Last checked at 10 Mar 2015 10:11
Costain Group PLC("Costain" or "the Company")
The following notification is made in accordance with DTR 3.1.4(1)(a).
Costain Group PLC announces the following grant of share awards to certain directors of the Company under the Company's Long Term Incentive Plan and the Deferred Share Bonus Plan as detailed in sections (A) and (B) below.
(A) Costain Group PLC 2014 Share Deferral Plan
On 09 March 2015, awards over ordinary shares of 50p each in the Company were made under the Costain Group PLC 2014 Share Deferral Plan (the "Share Deferral Plan").
The awards granted under the Share Deferral Plan are structured as options with a nil exercise price over a number of shares (the "Awards").
No consideration was paid for the grant of the Awards.
Name of Director | Number of Shares Under the Awards |
Andrew Wyllie | 48,999 |
Anthony Bickerstaff | 34,140 |
The Awards will become exercisable on or around the second anniversary of the date of grant subject to the Rules of the Plan and the continued employment of the participants. To the extent that all or any part of the Awards become exercisable, they will remain exercisable until the tenth anniversary of the date of grant.
(B) Costain Group PLC 2014 Long Term Incentive Plan
On 09 March 2015, awards under the Costain Group PLC 2014 Long Term Incentive Plan (the "LTIP") were made over ordinary shares of 50p each in the Company in the form of nil-cost options (the "Awards").
No consideration was paid for the grant of the Awards.
The vesting of the Awards is subject to the satisfaction of performance conditions set by the Remuneration Committee of the Company, being an EPS target of 83.9p (for 15% vesting) and 96.9p (for 100% vesting), with vesting on a straight-line basis between the two. 50% of the Awards will normally vest three years after grant, subject to the satisfaction of performance conditions over the three year financial period ending 31 December 2017, whilst the remaining 50% of the Awards will normally vest on the fifth anniversary of the date of grant (with no further performance conditions required). The Awards will remain exercisable from the date of vesting of each half of the Awards until the day before the tenth anniversary of the date of grant provided the individual remains an employee or officer of the Company.
Awards were made to the following Executive Directors:
Name of Director | Number of Shares subject to the Award |
Andrew Wyllie | 141,710 |
Anthony Bickerstaff | 93,883 |
The Company was informed of the above transactions on 09 March 2015.
10 March 2015
Enquiries:
Costain Group PLC Tel: 01628 842444Tracey Wood
Company Secretary
Instinctif Partners | Tel: 020 7457 2020 |
Mark Garraway Helen Tarbet |