Director's Dealings

RNS Number : 7998T
Norcros PLC
22 July 2015
 

Norcros plc

("Norcros" or "the Company")

 Directors' Dealings - APSP Share Option and Deferred Share awards

 APSP Share Option Awards

Norcros announces that the Remuneration Committee of the Company has today granted the following HMRC approved and unapproved share option awards in respect of the year ended 31 March 2015 (the "APSP Awards") to the Executive Directors of the Company under the Company's Approved Performance Share Plan (the "APSP") over ordinary shares of one pence each in the Company ("Ordinary Shares").

Name

Number of Ordinary Shares subject to the APSP Award

Option Exercise Price

Nick Kelsall

139,534 (approved)

21.50 pence

Nick Kelsall

1,449,768 (unapproved)

Nil

Martin Payne

139,534 (approved)

21.50 pence

Martin Payne

927,907 (unapproved)

Nil

 

Under the APSP, awards are made subject to performance targets relating to improvements in the Company's Earnings Per Share ("EPS").  Vesting of these shares is subject to achieving aggregate diluted EPS over a three year performance period.

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 and the consideration due to be payable on vesting will be the option exercise price (if any) shown above.

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 Company's Deferred Share Bonus Plan (the "Deferred Plan").  These options represent 50 per cent. of the bonuses earned by the Executive Directors for the 2015 financial year.

Norcros therefore also announces that the Remuneration Committee has today granted the following nil cost share option awards in respect of the year ended 31 March 2015 (the "Deferred Awards") to the Executive Directors of the Company over ordinary shares of one pence each in the Company ("Ordinary Shares").

Name

Number of Ordinary Shares subject to the Deferred Plan Award

Nick Kelsall

539,348

Martin Payne

362,251

 

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.

 Further enquiries:

Norcros plc

Tel: 01625 547 700

Nick Kelsall, Group Chief Executive

Martin Payne, Group Finance Director

 

 

 

Hudson Sandler

Tel: 0207 796 4133

Nick Lyon

 

Charlie Jack

 

Katie Matthews

 

 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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Companies

Norcros (NXR)
UK 100

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