Last checked at 7 Mar 2017 10:39
MORGAN SINDALL GROUP plc
(the "Company")
Notification of Transactions by Directors
The Morgan Sindall 2014 Long Term Incentive Plan (the Plan)
Grant of conditional share awards
On 6 March 2017, certain directors of the Company were granted conditional share awards over ordinary shares of 5p each in the capital of the Company ("shares") under the Morgan Sindall 2014 Long Term Incentive Plan ("the Plan").
Details of the directors and the number of shares under conditional share awards granted to them under the Plan are set out below:
Director | Number of conditional shares awarded |
John Morgan | 72,636 |
Steve Crummett | 57,918 |
Conditional share awards will normally vest on 6 March 2020 being the third anniversary of the date of grant, subject to continued employment with the Company and satisfaction of the following performance conditions, which are measured over a period of three financial years ending on 31 December 2019:
· the number of shares under award representing 100% of the relevant director's salary will be based on a performance condition measuring the Company's earnings per share (EPS). EPS will be expressed in cumulative pence terms and will be equivalent to a growth rate of 6-13% per year over the three-year period; and
· the number of shares under award representing 50% of the relevant director's salary will be based on a performance condition measuring the Company's total shareholder return ("TSR") compared with seven of its UK listed peers. TSR will be expressed as an outperformance of median TSR with full vesting for the TSR component requiring 10% per year outperformance of the comparator median.
Depending on whether or not the performance conditions are met the directors will receive between 0% and 100% of the award. Details of the performance conditions will be set out in the Directors' Remuneration Report in the Company's 2016 Annual Report (which will be published on or about 27 March 2017).
These awards will be subject to a two year holding period on vesting. The base price for calculating the number of conditional shares award was £10.13, the average closing share price between 27 February 2017 and 3 March 2017.
No consideration was paid for the grant of the awards.
Following the grant of the conditional share awards under the Plan these directors maintain the following beneficial interests in the issued share capital of the Company:
Director | Beneficial interest in the shares of the Company | % of the issued share capital of the Company | Total number of shares over which options are held | Total number of conditional share awards held |
John Morgan | 4,504,352 | 10.07 | 106,364 | 320,630 |
Steve Crummett | 14,615 | 0.03 | Nil | 248,877 |
This notification relates to transactions notified in accordance with both Disclosure Rule 3.1.4R (1) (a) and Disclosure Rule 3.1.4R (1) (c).
Contact:
Clare Sheridan Tel: 020 7307 9200
Company Secretary
7 March 2017