Tyman PLC — Remuneration Information 2014

Jun 27, 2014

National Storage Mechanism | Additional information

You don't have Javascript enabled. For full functionality this page requires javascript to be enabled.

RNS Number : 7772K

Tyman PLC

27 June 2014

TYMAN PLC

("Tyman" or the "Group" or the "Company")

2014 LTIP Awards and Directors' Dealing

Tyman plc, a leading international supplier of components to the door and window industry, announces that on 26 June 2014 the Remuneration Committee of the Company (the "Committee") granted share awards ("2014 Awards") under the Tyman Long Term Incentive Plan (the "LTIP"), in the form of nil cost options over ordinary shares of 5 pence each in the Company ("Ordinary Shares").

2014 Awards have been granted to the two Executive Directors and a further 22 senior managers and executives of the Company over a total of 630,420 Ordinary Shares. 

Awards were made to the following Executive Directors:

Executive Director:	Number of shares:
Louis Eperjesi	118,912
James Brotherton	88,508

Vesting of 2014 Awards and Financial Underpin

Vesting of 2014 Awards is based on the Company's three year cumulative underlying earnings per share ("EPS") for the financial years 2014 to 2016.

If, over the three financial years 2014 to 2016, cumulative underlying EPS is less than 61p, no 2014 Awards will vest; 25% of 2014 Awards will vest for cumulative underlying EPS of 61p, rising on a straight-line basis to full vesting for cumulative underlying EPS of 68p or higher.

Additionally, for Executive Director LTIP awards to vest on EPS, the Committee must also satisfy itself that the recorded EPS outcome is a genuine reflection of the underlying performance of the business over the performance period.  When assessing this, the Committee will take into account factors including (but not limited to):

·      Tyman's TSR relative to the median of a tailored group of international building products comparators and the FTSE All Share Index;

·      the EPS achieved in Year 3 and the extent to which this exceeds the base year EPS and,

·      confirmation that no inappropriate risk taking has occurred and that the EPS targets have not been achieved simply though increased and inappropriate gearing of the balance sheet.

In addition if, and to the extent that, it considers the recorded EPS is not a genuine reflection of the underlying business performance of the Company over the EPS Performance Period, the Committee may reduce the number of Vested Award Shares accordingly (the "Financial Underpin"). 

Introduction of a two year holding period

To further strengthen alignment with shareholders, the Committee has extended the time horizon of the 2014 Awards through the introduction of a two year holding period on vested LTIP shares (net of tax). 

Timetable and Awards Outstanding

2014 Awards are expected to vest in March 2017, following the announcement of the Company's results for the year ended 31 December 2016 and the holding requirement is expected to lapse on 26 June 2019.

In aggregate, as at today's date, a total of 2,641,332 awards are outstanding over the Company's Ordinary Shares under the LTIP.

27 June 2014

Enquiries:
Tyman plc		020 7976 8000
Kevin O'Connell - Group Company Secretary		www.tymanplc.com

This information is provided by RNS

The company news service from the London Stock Exchange

END

RDSPGUPCQUPCGPM