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8 Apr 2021 16:05
Costain Group PLC
(the "Company")
LONG TERM INCENTIVE PLAN AWARDS
Costain announces the following grants of share awards to Alex Vaughan, chief executive officer, and Helen Willis, chief financial officer.
On 8 April 2021, awards have been made under the Costain Group PLC 2014 Long Term Incentive Plan (the "LTIP") over ordinary shares of 50p each in the Company in the form of options with a nil exercise price (the "Awards"). An Award was granted to Alex Vaughan over 710,655 shares and to Helen Willis over 590,163 shares, each representing 100% of salary. No consideration was paid for the grant of the Awards.
The Awards will normally vest three years after grant, subject to the satisfaction of performance conditions, but will not normally be released (so that they can be exercised) until the fifth anniversary of the date of grant (with no further performance conditions required after vesting).
The vesting of the Awards is subject to the satisfaction of performance conditions assessed over the three financial years ending 31 December 2023. The Company's 2020 Directors' Remuneration Report included proposed performance conditions which have now been finalised by the Remuneration Committee of the Company and are unchanged as follows:
(a) an EPS target (relating to two thirds of the Awards) of 27.9p (for 15% vesting) and 32.4p (for 100% vesting), with vesting on a straight-line basis between the two; and
(b) a cash conversion target (relating to one third of the Awards) of 80% (for 15% vesting) and 100% (for 100% vesting), with vesting on a straight-line basis between the two.
The Remuneration Committee may reduce the extent to which the Awards vest 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 Forms set out below are provided in accordance with the requirements of the Market Abuse Regulation.
Notification of Dealing Forms
1. | Details of the Person Discharging Managerial Responsibility ("PDMR") / person closely associated with them ("PCA") | |||||
a) | Name | ALEXANDER JOHN VAUGHAN | ||||
2. | Reason for the notification | |||||
a) | Position /status | CHIEF EXECUTIVE 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 710,655 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN (2021 LTIP GRANT) | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
N/A | ||||
e) | Date of the transaction |
8 APRIL 2021 | ||||
f) | Place of the transaction |
OUTSIDE A TRADING VENUE | ||||
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 590,163 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN (2021 LTIP GRANT) | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price |
N/A | ||||
e) | Date of the transaction |
8 APRIL 2021 | ||||
f) | Place of the transaction |
OUTSIDE A TRADING VENUE | ||||
8 APRIL 2021
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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