Last checked at 29 Jun 2015 15:33
Notification of transactions by Persons Discharging Management Responsibilities or Connected Persons
Deferred Bonus Plan Award
Balfour Beatty plc (the "Company") was informed on 26 June 2015 by the Trustee of the Balfour Beatty Employee Share Ownership Trust (the "Trust") that on 26 June 2015 the following Person Discharging Managerial Responsibilities ("PDMR") received an award over the number of Ordinary Shares of 50p each ("Ordinary Shares") in the Company as shown below pursuant to the rules of the Company's Deferred Bonus Plan:
PDMRs: (Name: Number of Ordinary Shares under award)
Leo Quinn 193,280
The transaction took place in Jersey, Channel Islands.
The award satisfied a commitment made to Mr Quinn in respect of a loss of annual bonus payable by his previous employer as disclosed in the 2014 Remuneration Report.
No consideration was paid for the grant of the award and no consideration is due on the maturity of the award.
The award will normally vest on the third anniversary of grant subject to the grantee's continued service.
Performance Share Plan Awards
The Company was informed on 26 June 2015 by the Trustee of the Trust that on 26 June 2015 each of the following PDMRs received an award over the number of Ordinary Shares in the Company as shown below pursuant to the rules of the Company's Performance Share Plan:
PDMRs: (Name: Number of Ordinary Shares under award)
Leo Quinn 788,954
Phil Harrison 295,857
Dean Banks 110,946
Stephen Tarr 115,384
Ian Rylatt 246,548
Mark Layman* 187,455
* In respect of the award to Mr Layman, a US citizen, the award is over a notional number of ordinary shares which will be cash settled, to the extent the award vests.
Except for Mr Layman, each of these transactions took place in Jersey, Channel Islands.
No consideration was paid for the grant of the awards and no consideration is due on the maturity of the awards.
The awards will normally vest on the third anniversary of grant subject to the grantee's continued service and to the extent performance conditions are achieved.
The performance condition applying to one third of each award (the "TSR Part") will measure the Company's total shareholder return performance ("TSR") over a three year period relative to the TSR performance over the same period of a comparator group of companies comprising the constituents of the FTSE 51-150 (excluding investment trusts) as at the start of the measurement period. As per his joining arrangements, the measurement period for Mr Quinn's award shall be 15 October 2014 to 14 October 2017 inclusive. The measurement period for the other awards shall comprise three consecutive financial years of the Company, starting with the 2015 financial year.
No portion of the TSR Part will vest unless the Company's TSR performance ranks at least equal to median TSR performance of the comparator group, at which point 25% of the TSR Part will vest, rising on a straight-line basis to full vesting for the Company's TSR performance ranking at upper quartile or better relative to the TSR performance of the comparator group companies.
The performance condition applying to a separate one third of each award (the "Net Debt Part") will measure improvement in the Company's net debt over a measurement period comprising three consecutive financial years of the Company, starting with the 2015 financial year.
No portion of the Net Debt Part will vest unless the Company's net debt for the 2017 financial year is less than £(150)m. Were net debt for 2017 to be no less than £(150)m but more than £(50m), 25% to 50% of the Net Debt Part would vest on a straight-line between such levels. Were net debt for 2017 to be £(50)m or less, between 50% of and 100% of the Net Debt Part would vest on a straight-line basis for net debt of between £(50)m and £Nil.
The performance condition applying to a separate one third of each award (the "EPS Part") will measure the Company's earnings per share performance over a measurement period comprising three consecutive financial years of the Company, starting with the 2015 financial year.
No portion of the EPS Part will vest unless the Company's EPS for the 2017 financial year is 14p, at which point 25% of the EPS Part will vest, rising on a straight-line basis to full vesting for the Company's EPS for 2017 being 21p or more.
The above notifications are made pursuant to Disclosure and Transparency Rule 3.1.4(a).
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Enquiries:
Chris Healy, Head of Secretariat, 020 7216 6800