Business
Directors Dealing
Directors Dealing.
About this update from Norcros Plc
[{"type":"text","content":"\n \nRNS Number : 4421F Norcros PLC 27 July 2016 \n\n27 July 2016\nNorcros plc\n(\"Norcros\" or \"the Company\")\n \n Directors' Dealings - APSP Share Option and Deferred Share awards\n APSP Share Option Awards\nNorcros announces that the Remuneration Committee of the Company has today granted the following HMRC approved and unapproved share option awards (the \"APSP Awards\") to the Executive Directors of the Company under the Company's Approved Performance Share Plan (the \"APSP\") over ordinary shares of ten pence each in the Company (\"Ordinary Shares\").\n\n\n\n\nName/Position\n\n\nNumber of Ordinary Shares subject to the APSP Award\n\n\nOption Exercise Price\n\n\n\n\nNick Kelsall\nGroup Chief Executive\n\n\n232,356 (HMRC unapproved)\n\n\nNil\n\n\n\n\nShaun Smith\nGroup Finance Director\n\n\n20,000 (HMRC approved)\n\n\n150 pence\n\n\n\n\nShaun Smith\nGroup Finance Director\n\n\n136,060 (HMRC unapproved)\n\n\nNil\n\n\n\n\n \nUnder the APSP, awards are made subject to performance targets relating to the Company's diluted underlying Earnings Per Share (\"EPS\"). Vesting of these shares is subject to achieving aggregate EPS over a three year performance period, starting with the 2017 financial year.\nThe APSP Awards will normally vest on the third anniversary of their grant, subject to satisfactory achievement of the performance targets. No consideration was paid for the APSP Awards and the consideration due to be payable on vesting will be the option exercise price (if any) shown above.\nBonus payment - Deferred Share Awards \nUnder the annual bonus scheme, 50 per cent. of an Executive Director's total bonus for the year is satisfied in cash, with the other 50 per cent. in the form of nil cost options under the Company's Deferred Share Bonus Plan (the \"Deferred Plan\"). These options represent 50 per cent. of the bonuses earned by the Executive Directors for the 2016 financial year. The previous Group Finance Director's entitlement to this award lapsed on his resignation, effective 12 May 2016.\nNorcros therefore also announces that the Remuneration Committee has today granted the following nil cost share option awards in respect of the year ended 31 March 2016 (the \"Deferred Awards\") to the relevant Executive Director of the Company over ordinary shares of ten pence each in...