Director Dealings

RNS Number : 0145T

Norcros PLC

19 July 2022

 

Norcros plc ("Norcros" or "the Company")

Director Dealings - APSP Share Option and Deferred Share awards

Director/PDMR Shareholding

Norcros announces that the Board, following a recommendation from the Remuneration Committee, has granted new share options to the following Directors under the Company's Approved Performance Share Plan (the "APSP") and Deferred Bonus Plan (the "DBP") on 19 July 2022.

The notifications below, made in accordance with the requirements of the EU Market Abuse Regulation ("MAR"), provides further detail.

APSP Share Option Awards

The Company has today granted the following unapproved nil cost share option awards under the APSP in respect of the current financial year (the "APSP Awards") to two Executive Directors of the Company over ordinary shares of ten pence each in the Company ("Ordinary Shares"). 

Under the APSP, awards are made subject to performance targets relating to improvements in the Company's Earnings Per Share ("EPS").  Vesting of these Ordinary Shares will be subject to achieving aggregate diluted EPS targets over a three year performance period, starting with the 2023 financial year.

The APSP Awards will normally vest on the third anniversary of their grant, subject to satisfactory achievement of the performance targets.  No consideration was paid for the APSP Awards.

Name	Number of Ordinary Shares subject to the APSP Award
Nick Kelsall	218,348
James Eyre	133,027

Bonus payment - Deferred Share Awards

Under the annual bonus scheme, 50 per cent. of an Executive Director's total bonus for the year is satisfied in cash, with the other 50 per cent. in the form of nil cost options under the DBP.  These options represent 50 per cent. of the bonuses earned by the Executive Directors for the 2022 financial year. 

Norcros therefore also announces the grant of the following nil cost share option awards under the DBP in respect of the year ended 31 March 2022 (the "Deferred Awards") to the relevant Executive Director of the Company over Ordinary Shares.

Name	Number of Ordinary Shares subject to the Deferred Bonus Plan Award
Nick Kelsall James Eyre	89,098 39,894

The Deferred Awards will normally vest on the third anniversary of their grant.  Because these shares represent part of a bonus already earned, no consideration was paid for the Deferred Awards and no consideration is due to be payable on vesting.

MAR Notification

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	Nick Kelsall
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Norcros plc
b)	LEI	213800EIMJZZA1GBIE18
4 A	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 Identification code	Ordinary Share of 10 pence GB00BYYJL418
b)	Nature of the transaction	Grant of 218,348 options under the Company's Approved Performance Share Plan (the "APSP") and 89,098  options under the Deferred Bonus Plan (the "DBP") on 19 July 2022
c)	Price(s) and volume(s)	Price(s) Volume(s) n/a n/a
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	19 July 2022
f)	Place of the transaction	Wilmslow, Cheshire, England

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	James Eyre
2	Reason for the notification
a)	Position/status	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	Norcros plc
b)	LEI	213800EIMJZZA1GBIE18
4 A	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 Identification code	Ordinary Share of 10 pence GB00BYYJL418
b)	Nature of the transaction	Grant of 133,027 options under the Company's Approved Performance Share Plan (the "APSP") and 39,894 options under the Company's Deferred Bonus Plan (the "DBP") on 19 July 2022
c)	Price(s) and volume(s)	Price(s) Volume(s) n/a n/a
d)	Aggregated information - Aggregated volume - Price	n/a n/a
e)	Date of the transaction	19 July 2022
f)	Place of the transaction	Wilmslow, Cheshire, England

Further enquiries:

Norcros plc	Tel: [phone]
Nick Kelsall, Chief Executive Officer James Eyre, Chief Financial Officer
Hudson Sandler	Tel: [phone]
Nick Lyon

 

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