Director/PDMR Shareholding

RNS Number : 1757C
Tyman PLC
12 March 2014
 



TYMAN PLC

("Tyman" or the "Group" or the "Company")

 

LTIP Awards and Deferred Share Awards vest and Directors' Dealing

 

2010 LTIP Awards vest

 

Tyman plc, a leading international supplier of components to the door and window industry, announces that following the announcement of the Group's results for the year ended 31 December 2013 and approval by the Remuneration Committee of the Company (the "Committee"), share awards ("2010 Awards") under the Tyman Long Term Incentive Plan (the "LTIP"), in the form of nil cost options over ordinary shares of 5 pence each in the Company ("Ordinary Shares") vested on 11 March 2014.

 

The announcement of the Group's results for the year ended 31 December 2013 was the trigger event for the vesting of the 2010 Awards. The 2010 Awards were made in December 2010 and covered the performance period from 1 January 2011 to 31 December 2013. Awards were dependent on the cumulative Underlying Basic EPS from continuing operations for the three years measured against a defined target range.

 

The Remuneration Committee has satisfied itself that the recorded Underlying Cumulative EPS is a genuine reflection of the underlying business performance of the Group over the performance period and accordingly has approved the vesting of the 2010 Awards at the calculated percentage set out below:

 

LTIP Award

Target Range

Achievement

% of Award to vest

2010 Awards

25.7 - 32.4p

34.15p

100.00%

 

Awards were adjusted for the impact of the bonus element of the open offer announced on 1 May 2013.

 

The number of awards that have vested for the Executive Directors and the Senior Managers, including dividend shares where eligible, is as follows:

 

LTIP Award

Executive Directors

Shares

Senior Managers

 

Shares

Total

 

Shares

2010 Awards

372,457

902,437

1,274,894

 

Deferred Share Awards vesting

 

The following nil cost share awards, granted in respect of 50% of the Executive Directors' bonuses for the year ended 31 December 2010 and deferred until the announcement of the results of the Group for the year ended 31 December 2013, vested on 11 March 2014:

 

 

 

DSBP Award

Executive Directors

Shares

2010 Awards

165,689

 

Both the 2010 LTIP Awards and the DSBP Awards will be satisfied in accordance with Group policy through the issuance of shares from the Tyman Employee Benefit Trust, shares out of Group Treasury and new shares.

 

The Directors' shareholdings in the Company are now as follows:

 

Director

Ordinary shares

% of issued shares held

James Brotherton

271,273

0.16%

Louis Eperjesi

294,147

0.17%

Jamie Pike

507,362

0.30%

Les Tench

117,445

0.07%

Martin Towers

62,984

0.04%

Angelika Westerwelle

131,318

0.08%

 

 

 

12 March 2014

 

 

 

 

Enquiries:


 

Tyman plc

020 7976 8000

Kevin O'Connell - Group Company Secretary

www.tymanplc.com



 



 



 

 


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