Avon Protection PLC Director/PDMR Shareholding (5046A)
February 02 2022 - 8:29AM
UK Regulatory
TIDMAVON
RNS Number : 5046A
Avon Protection PLC
02 February 2022
Avon Protection plc
2 February 2022
NOTIFICATION DEALING WITH GRANT OF AWARDS UNDER THE LTIP
AVON PROTECTION PLC
Notification and public disclosure of transactions by persons
discharging managerial responsibilities and persons closely
associated with them in accordance with the Market Abuse
Regulations.
On 1 February 2022 the following awards over ordinary shares of
GBP1 each in Avon Protection plc were granted under the Avon Rubber
p.l.c. Long Term Incentive Plan ('LTIP') to the following person(s)
discharging managerial responsibilities:
PDMR Position Country No. of shares under
of residence Award
Paul McDonald Chief Executive Officer UK 59,973
============================= ============== ====================
Miles Ingrey-Counter Company Secretary UK 20,631
============================= ============== ====================
Steve Genzer Chief Operating Officer US 33,065
============================= ============== ====================
James Wilcox Chief Technology Officer US 21,248
============================= ============== ====================
Keyana Hughes President, Global Operations US 17,881
============================= ============== ====================
The awards were granted as a nil cost option for the two UK
resident PDMRs and conditional awards for the three PDMRs who are
resident in the US. The nil cost option awards will ordinarily
become exercisable and the conditional awards will ordinarily vest
on 1 February 2025, subject to the grantee's continued service and
the Remuneration Committee's assessment of the extent to which the
performance conditions applicable to the awards are satisfied.
Each award is subject to two performance conditions (each
applicable to a distinct 50% of an award).
The first performance condition compares the Company's total
shareholder return ("TSR") performance over a three year
performance period relative to a comparator group. The comparator
group for the TSR element is the constituents of the FTSE 250 Index
(excluding investment trusts) as at the start of the performance
period. No portion of the TSR element may vest unless the Company's
TSR performance over the performance period at least equals the
median TSR performance within the comparator group, for which 20%
of the TSR element may vest, rising on a straight-line basis to
full vesting of the TSR element for upper quintile or better
relative TSR performance.
The second performance condition is based on the Company's
adjusted basic earnings per share ("EPS") over the three year
performance period commencing on 1 October 2021. No portion of the
EPS element may vest unless the adjusted EPS for the financial year
ending 30 September 2024 is at least 100 US cents, for which 0% of
the EPS element may vest, rising on a straight-line basis to full
vesting of the EPS element for EPS of 140 US cents or better.
The EPS element of the awards is subject to a return on capital
employed underpin in respect of which the Remuneration Committee
retains discretion to reduce the extent of vesting of the EPS
element by regard to the Company's ROCE performance over the
performance period.
The Remuneration Committee also retains a general discretion to
reduce the extent of vesting of the awards generally if it
considers that the underlying business performance of the Company
does not justify vesting.
Fuller details of the performance conditions applicable to the
awards will be set out in the Company's Directors' Remuneration
Report for the year ending 30 September 2022.
The information set out below is provided in accordance with the
requirements of Article 19(3) of the Market Abuse Regulation (EU)
No 596/2014.
Details of the full notifications received by the Company are
set out below.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Paul McDonald
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Executive Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 59,973
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 1 February 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Miles Ingrey-Counter
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Company Secretary
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a nil cost option award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 20,631
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 1 February 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Steve Genzer
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Operating Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 33,065
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 1 February 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name James Wilcox
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status Chief Technology Officer
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 21,248
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 1 February 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Keyana Hughes
------------------------------- --------------------------------------------
2 Reason for Notification
-----------------------------------------------------------------------------
a) Position/status President, Global Operations
------------------------------- --------------------------------------------
b) Initial notification/Amendment Initial Announcement
------------------------------- --------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------
a) Name Avon Protection plc
------------------------------- --------------------------------------------
b) LEI 213800JM1AN62REBWA71
------------------------------- --------------------------------------------
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 Ordinary Shares of GBP1 each in Avon
instrument, type of Protection plc
instrument
GB0000667013
Identification code
------------------------------- --------------------------------------------
b) Nature of the transaction Grant of a conditional award under
the Avon Rubber p.l.c. Long Term Incentive
Plan.
------------------------------- --------------------------------------------
c) Price(s) and volume(s) Price(s) Volume(s)
Nil 17,881
----------
------------------------------- --------------------------------------------
d) Aggregated information Not applicable - single transaction
* Aggregated volume
* Price
------------------------------- --------------------------------------------
e) Date of the transaction 1 February 2022
------------------------------- --------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------- --------------------------------------------
Enquiries:
Avon Protection plc
Miles Ingrey-Counter, Company Secretary 01225 896 850
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