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17 Apr 2014 11:54
Costain Group PLC("Costain" or "the Company")
Transactions in shares by Persons Discharging Managerial Responsibilities ("PDMRs")
This notification is made in accordance with DTR 3.1.4(1).
Costain Group PLC announces that following the exercise of share awards granted under the Company's Long Term Incentive Plan and the Deferred Share Bonus Plan as detailed in sections (A) and (B) below, the directors listed below hold the following number of ordinary shares of 50 pence each in the share capital of the Company (the 'shares'):
Name of Director | Total beneficial holding of shares by directors prior to transactions detailed in sections (A) and (B) below | Total beneficial holding of shares by director following transactions detailed in sections (A) and (B) below |
Andrew Wyllie | 297,977 | 340,000 |
Anthony Bickerstaff
| 154,748 | 186,691 |
(A) Long Term Incentive Plan
On 12 April 2011, awards were granted under the Costain Group PLC Long Term Incentive Plan (the "Plan") to certain directors. The awards were granted in the form of options with a £1 exercise price (or an exercise price of £1 per exercise if exercised in part).
The awards became exercisable on 12 April 2014 for a period of up to ten years from the date of grant.
The Company announces that on 16 April 2014 it was notified that the following directors exercised their options to acquire the number of ordinary shares of 50 pence each in the capital of the Company set out in the table below. As noted below, these individuals sold a proportion of the resulting ordinary shares, including to satisfy their income tax and national insurance liabilities arising on exercise.
Name of Director | Total number of share options exercised | Exercise price
| Number of shares sold to satisfy Tax and National Insurance Liabilities | Number of Shares sold (after tax) | Number of Shares Retained (after tax) | Price at which shares were sold |
Andrew Wyllie
| 90,976 | £1.00 | 42,759 | 6,194 | 42,023 | 265.55p
|
Anthony Bickerstaff
| 60,271 | £1.00 | 28,328 | nil | 31,943 | 265.55p
|
(B) Deferred Share Bonus Plan
On 04 April 2012, awards were granted under the Costain Group PLC Deferred Share Bonus Plan ("the Plan") to certain directors. The awards were granted under the Plan in the form of options with a nil exercise price over a fixed number of shares (the "Deferred Awards"). No consideration was paid for the grant of the Deferred Awards.
The Deferred Awards became exercisable on 04 April 2014 for a period of up to ten years from the date of grant.
The Company announces that on 16 April 2014 the following directors exercised their options to acquire the number of ordinary shares of 50 pence each in the capital of the Company set out in the table below. As noted below, these individuals sold a proportion of the resulting ordinary shares, including to satisfy their income tax and national insurance liability arising on the exercise. In addition, in accordance with the Rules of the Plan, dividend shares were awarded representing the value of dividends that would have been due on the vested Deferred Award shares during the period between 04 October 2012 and 04 April 2014.
Name of Director | Total number of shares acquired on exercise of the Deferred Award (including dividend shares) | Number of shares sold to satisfy Tax and National Insurance Liabilities | Number of Shares Sold (after tax) | Number of shares Retained (after tax) | Price at which shares were sold |
Andrew Wyllie | 89,259
| 41,952
| 47,307
| nil
| 265.55p
|
Anthony Bickerstaff | 59,134 | 27,793 | 31,341
| nil | 265.55p
|
The Company was informed of the above transactions on 16 April 2014.
Correction
The Company announced on 1 April 2014 that, following the completion of the Capital Raising announced by the Company on 27 February 2014, adjustments had automatically been made to the number of shares and, where relevant, the Option Price per share in respect of an award granted to certain directors of the Company on 3 April 2013 under the Costain Deferred Bonus Share Plan. The Option Price (before and after adjustment) relating to that part of the award comprising HMRC approved market value options over a fixed number of shares was incorrectly stated in that announcement. The correct Option price (before and after adjustment) is set out in the table below.
Name of Director | Number of shares under Option before adjustment | Number of shares under Option after adjustment | Option price per share before adjustment | Option price per share after adjustment |
Andrew Wyllie
|
10,771 |
11,576 |
278.5p |
259.0p |
Tony Bickerstaff
|
10,771 |
11,576 |
278.5p |
259.0p |
17 April 2014
Enquiries:
Costain Group PLC Tel: 01628 842444Tracey Wood
Company Secretary
Instinctif Partners | Tel: 020 7457 2020 | ||||
Mark Garraway Helen Tarbet | |||||
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