LTIP Awards and Directors' Dealing

RNS Number : 0385T

Tyman PLC

14 November 2013

 



Tyman plc

LTIP Awards and Directors' Dealing

2013 Awards

Tyman plc ("Tyman" or the "Company"), the leading international supplier of components to the door and window industry, announces that the Remuneration Committee of the Company (the "Committee") has today granted share awards ("2013 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").

2013 Awards have been granted to the two Executive Directors and a further 30 senior managers and executives of the Company over a total of 925,217 Ordinary Shares. 

Vesting of 2013 Awards and Financial Underpin

Vesting of 2013 Awards is based on the Company's three year cumulative underlying earnings per share ("EPS") for the financial years 2013 to 2015.

If, over the three financial years 2013 to 2015, cumulative underlying EPS is less than 45p, no 2013 Awards will vest; 25% of 2013 Awards will vest for cumulative underlying EPS of 45p, rising on a straight-line basis to full vesting for cumulative underlying EPS of 51.5p or higher.

In addition, if and to the extent that it considers the recorded EPS is not a genuine reflection of the underlying business performance of the Company over the EPS Performance Period, the Committee may reduce the number of Vested Award Shares accordingly (the "Financial Underpin"). 

In applying this Financial Underpin, the Committee shall (without limitation) have regard to:

·    Tyman's TSR relative to the FTSE All-Share Index and the TSR of the median company in a list of comparator companies, in order of their TSR performance over the three calendar years 2013, 2014 and 2015, using such methodology for TSR calculations as the Committee shall consider appropriate; and

·    the EPS achieved in Financial Year 2015 and the extent to which this exceeds the EPS achieved in Financial Year 2012; and

·    whether, in the Committee's opinion, any inappropriate risk taking has occurred; and

·    whether, in the Committee's opinion, the 3-Year Cumulative EPS target has been achieved simply through increased and inappropriate gearing of the balance sheet.

Timetable and Awards Outstanding

2013 Awards are expected to vest in March 2016, following the announcement of the Company's results for the year ended 31 December 2015.

In aggregate, as at today's date, a total of 3,882,355 awards are outstanding over the Company's Ordinary Shares under the LTIP.

Details of the LTIP are contained in the shareholder circular dated 10 November 2010, a copy of which is available on the Company's website at www.tymanplc.com.

14 November 2013

Enquiries:

Tyman plc	[phone]
Kevin O'Connell Group Company Secretary

 

END

 

 

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