Last checked at 29 Mar 2017 16:35
29 March 2017
Ibstock plc (the "Company")
Grant of Awards under the Ibstock plc Long Term Incentive Plan and the
Ibstock plc Annual and Deferred Bonus Plan
Notification of Transactions by Persons Discharging Managerial Responsibility ("PDMRs")
The Company announces that it granted awards ("LTIP Awards") over Ibstock plc ordinary shares of 1 penny each ("Ordinary Shares") on 29 March 2017 to PDMRs in accordance with the rules of the Ibstock plc Long Term Incentive Plan.
Name | Status | Number of Ordinary Shares under LTIP Award | Option Price |
Wayne Sheppard | Chief Executive Officer | 205,075 | £Nil |
Kevin Sims | Chief Financial Officer | 139,933 | £Nil |
No consideration was paid for the grant of the LTIP Awards which are structured as nil cost options. The number of Ordinary Shares granted under each LTIP Award has been calculated using an Ordinary Share price of 211.80 pence per share.
The normal vesting date of the LTIP Awards will be 29 March 2020, being the third anniversary of the award date.
Once vested, the LTIP Award will normally be exercisable until the day before the tenth anniversary of the award date.
The LTIP Awards will normally vest after 3 years based on the satisfaction of the following performance conditions:-
i. 50% on relative TSR against the FTSE 250 (excluding financial services, real estate and equity investment trusts): Median performance against the index (threshold); upper quartile performance against the index (maximum); and |
ii. 50% on compound annual EPS growth: 6% p.a. compound growth (threshold); 16% p.a. compound growth (maximum). |
25% of the LTIP Award will vest for threshold performance under both measures, with straight line vesting in between to full vesting for the achievement of maximum performance.
On 29 March 2017 the Company also granted awards ("ADBP Awards") over Ordinary Shares in accordance with the rules of the Ibstock plc Annual and Deferred Bonus Plan ("ADBP").
Name | Status | Number of Ordinary Shares under ADBP Award | Option Price |
Wayne Sheppard | Chief Executive Officer | 31,748 | £Nil |
Kevin Sims | Chief Financial Officer | 21,003 | £Nil |
These awards represent the deferral into Ordinary Shares of part of the Executive Directors' 2016 bonus entitlements under the rules of the ADBP.
No consideration was paid for the grant of the ADBP Awards which are structured as nil cost options. The number of Ordinary Shares granted under each ADBP Award has been calculated in accordance with the rules of the ADBP using an Ordinary Share price of 182.98 pence being the average Ordinary Share price measured over the last 30 days of the financial year to which the bonus relates ending 31 December 2016.
The ADBP Awards will normally vest on 29 March 2020, subject to the participant being an employee of the Group at that time. Once vested, the ADBP Award will normally be exercisable until the day before the tenth anniversary of the award date.
The information below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||
a)
| Name | Wayne Sheppard | |||
2
| Reason for the notification | ||||
a)
| Position/status | Chief Executive Officer | |||
b)
| Initial notification /Amendment | Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a)
| Name
| Ibstock plc | |||
b)
| LEI | 2138003QHTNX34CN9V93 | |||
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 | Ordinary shares of 1p each | |||
|
| ||||
Identification code | GB00BYXJC278 | ||||
|
| ||||
b)
| Nature of the transaction
| Grant of awards under (a) the Ibstock plc Long Term Incentive Plan and (b) the Ibstock plc Annual and Deferred Bonus Plan | |||
c)
| Price(s) and volume(s) |
|
|
|
|
|
| Price(s) | Volume(s) |
| |
| (a) | Nil | 205,075 |
| |
| (b) | Nil | 31,748 |
| |
|
|
|
|
| |
d)
| Aggregated information |
| |||
|
| ||||
- Aggregated volume | 236,823 | ||||
|
| ||||
- Price | Nil | ||||
|
| ||||
e)
| Date of the transaction
| 2017-03-29 | |||
f)
| Place of the transaction | Outside a trading venue | |||
1
| Details of the person discharging managerial responsibilities / person closely associated | ||||
a)
| Name | Kevin Sims | |||
2
| Reason for the notification | ||||
a)
| Position/status | Chief Financial Officer | |||
b)
| Initial notification /Amendment | Initial notification | |||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | ||||
a)
| Name
| Ibstock plc | |||
b)
| LEI | 2138003QHTNX34CN9V93 | |||
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 | Ordinary shares of 1p each | |||
|
| ||||
Identification code | GB00BYXJC278 | ||||
|
| ||||
b)
| Nature of the transaction
| Grant of awards under (a) the Ibstock plc Long Term Incentive Plan and (b) the Ibstock plc Annual and Deferred Bonus Plan | |||
c)
| Price(s) and volume(s) |
|
|
|
|
|
| Price(s) | Volume(s) |
| |
| (a) | Nil | 139,933 |
| |
| (b) | Nil | 21,003 |
| |
|
|
|
|
| |
d)
| Aggregated information |
| |||
|
| ||||
- Aggregated volume | 160,936 | ||||
|
| ||||
- Price | Nil | ||||
|
| ||||
e)
| Date of the transaction
| 2017-03-29 | |||
f)
| Place of the transaction | Outside a trading venue | |||