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1 Dec 2020 09:42
Costain Group PLC
(the "Company")
LONG TERM INCENTIVE PLAN AWARD
As announced on 20 November 2020, Helen Willis joined the Board of Costain Group PLC as chief financial officer with effect from 30 November 2020.
The Company announces the following grant of a share award to Helen Willis which is in accordance with the Company's published executive remuneration policy.
On 30 November 2020, an award was made to Helen Willis over 258,705 ordinary shares under the Costain Group PLC 2014 Long Term Incentive Plan (the "LTIP") in the form of an option with a nil exercise price (the "Award"). No consideration was paid for the grant of the Award.
The vesting of the Award is subject to the satisfaction of performance conditions assessed over the three financial years ending 31 December 2022. The performance conditions are exactly the same as those applicable to the LTIP Awards made to the chief executive officer, Alex Vaughan, and other senior executives on 7 October and are based on EPS as regards two thirds of each award and cash conversion as regards one third of each award. The EPS targets and cash conversion targets are stated below.
As for Alex Vaughan, the Remuneration Committee has taken into account market conditions and reduced the quantum of Helen Willis' award from 100% of salary to 55% of salary. The Committee has also prorated the Award for the period of employment during the performance period.
Vesting | EPS(aggregate EPS over the three year performance period) | Cash conversion(average cash conversion over the performance period) |
Below threshold: 0% | Below 22.6 pence | Below 80% |
Threshold: 15% | 22.6 pence | 80% |
Between threshold and maximum: 15% - 100% pro rata on a straight-line basis | Between 22.6 pence and 26.7 pence | Between 80% and 100% |
Maximum: 100% | 26.7 pence | 100% |
The extent to which the Award granted to Helen Willis vests will normally be determined following the end of the three financial year performance period ending 31 December 2022, but the Award will not normally be released (so that it can be exercised) until the end of a further two year period (with no further performance conditions required after vesting).
The Remuneration Committee may reduce the extent to which the Award vests if the Committee considers that any of the value at vesting represents a "windfall gain", taking into account such factors as the Committee determines.
The Notification of Dealing Form set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.
Notification of Dealing Form
1. | Details of the Person Discharging Managerial Responsibility ("PDMR") / person closely associated with them ("PCA") | ||||||
a) | Name | HELEN MARGARET WILLIS | |||||
2. | Reason for the notification | ||||||
a) | Position /status | CHIEF FINANCIAL OFFICER/ PDMR | |||||
b) | Initial notification / amendment | INITIAL NOTIFICATION | |||||
3. | Details of the Issuer | ||||||
a) | Name | COSTAIN GROUP PLC | |||||
b) | LEI code | 213800PKIJBZ2EDTKC88 | |||||
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 50 PENCE EACH
ISIN: GB00B64NSP76 | |||||
b) | Nature of the transaction | GRANT OF 258,705 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN | |||||
c) | Price(s) and volume(s) |
| |||||
d) | Aggregated information - Aggregated volume - Price |
N/A | |||||
e) | Date of the transaction |
30 NOVEMBER 2020 | |||||
f) | Place of the transaction |
OUTSIDE A TRADING VENUE | |||||
1 DECEMBER 2020
Enquiries: | |
Costain Group PLC | Tel: 01628 842 444 |
Sharon Harris, Company Secretary | |
MHP CommunicationsTim Rowntree, Peter Hewer | Tel: 020 3128 8100 costain@mhpc.com
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