Spirax-Sarco Engineering PLC Section 430(2B) Companies Act 2006 Statement (2128J)
April 08 2020 - 5:33AM
UK Regulatory
TIDMSPX
RNS Number : 2128J
Spirax-Sarco Engineering PLC
08 April 2020
8th April 2020
SECTION 430(2B) COMPANIES ACT 2006 STATEMENT - JAY WHALEN
Spirax-Sarco Engineering plc, the world leader in thermal energy
management, peristaltic pumping and associated fluid path
technologies announced, on 4th September 2019, that Jay Whalen,
President, Watson-Marlow Fluid Technology Group (WMFTG), and
Executive Director, would retire from WMFTG and the Board effective
31st December 2019.
In accordance with section 430(2B) of the Companies Act 2006,
the following remuneration arrangements, have been agreed for Jay
in accordance with his Service Agreement and the relevant
provisions of the Company's Remuneration Policy approved by
shareholders:
i) An annual bonus for 2019 of GBP355,543 based on the level of
achievement of the Company's 2019 financial and strategic
objectives as well as Jay's personal strategic objectives. The
level of achievement has been assessed by the Remuneration
Committee using the measures defined at the start of the year and
in line with the Remuneration Policy. Full disclosure of the
measures and achievement levels are provided in the Directors'
Remuneration Report in the Company's Annual Report 2019;
ii) As approved by the Remuneration Committee, and in accordance
with the rules of the Performance Share Plan (PSP), Jay has been
treated as a good leaver and a total of 13,883 ordinary shares
vested in respect of awards made under the PSP in 2017, 2018 and
2019 (with the awards made in 2018 and 2019 vesting after time
prorating). After settlement of income tax, the balance of vested
shares are subject to a two-year holding period in accordance with
the 2017 Remuneration Policy; and
iii) Payments of GBP3,898.50 (excluding VAT) towards tax advice
fees incurred in connection with his loss of office, the precise
amount of which will be based on fees actually incurred.
The Company confirms that Jay did not receive any other
remuneration payment or any payment for loss of office of the type
specified in section 430(2B) of the Companies Act 2006. Further
details of the contractual and leaving provisions for Board
directors are summarised in the Directors' Remuneration Report in
our Annual Report 2019.
Enquiries:
Andy Robson, Group General Counsel and Company Secretary
Tel: 01242 535194
About Spirax--Sarco Engineering plc
Spirax--Sarco Engineering plc is a thermal energy management and
niche pumping specialist. It comprises three world--leading
businesses: Steam Specialties, for the control and management of
steam; Electric Thermal Solutions, for advanced electrical process
heating and temperature management solutions; and Watson-Marlow,
for peristaltic pumping and associated fluid path technologies. The
Steam Specialties and Electric Thermal Solutions businesses provide
a broad range of fluid control and electrical process heating
products, engineered packages, site services and systems expertise
for a diverse range of industrial and institutional customers. Both
businesses help their end users to improve production efficiency,
meet their environmental sustainability targets, improve product
quality and enhance the safety of their operations. Watson--Marlow
Fluid Technology Group provides solutions for a wide variety of
demanding fluid path applications with highly accurate,
controllable and virtually maintenance free pumps and associated
technologies.
The Group is headquartered in Cheltenham, UK, has strategically
located manufacturing plants around the world and employs over
8,000 people, of whom over 1,600 are direct sales and service
engineers. Its shares have been listed on the London Stock Exchange
since 1959 (symbol: SPX) and it is a constituent of the FTSE 100
Index.
Further information can be found at
www.spiraxsarcoengineering.com
RNS filter: Inside information prior to release
LEI 213800WFVZQMHOZP2W17
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
MSCKKFBBCBKKBQK
(END) Dow Jones Newswires
April 08, 2020 05:33 ET (09:33 GMT)
Spirax-sarco Engineering (LSE:SPX)
Historical Stock Chart
From Mar 2024 to Apr 2024
Spirax-sarco Engineering (LSE:SPX)
Historical Stock Chart
From Apr 2023 to Apr 2024