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31 Jan 2017 12:28
31 January 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 27 January 2017, awards under the Company's Long Term Incentive Plan (the "LTIP") were made to the Chief Financial Officer, Rowan Baker, following her appointment to the Board of the Company on 6 January 2017. This is in addition to a grant of 40,584 nil cost options that was made in December 2016 when the Company's annual LTIP awards were made.
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 26 January 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 - Threshold: equal to housebuilder index, Maximum: housebuilder index + 7.5% per annum;
• FY19 ROCE - Threshold: 22%, Maximum: 25%;
• FY19 EPS - Threshold: 21.8p, Maximum: 27.8p.
The normal date of vesting for these nil-cost options will be 27 January 2020 and the last date for exercise will be 27 January 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 | Rowan Baker | ||||
2 | Reason for the notification | |||||
a) | Position/status | CFO | ||||
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
|
105,520 £0.00 | ||||
e) | Date of the transaction | 2017-01-27 | ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further information, please contact:
Patrick Hole
Group General Counsel and Company Secretary
Telephone : 01202 508040
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