Avon Protection plc
30 January 2024
NOTIFICATION OF PDMR DEALING
AVON PROTECTION PLC
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.
One-off share matching awards under the LTIP
On 26 January 2024 the following nil cost option awards over ordinary shares of £1 each in Avon Protection plc were granted under the Avon Protection plc. Long Term Incentive Plan ('LTIP') to the following persons discharging managerial responsibilities:
| PDMR | Position | No. of Shares under Award |
| Jos Sclater | Chief Executive Officer | 234,715 |
| Rich Cashin | Chief Financial Officer | 159,903 |
The awards implement the one-off share matching arrangement element of the Directors' Remuneration Policy detailed in the Company's latest Annual Report and Accounts. The resolution approving the Directors' Remuneration Policy was approved by shareholders at the Annual General Meeting held on 26 January 2024 with 97.45% of proxy votes lodged in favour.
In order to be eligible to receive the awards the CEO and CFO designated 72,230 and 46,969 of their previously purchased personal shares in the Company respectively as 'investment shares' for the purposes of the awards.
The awards have associated normal vesting dates of the third anniversary of their grant in respect of two-thirds of each award, and the fourth anniversary of their grant date in respect of the balance of each award. The respective parts of each award will ordinarily become exercisable subject to the grantee's continued service through to the relevant normal vesting date and to the extent that the awards' performance conditions are met.
The performance conditions attached to the awards relate to earnings per share and return on invested capital targets set for the Company financial year ending 30 September 2026. Full details of the performance conditions are set out in the Directors' Remuneration Policy.
A post vesting holding period (net of sales for tax) will ordinarily apply in relation to the awards through until the fifth anniversary of the grant of the awards.
The information set out below is provided in accordance with the requirements of Article 19(3) of the Market Abuse Regulation (EU) No 596/2014.
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 | Jos Sclater | ||||
| 2 | Reason for Notification | |||||
| a) | Position/status | Chief Executive Officer | ||||
| b) | Initial notification/Amendment | Initial Announcement | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Avon Protection 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 Protection plc
GB0000667013 | ||||
| b) | Nature of the transaction | Grant of a nil cost option award under the Avon Protection plc Long Term Incentive Plan to implement the one-off share matching arrangement element of the Directors' Remuneration Policy detailed in in the Company's latest Annual Report and Accounts | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume
- Price |
N/A Nil | ||||
| e) | Date of the transaction | 26 January 2024 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
| 1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
| a) | Name | Rich Cashin | ||||
| 2 | Reason for Notification | |||||
| a) | Position/status | Chief Financial Officer | ||||
| b) | Initial notification/Amendment | Initial Announcement | ||||
| 3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
| a) | Name | Avon Protection 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 Protection plc
GB0000667013 | ||||
| b) | Nature of the transaction | Grant of a nil cost option award under the Avon Protection plc Long Term Incentive Plan to implement the one-off share matching arrangement element of the Directors' Remuneration Policy detailed in in the Company's latest Annual Report and Accounts | ||||
| c) | Price(s) and volume(s) |
| ||||
| d) | Aggregated information - Aggregated volume
- Price |
N/A Nil | ||||
| e) | Date of the transaction | 26 January 2024 | ||||
| f) | Place of the transaction | Outside a trading venue | ||||
Enquiries:
Avon Protection plc
Miles Ingrey-Counter, Company Secretary 01225 896 850
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