Renold PLC Grant of Awards - Performance Share Plan (8110Q)
08 June 2018 - 9:49PM
UK Regulatory
TIDMRNO
RNS Number : 8110Q
Renold PLC
08 June 2018
Renold plc
("Renold" or "the Company")
8 June 2018
GRANT OF AWARDS - PERFORMANCE SHARE PLAN
Renold announces that nil cost options (the "Awards") were
granted on 8 June 2018 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 granted under the Awards has been
calculated using an average share price of 28.87 pence.
The performance period applicable to the Awards is 1 April 2018
to 31 March 2021.
Robert Purcell (Chief Executive Officer)
Nil cost options over 2,078,282 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 2018.
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
------------------------ ----------------------
<42.2p 0%
42.2p 25%
Between 42.2p and 72.2p 25%-100% pro-rata
72.2p 100%
------------------------ ----------------------
Ian Scapens (Group Finance Director)
Nil cost options over 692,761 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 2018.
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
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
---- ------------------------------ -------------------------------------
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 Nil cost options over Ordinary
the financial shares of 5 pence each
instrument, type
of instrument
----
Identification GB0007325078
code
b) Nature of the Grant of options
transaction
---- ------------------------------ -------------------------------------
c) Price(s) and volume(s)
---- ---------------- ----------------
Price(s) Volume(s)
---- ---------------- ----------------
Nil 2,078,282
---------------------------------------------------- ----------------
d) Aggregated information
----
- Aggregated volume N/A single transaction
- Price
e) Date of the transaction 8 June 2018
---- ------------------------------ -------------------------------------
f) Place of the transaction London Stock Exchange
---- ------------------------------ -------------------------------------
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 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
---- ------------------------------ -------------------------------------
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 Nil cost options over Ordinary
the financial shares of 5 pence each
instrument, type
of instrument
----
Identification GB0007325078
code
b) Nature of the Grant of options
transaction
---- ------------------------------ -------------------------------------
c) Price(s) and volume(s)
---- ---------------- ----------------
Price(s) Volume(s)
---- ---------------- ----------------
Nil 692,761
---------------------------------------------------- ----------------
d) Aggregated information
----
- Aggregated volume N/A single transaction
- Price
e) Date of the transaction 8 June 2018
---- ------------------------------ -------------------------------------
f) Place of the transaction London Stock Exchange
---- ------------------------------ -------------------------------------
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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