7 Apr 2016 07:00
LAVENDON GROUP PLC (the "Company")
Director and PDMR announcement
This notification is made in accordance with DTR 3.1.4(1)(a).
On 6 April 2016, the Company granted awards over ordinary shares of 1p in Lavendon Group plc (the "Ordinary Shares") under the Lavendon 2015 Long Term Incentive Plan (the "Plan") to the following directors and persons discharging managerial responsibilities (PDMRs):
Name of Director/PDMR | Position | Number of Shares held under award |
Don Kenny | Chief Executive | 381,413 |
Alan Merrell | Group Finance Director | 238,383 |
Hayley Holloway | Group HR Director | 60,000 |
Mike Evenson | Group Technical and Performance Improvement Director | 60,000 |
Jeremy Fish | Managing Director - UK | 80,000 |
Dietmar Mueller | Managing Director - Germany | 80,000 |
Gonzague Depraetere | Managing Director - France | 80,000 |
Paul Rankin | Managing Director - Middle East | 80,000 |
No consideration was paid for the grant of the awards which are structured as options with a nil option price.
The vesting of the awards is subject to the satisfaction of the following performance conditions, measured over a performance period of three financial years ending on 31 December 2018:
1) 40% of the award is based on relative total shareholder return (TSR) targets, measured
against the constituent companies of the FTSE SmallCap Index (excluding companies in the financials industry). 25% of the TSR-related part of the award will vest if the Company's TSR is ranked at the median of the comparator group, increasing on a straight-line basis to 100% vesting if the Company's TSR is ranked at the upper quartile of the comparator group.
2) 40% of the award is based on the average return on capital employed (ROCE) performance
of the Company. 25% of the ROCE-related part of the award will vest if average ROCE over the performance period is 11.75%, increasing on a straight-line basis to 100% vesting if average ROCE is 13.00%.
3) 20% of the award is based on the Company's compound annual growth in earnings per
Share (EPS). 25% of the EPS-related part of the award will vest for compound annual growth of 5.00% over the performance period, increasing on a straight-line basis to 100% vesting for compound annual growth of at least 11.00%.
Performance against each target is assessed independently. Irrespective of the extent to which the performance conditions have been met, the Company's Remuneration Committee may, at its discretion, scale back the level of vesting of the award if it considers that the proposed level of vesting does not reflect the underlying financial and/or corporate performance of the Company.
The award will normally vest on the later of the third anniversary of grant and the determination of the performance conditions. Don Kenny and Alan Merrell are required to hold any awards that vest for a minimum period of two years from date of vesting.
Following the grant of these awards under the Plan, the beneficial interests of the PDMRs in the share capital of the Company and their total interest in share incentive schemes over Ordinary Shares in the Company are detailed below:
Name of Director/PDMR |
Position | Beneficial Interest in Ordinary Shares | Share Incentive Scheme Awards Outstanding |
Don Kenny | Chief Executive | 389,147 | 987,615 |
Alan Merrell | Group Finance Director | 245,899 | 654,819 |
Hayley Holloway | Group HR Director |
| 174,580 |
Mike Evenson | Group Technical and Performance Improvement Director |
| 155,903 |
Jeremy Fish | Managing Director - UK |
| 250,000 |
Dietmar Mueller | Managing Director - Germany | 8,250 | 150,000 |
Gonzague Depraetere | Managing Director - France |
| 258,148 |
Paul Rankin | Managing Director - Middle East |
| 250,000 |
7 April 2016
For further information, please contact:
Lavendon |
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Don Kenny, Chief Executive Today T: +44 (0)203 727 1000 Alan Merrell, Group Finance Director Thereafter T: +44 (0)1455 206 736 |
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FTI Consulting |
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Jonathon Brill T: +44 (0)203 727 1000 Adam Cubbage James Styles |
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Notes to Editors
Lavendon is the European and Middle East market leader in the rental of powered access equipment. The quality of diversity of its hire fleet, coupled with the professionalism and accessibility of its depot network, provides an exceptional product range for customers.
Powered access equipment is designed to enable people to work safely, productively and comfortably at height. It can be used in a comprehensive range of applications, both inside and outside buildings and structures.