Grant of Awards - Performance Share Plan

RNS Number : 9067E

Renold PLC

21 July 2016

 

Renold plc

("Renold" or "the Company")

GRANT OF AWARDS - PERFORMANCE SHARE PLAN

Renold announces that nil cost options over 1,643,836 shares (the "Award") were granted today, under the 2013 Performance Share Plan to its Chief Executive, Robert Purcell.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation, provides further detail.

The number of shares under the Award was based on the average mid-market price for the preceding three days which was 36.50 pence.

The performance period applicable to the Award is 1 April 2016 to 31 March 2019.  There are two performance targets applying to the Award:

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 awards vest on a linear basis.  The starting measurement point is the adjusted EPS figure for the year ended 31 March 2016.

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 Performance Period	% of Part B of Option that Vests
<62.1p	0%
62.1p	25%
Between 62.1p and 106.5p	25%-100% pro-rata
106.5p	100%

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
b)	Initial notification /Amendment	Initial notification
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 of the financial instrument, type of instrument Identification code	Nil cost options over Ordinary Shares of £0.05 ISIN: GB0007325078
b)	Nature of the transaction	Grant of options
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil Cost Options 1,643,836
d)	Aggregated information - Aggregated volume - Price	N/A - single transaction
e)	Date of the transaction	21 July 2016
f)	Place of the transaction	London Stock Exchange

21 July 2016

ENQUIRIES:

Renold plc	0161 498 4500
Robert Purcell, Chief Executive Officer
Brian Tenner, 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

 

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