Avon
Technologies plc
28 November 2024
NOTIFICATION DEALING WITH GRANT OF AWARDS UNDER THE COMPANY'S
LTIP AND DSBP
AVON
TECHNOLOGIES PLC
Notification and public disclosure
of transactions by persons discharging managerial responsibilities
and persons closely associated with them.
LTIP Awards
On 26 November 2024 the
following awards ("LTIP Awards") over ordinary shares
of £1 each in Avon Technologies plc were granted
under the Company's Long Term Incentive Plan ('LTIP') to the
following person(s) discharging managerial
responsibilities:
|
PDMR
|
Position
|
Country of residence
|
No. of shares under LTIP
Award
|
|
Jos Sclater
|
Chief Executive Officer
|
UK
|
72,575
|
|
Rich Cashin
|
Chief Financial Officer
|
UK
|
42,379
|
|
Steve Elwell
|
President Avon Protection
|
UK
|
18,841
|
|
James Wilcox
|
President Team Wendy
|
US
|
20,569
|
The LTIP Awards were granted as nil
cost options for the three UK resident PDMRs and as a
conditional award for James Wilcox who is resident in the
US. The LTIP Awards will ordinarily become exercisable from
(or vest on as relevant) 26 November 2027, subject to the grantee's
continued service and the Remuneration Committee's assessment of
the extent to which the performance conditions applicable to the
LTIP Awards are satisfied.
Fifty percent of each LTIP Award is
subject to a performance condition relating
to the Group's adjusted basic earnings per share ("EPS"). No
portion of the EPS element may vest unless the adjusted EPS for the
financial year ending 30 September 2027 ("FY27") 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.
Thirty percent of each LTIP Award is
subject to a performance condition relating to the Group's return
on invested capital ("ROIC"). No portion of the ROIC element may
vest unless the ROIC for FY27 is at least 18%, for which 0% of the
ROIC element may vest, rising on a straight-line basis to full
vesting of the ROIC element for ROIC of 22% or better.
The balance of each LTIP Award is
subject to a performance condition relating to total shareholder
return ("TSR"). No portion of the TSR element may vest unless TSR
(as defined) is at least £16, for which 0% of the TSR element may
vest, rising on a straight-line basis to full vesting of the TSR
element for TSR of £20 or higher. TSR for
the purposes of the TSR element is the average of the closing
prices for ordinary shares the Company for dealing days in the
period 1 July 2027 to 30 September 2027 inclusive aggregated with
the value of the dividends with record dates in the period 1
October 2024 to 30 September 2027.
The Remuneration Committee retains a
general discretion to reduce the extent of vesting of an LTIP Award
if it considers that the overall performance of the Company or the
grantee does not justify the level of vesting that would otherwise
apply.
The LTIP Awards to the Company's
Executive Directors are subject to a two year post vesting holding
period on a net of tax basis.
Fuller details of the performance
conditions applicable to the LTIP Awards will be set out in the
Company's Directors' Remuneration Report for the year ending 30
September 2024.
DSBP Awards
On 26 November 2024 the
following awards ("DSBP Awards") over ordinary shares
of £1 each in Avon Technologies plc were granted
under the Company's Deferred Share Bonus Plan ('DSBP') to the
following person(s) discharging managerial
responsibilities:
|
PDMR
|
Position
|
Country of residence
|
No. of shares under DSBP
Award
|
|
Jos Sclater
|
Chief Executive Officer
|
UK
|
12,461
|
|
Rich Cashin
|
Chief Financial Officer
|
UK
|
8,490
|
The DSBP Awards relate to the
deferral of one-quarter of annual bonus for FY24 in the form of a
DSBP Award and were granted as nil cost options which will
ordinarily become exercisable from 26 November 2026.
The information set out below is
provided in accordance with the requirements of UK MAR.
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
|
1. Jos
Sclater
2. Jos
Sclater
3. Rich
Cashin
4. Rich
Cashin
5. Steve
Elwell
6. James
Wilcox
|
|
2
|
Reason for Notification
|
|
a)
|
Position/status
|
1. Chief Executive
Officer
2. Chief Executive
Officer
3. Chief Financial
Officer
4. Chief Financial
Officer
5. President Avon
Protection
6. President Team
Wendy
|
|
b)
|
Initial
notification/Amendment
|
Initial Announcement
|
|
3
|
Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
|
|
a)
|
Name
|
Avon
Technologies 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
instrument, type of instrument
Identification code
|
Ordinary Shares of £1 each in Avon
Technologies plc
GB0000667013
|
|
b)
|
Nature of the transaction
|
1. Grant of a nil cost
option LTIP award
2. Grant of a nil cost
option DSBP award
3. Grant of a nil cost
option LTIP award
4. Grant of a nil cost
option DSBP award
5. Grant of a nil cost
option LTIP award
6. Grant of a
conditional award LTIP award
|
|
c)
|
Price(s) and volume(s)
|
|
Price(s)
|
Volume(s)
|
|
1. Nil
2. Nil
3. Nil
4. Nil
5. Nil
6. Nil
|
1. 72,575
2. 12,461
3. 42,379
4. 8,490
5. 18,841
6. 20,569
|
|
|
d)
|
Aggregated information
- Aggregated volume
- Price
|
1 and 2 85,036
3 and 4 50,869
5 and 6 N/A single
transaction
Nil in all cases
|
|
e)
|
Date of the transaction
|
26 November 2024
|
|
f)
|
Place of the transaction
|
Outside a trading venue
|
Enquiries:
Avon Technologies plc
Miles Ingrey-Counter, Company
Secretary
01225 896
850