20 Nov 2017 16:45
20 November 2017
McCarthy & Stone plc (the "Company")
Notification of Transactions by
Persons Discharging Managerial Responsibilities
Pursuant to the notification obligations under article 19.3 of the Market Abuse Regulation, the Company announces the following changes in the interests of directors and persons discharging managerial responsibilities ("PDMRs") in the ordinary shares of 8 pence nominal value in the Company ("Shares").
McCarthy & Stone plc Long Term Incentive Plan
On 17 November 2017, awards under the Company's Long Term Incentive Plan (the "LTIP") were made as set out below.
The awards were made as nil-cost options and the number of shares over which each nil-cost option was awarded was calculated by reference to the closing price of the Shares as derived from the Daily Official List of the London Stock Exchange on 16 November 2017. These nil-cost options are subject to the rules of the LTIP and will vest depending on performance against Total Shareholder Return ("TSR"), Earnings per Share ("EPS") and Return on Capital Employed ("ROCE") targets as measured over a three-year performance period.
The performance conditions and targets for this LTIP grant are:
• Relative TSR measured against two groups equally weighted (housebuilder peer index and FTSE 250 constituents) - Threshold: equal to housebuilder index/ median of FTSE 250, Maximum: housebuilder index + 7.5% per annum/upper quartile of FTSE 250;
• FY20 ROCE - Threshold: 20%, Maximum: 25%;
• FY20 EPS - Threshold: 21.8p, Maximum: 27.8p.
The normal date of vesting for these nil-cost options will be 17 November 2020 and the last date for exercise will be 17 November 2027, with dividend equivalents payable in respect of the vesting of nil-cost options in accordance with the rules of the LTIP.
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Gary Day | ||||
2 | Reason for the notification | |||||
a) | Position/status | Land & Planning Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer | |||||
a) | Name | McCarthy & Stone plc | ||||
b) | LEI | 213800CEJ4OQ5YPU8Z37 | ||||
4 | Details of the transaction | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of 8 pence nominal value each
GB00BYNVD082 | ||||
b) | Nature of the transaction | Grant of nil-cost option over Ordinary Shares under the McCarthy & Stone plc Long Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
123,853 £0.00 | ||||
e) | Date of the transaction | 2017-11-17 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Patrick Hole | ||||
2 | Reason for the notification | |||||
a) | Position/status | Group General Counsel and Company Secretary | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer | |||||
a) | Name | McCarthy & Stone plc | ||||
b) | LEI | 213800CEJ4OQ5YPU8Z37 | ||||
4 | Details of the transaction | |||||
a) | Description of the financial instrument, type of instrument Identification code | Ordinary Shares of 8 pence nominal value each
GB00BYNVD082 | ||||
b) | Nature of the transaction | Grant of nil-cost option over Ordinary Shares under the McCarthy & Stone plc Long Term Incentive Plan | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
|
43,333 £0.00 | ||||
e) | Date of the transaction | 2017-11-17 | ||||
f) | Place of the transaction | Outside a trading venue | ||||