Last checked at 28 Mar 2018 12:25
28 March 2018
Forterra plc
Grant under Performance Share Plan
Forterra plc (the "Company") announces that on 28 March 2018 awards over ordinary shares of £0.01 each in the capital of the Company were granted to certain Directors and persons discharging managerial responsibility ("PDMRs") under the Forterra plc Performance Share Plan ("PSP") as follows:
Name of Director / PDMR | Number of Shares over which the Award is granted |
Stephen Harrison | 209,599 |
Shatish Dasani | 130,999 |
Benjamin Guyatt | 45,850 |
Matthew Clay | 38,880 |
George Stewart | 35,117 |
Adam Smith | 33,863 |
Edward Haslam | 28,846 |
Darren Rix | 26,338 |
Matthew Day | 30,100 |
Other management | 79,007 |
Total | 658,599 |
No consideration was paid for the grant of the awards which are structured as nominal cost options at an option exercise price of £0.01 per Ordinary Share. The number of Ordinary Shares granted under the award has been calculated using a share price of £2.99 being an average mid-market quotation as derived from the London Stock Exchange Daily Official List for the last 5 days of trading prior to this date.
The vesting of an award is subject to the satisfaction of performance conditions which have been set by the Remuneration Committee of the Board of Directors of the Company. The awards will normally vest on 28 March 2021 subject to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.
The performance conditions applying to these awards are as follows
Performance Conditions
Performance condition | % of award subject to condition | Annual growth in EPS | % of PSP award which will vest |
Annual growth in adjusted basic earnings per share (EPS) over 2017 EPS of 24.5p | 50% | 0% | |
5 % p.a. | 25% | ||
11% p.a. above | 100% | ||
Company's total shareholder return (TSR) against Index TSR | 50% | < Index | 0% |
At Index | 25% | ||
Index plus 25 percentage points | 100% |
Total Shareholder Return (TSR) performance over the next three years relative to a benchmark of peer companies (Kingspan Group plc, Howden Joinery Group plc, Breedon Group plc, Ibstock plc, Marshalls plc, Polypipe Group plc, Tyman plc, Volution Group plc, Low & Bonar plc and Eurocell plc)
Further information regarding the PSP is set out in the Annual Report and Accounts.
The above notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulations.
Enquiries
Forterra plc: | +44 (0) 1604 707 600 |
Shatish Dasani (CFO) |
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Benjamin Guyatt (Company Secretary) |
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FTI Consulting (public relations adviser to Forterra): | +44 (0) 20 3727 1340 |
Richard Mountain |
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Nick Hasell |
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Forterra plc
Further information relating to the Company and its group can be found at www.forterraplc.co.uk