for the vesting of the award is as follows:
Compound Annual Growth
Rate in adjusted earnings
per share ('adjusted EPS').
------------------------------ ----
Entry level threshold
- 25% of awards vest 10%
------------------------------ ----
Maximum vesting - 100%
of awards vest 15%
------------------------------ ----
Between these two points the award vests on a linear basis. The
starting measurement point is the adjusted EPS figure for the year
ended 31 March 2017.
5 June 2017
ENQUIRIES:
Renold plc 0161 498 4500
Robert Purcell, Chief Executive Officer
Ian Scapens, Group Finance Director
Arden Partners 020 7614 5929
Chris Hardie
Instinctif 020 7457 2020
Mark Garraway
Helen Tarbet
NOTES FOR EDITORS
Renold is a global leader in the manufacture of industrial
chains and also manufactures a range of torque transmission
products which are sold throughout the world to a broad range of
original equipment manufacturers and distributors. The Company has
a well deserved reputation for quality that is recognised
worldwide. Its products are used in a wide variety of industries
including manufacturing, transportation, energy, steel and
mining.
Further information about Renold can be found on its website at:
www.renold.com
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 Robert Purcell
--- --------------------- -------------------------------
2 Reason for the notification
--- ------------------------------------------------------
a) Position/status Chief Executive Officer
--- --------------------- -------------------------------
b) Initial notification Initial notification
/Amendment
--- --------------------- -------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- ------------------------------------------------------
a) Name Renold plc
--- --------------------- -------------------------------
b) LEI 213800LNDGJY65SP6P54
--- --------------------- -------------------------------
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 Nil cost options over Ordinary
of the financial Shares of GBP0.05
instrument, ISIN: GB0007325078
type of instrument
Identification
code
--- --------------------- -------------------------------
b) Nature of Grant of options
the transaction
--- --------------------- -------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
Nil Cost
Options 1,095,090
---------- ----------
--- --------------------- -------------------------------
d) Aggregated
information N/A - single transaction
- Aggregated
volume
- Price
--- --------------------- -------------------------------
e) Date of the 5 June 2017
transaction
--- --------------------- -------------------------------
f) Place of the London Stock Exchange (XLON)
transaction
--- --------------------- -------------------------------
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 Ian Scapens
--- --------------------- -------------------------------
2 Reason for the notification
--- ------------------------------------------------------
a) Position/status Group Finance Director
--- --------------------- -------------------------------
b) Initial notification Initial notification
/Amendment
--- --------------------- -------------------------------
3 Details of the issuer, emission allowance market
participant, auction platform, auctioneer or
auction monitor
--- ------------------------------------------------------
a) Name Renold plc
--- --------------------- -------------------------------
b) LEI 213800LNDGJY65SP6P54
--- --------------------- -------------------------------
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 Nil cost options over Ordinary
of the financial Shares of GBP0.05
instrument, ISIN: GB0007325078
type of instrument
Identification
code
--- --------------------- -------------------------------
b) Nature of Grant of options
the transaction
--- --------------------- -------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) ---------- ----------
Nil Cost
Options 337,653
---------- ----------
--- --------------------- -------------------------------
d) Aggregated
information N/A - single transaction
- Aggregated
volume
- Price
--- --------------------- -------------------------------
e) Date of the 5 June 2017
transaction
--- --------------------- -------------------------------
f) Place of the London Stock Exchange (XLON)
transaction
--- --------------------- -------------------------------
This information is provided by RNS
The company news service from the London Stock Exchange
END
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