Last checked at 5 Jan 2015 15:57
5 January 2015
NOTIFICATION OF TRANSACTIONS OF PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES OR CONNECTED PERSONS IN ORDINARY SHARES OF 50P EACH
International infrastructure group Balfour Beatty (the Company) today announces that Leo Quinn has taken up his new role as Chief Executive on 1 January.
As announced on 15 October 2014, the Board has granted Mr Quinn rights to acquire shares in the Company to compensate him for awards forfeited on leaving his previous employer, and to align him with creating value for Balfour Beatty shareholders.
The rights, which are within the Company's approved remuneration policy, are to acquire a maximum of 2,766,719 shares in the Company at nil consideration on vesting. Awards numbered 1-3 in the table below are subject to the same performance conditions applied to the awards Mr Quinn has forfeited.
Awards 4 and 5, which represent the majority, are subject to performance conditions linked to Balfour Beatty's total shareholder return. To achieve maximum vesting of the final Award at the three year point would require an average end share price of 380p (adjusted for dividends) over the final 60 days of the period. Further details of the performance conditions will be disclosed in the 2014 Directors' Remuneration Report.
Chief Executive Leo Quinn said: "In restoring the Company to strength I see a tremendous opportunity to deliver significant value for our customers, our people and our investors. Balfour Beatty is a world-leading brand with world-leading talent. The entire leadership team will be aligned and incentivised, as I am, on creating a high-performing business that is built to last."
This announcement is made under Disclosure Rule 3.1.4. The transaction took place in London. The rights will normally vest on the dates set out below, subject to Mr Quinn being employed by the Company at those dates.
Number of shares | Expected vesting date | |
1 | 141,791 | May 2015 |
2 | 308,010 | June 2015 |
3 | 504,151 | August 2015 |
4 | 604,256 | January 2017 |
5 | 1,208,511 | January 2018 |
ENDS
Analyst/investor enquiries:
Anoop Kang
Tel. +44 (0)20 7216 6913
anoop.kang@balfourbeatty.com
Media enquiries:
Dominic Cheetham
Tel. +44 (0)20 7963 4235
dominic.cheetham@balfourbeatty.com
Notes to editors:
Balfour Beatty (www.balfourbeatty.com) is an international infrastructure group that delivers world class services essential to the development, creation and care of infrastructure assets; from finance and development, through design and project management to construction and maintenance.
Our businesses draw on more than 100 years of experience to deliver the highest levels of quality, safety and technical expertise to our clients principally in the UK and the USA, with developing businesses in Australia, Canada, the Middle East and South East Asia.
With proven expertise in delivering infrastructure critical to support communities and society today and in the future, our key market sectors focus on infrastructure - transportation (roads, rail and aviation), power and energy, water, and complex buildings (both commercial and social).
Balfour Beatty employs 36,000 people around the world.