NORCROS PLC

Remuneration Information • Jul 23, 2019

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RNS Number : 4677G

Norcros PLC

23 July 2019

Norcros plc ("Norcros" or "the Company")

Directors' Dealings - APSP Share Option and Deferred Share awards

Director/PDMR Shareholding

Norcros announces that the Board, following a recommendation from the Remuneration Committee, has granted new share options to the following Directors under the Company's Approved Performance Share Plan (the "APSP") and Deferred Bonus Plan (the "DBP") on 23 July 2019.

The notification below, made in accordance with the requirements of the EU Market Abuse Regulation ("MAR"), provides further detail.

APSP Share Option Awards

The Company has today granted the following unapproved nil cost share option awards under the APSP in respect of the current financial year (the "APSP Awards") to the Executive Directors of the Company over ordinary shares of ten pence each in the Company ("Ordinary Shares"). 

Under the APSP, awards are made subject to performance targets relating to improvements in the Company's Earnings Per Share ("EPS").  Vesting of these Ordinary Shares will be subject to achieving aggregate diluted EPS targets over a three year performance period, starting with the 2020 financial year.

The 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.

Name	Number of Ordinary Shares subject to the APSP Award
Nick Kelsall	176,240
Shaun Smith	118,370

Bonus payment - Deferred Share Awards

Under 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 DBP.  These options represent 50 per cent. of the bonuses earned by the Executive Directors for the 2019 financial year.  

Norcros therefore also announces the grant of the following nil cost share option awards under the DBP in respect of the year ended 31 March 2019 (the "Deferred Awards") to the relevant Executive Director of the Company over Ordinary Shares.

Name	Number of Ordinary Shares subject to the Deferred Bonus Plan Award
Nick Kelsall	52,273
Shaun Smith	35,108

The Deferred Awards will normally vest on the third anniversary of their grant.  Because these shares represent part of a bonus already earned, no consideration was paid for the Deferred Awards and no consideration is due to be payable on vesting.

MAR Notification

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them.

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Nick Kelsall

2

Reason for the notification

a)

Position/status

Group Chief Executive

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Norcros plc

b)

LEI

213800EIMJZZA1GBIE18

4 A

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 Share of 10 pence

GB00BYYJL418

b)

Nature of the transaction

Grant of 176,240 options under the Company's Approved Performance Share Plan (the "APSP") and 52,273 options under the Deferred Bonus Plan (the "DBP") on 23 July 2019

c)

Price(s) and volume(s)

Price(s)	Volume(s)
n/a	n/a

d)

Aggregated information

- Aggregated volume

- Price

n/a

n/a

e)

Date of the transaction

23 July 2019

f)

Place of the transaction

Wilmslow, Cheshire, England

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Shaun Smith

2

Reason for the notification

a)

Position/status

Group Finance Director

b)

Initial notification /Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Norcros plc

b)

LEI

213800EIMJZZA1GBIE18

4 A

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 Share of 10 pence

GB00BYYJL418

b)

Nature of the transaction

Grant of 118,370 options under the Company's Approved Performance Share Plan (the "APSP") and 35,108  options under the Deferred Bonus Plan (the "DBP") on 23 July 2019

c)

Price(s) and volume(s)

Price(s)	Volume(s)
n/a	n/a

d)

Aggregated information

- Aggregated volume

- Price

n/a

n/a

e)

Date of the transaction

23 July 2019

f)

Place of the transaction

Wilmslow, Cheshire, England

Further enquiries:

Norcros plc	Tel: 01625 547 700
Nick Kelsall, Group Chief Executive Shaun Smith, Group Finance Director
Hudson Sandler	Tel: 0207 796 4133
Nick Lyon
Nelly Akpaka

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