Last checked at 13 Mar 2020 16:00
Galliford Try Holdings plc
("Galliford Try" or the "Company")
Performance conditions for awards under Galliford Try's Long Term Incentive Plan (the "Plan")
Following the decision of the Remuneration Committee to defer the granting of any conditional share awards under the existing Long Term Incentive Plan until the completion of the disposal of the housing and partnerships divisions by Galliford Try plc, which was announced on 3 January 2020, the Company now intends to make awards under the Plan.
The Company confirms that the performance conditions for such awards will be structured as were previous grants, and are based on underlying earnings per share ("EPS") in respect of a performance period comprising three consecutive financial years of the Company starting with the current year ending 30 June 2020.
The vesting of up to 100% of each base award will be based on underlying EPS performance for the last financial year of the performance period. 25% of the base award will vest if an underlying EPS of 13.0 pence is achieved increasing on a straight-line basis to 100% if an underlying EPS of 16.5 pence is achieved.
In accordance with the existing Remuneration Policy, the maximum grant level of up to 150% of each base award may vest subject to the terms and conditions of the Plan.
Conditional awards granted to persons discharging managerial responsibilities ("PDMR") under the Galliford Try Holdings plc Long Term Incentive Plan
On 13 March 2020, the following conditional awards over ordinary shares of 50 pence each in the Company were granted under the Plan to the following PDMRs, totalling 2,248,829 shares:
PDMR | No. of shares under the Award | Vesting date |
B Hocking | 584,213 | 13 March 2023 |
A Duxbury | 474,705 | 13 March 2023 |
K Corbett | 333,066 | 23 September 2022 |
I Jubb | 363,510 | 23 September 2022 |
M Baxter | 259,650 | 23 September 2022 |
V Skene | 233,685 | 23 September 2022 |
The vesting of any shares subject to the awards and to the performance conditions being met shall be three years from award in the case of Bill Hocking and Andrew Duxbury, and on 23 September 2022 in the case of all other participants.
Details of the full notifications received by the Company are set out below.
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Bill Hocking | ||||
2 | Reason for Notification | |||||
a) | Position/status | Chief Executive / PDMR | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Galliford Try Holdings plc | ||||
b) | LEI | 213800MR6DRHCJIV8113 | ||||
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 in Galliford Try Holdings plc GB00BKY40Q38 | ||||
b) | Nature of the transaction | Grant of an award under the Galliford Try Holdings plc Long Term Incentive Plan as a conditional award of shares. The award will ordinarily vest on the third anniversary of grant subject to continued service and to the extent to which earnings per share targets are met. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 13 March 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Andrew Duxbury | ||||
2 | Reason for Notification | |||||
a) | Position/status | Finance Director / PDMR | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Galliford Try Holdings plc | ||||
b) | LEI | 213800MR6DRHCJIV8113 | ||||
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 in Galliford Try Holdings plc GB00BKY40Q38 | ||||
b) | Nature of the transaction | Grant of an award under the Galliford Try Holdings plc Long Term Incentive Plan as a conditional award of shares. The award will ordinarily vest on the third anniversary of grant subject to continued service and to the extent to which earnings per share targets are met. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 13 March 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Kevin Corbett | ||||
2 | Reason for Notification | |||||
a) | Position/status | General Counsel & Company Secretary / PDMR | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Galliford Try Holdings plc | ||||
b) | LEI | 213800MR6DRHCJIV8113 | ||||
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 in Galliford Try Holdings plc GB00BKY40Q38 | ||||
b) | Nature of the transaction | Grant of an award under the Galliford Try Holdings plc Long Term Incentive Plan as a conditional award of shares. The award will ordinarily vest on 23 September 2022 subject to continued service and to the extent to which earnings per share targets are met. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 13 March 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Ian Jubb | ||||
2 | Reason for Notification | |||||
a) | Position/status | Divisional Managing Director, Building / PDMR | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Galliford Try Holdings plc | ||||
b) | LEI | 213800MR6DRHCJIV8113 | ||||
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 in Galliford Try Holdings plc GB00BKY40Q38 | ||||
b) | Nature of the transaction | Grant of an award under the Galliford Try Holdings plc Long Term Incentive Plan as a conditional award of shares. The award will ordinarily vest on 23 September 2022 subject to continued service and to the extent to which earnings per share targets are met. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 13 March 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Mark Baxter | ||||
2 | Reason for Notification | |||||
a) | Position/status | Divisional Managing Director, Specialist Services / PDMR | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Galliford Try Holdings plc | ||||
b) | LEI | 213800MR6DRHCJIV8113 | ||||
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 in Galliford Try Holdings plc GB00BKY40Q38 | ||||
b) | Nature of the transaction | Grant of an award under the Galliford Try Holdings plc Long Term Incentive Plan as a conditional award of shares. The award will ordinarily vest on 23 September 2022 subject to continued service and to the extent to which earnings per share targets are met. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 13 March 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities / person closely associated | |||||
a) | Name | Vikki Skene | ||||
2 | Reason for Notification | |||||
a) | Position/status | HR Director / PDMR | ||||
b) | Initial notification/Amendment | Initial Announcement | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Galliford Try Holdings plc | ||||
b) | LEI | 213800MR6DRHCJIV8113 | ||||
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 in Galliford Try Holdings plc GB00BKY40Q38 | ||||
b) | Nature of the transaction | Grant of an award under the Galliford Try Holdings plc Long Term Incentive Plan as a conditional award of shares. The award will ordinarily vest on 23 September 2022 subject to continued service and to the extent to which earnings per share targets are met. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information - Aggregated volume - Price | Not applicable - single transaction | ||||
e) | Date of the transaction | 13 March 2020 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further enquiries:
Galliford Try Holdings plc | Kevin Corbett, General Counsel & Company Secretary | 01895 855001 |
Clara Melia, Investor Relations | 07748 171 236 | |
Tulchan Communications | James Macey White | 0207 353 4200 |
Martin Pengelley | ||
Elizabeth Snow |
Note to Editors
Galliford Try Holdings plc is a leading UK construction group listed on the London Stock Exchange. Operating as Galliford Try and Morrison Construction, the group carries out building and infrastructure projects with clients in the public, private and regulated sectors across the UK.