3 May 2017 09:48
Polypipe Group plc ('the Company')
Notification of Transaction by Persons Discharging Managerial Responsibilities
The Company hereby notifies the following change in the interests of directors and persons discharging managerial responsibility ("PDMRs") in Ordinary Shares of £0.001 each in the Company ("Shares") on 2 May 2017.
Grant of Long Term Incentive Plan awards.
The Company confirms that on 2 May 2017, in accordance with its shareholder approved Remuneration Policy and to align the interests of the Senior Management Team with shareholders, it granted to each of the following Directors/PDMRs an award (structured as a nil cost option) under the rules of the Polypipe Group plc 2014 Long Term Incentive Plan (the "LTIP"). In addition the Company made an award, subject to the same performance conditions as set out below, under the LTIP to 20 members of the Senior Management Team. The awards, which have been granted in respect of the financial year beginning on 1 January 2017, are over the following maximum number of Shares in the Company:
Name/Position
| Category |
| |
D G Hall/Chief Executive Officer | Director | 143,383 | |
M K Payne/Chief Financial Officer | Director | 73,214 | |
G B Sabin/MD Plumbing and Drainage Division | PDMR | 30,056 | |
M V Fenson/Business Development Director | PDMR | 19,909 |
The vesting of each award is subject to the satisfaction of the following performance conditions:
1. 25% of the maximum potential award is based on a Total Shareholder Return (the "TSR element") performance condition with a threshold of 25% of the TSR element reached on achieving median and 100% for achieving upper quartile performance relative to the Total Shareholder Return of the companies in a comparator group (consisting of companies in the FTSE 250 Index that are classified as Industrials by the Industry Classification Benchmark) and;
2. 75% of the maximum potential award is based on an Earnings per Share performance condition (the "EPS element") measured on a cumulative underlying diluted basis with cumulative targets equivalent to growth of 5% p.a. required to reach the minimum threshold of 25% and 12% p.a. growth to reach the maximum of 100% against 2016 performance.
The TSR and EPS elements are both measured over the three-year period commencing on 1 January 2017.
Subject to the satisfaction of the performance conditions the awards will normally vest on 2 May 2020 and remain exercisable until the tenth anniversary of the grant date.
The notifications below, which have been made in accordance with the requirements of the EU Market Abuse Regulation, provide further detail.
Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated.
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| David Hall | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Chief Executive Officer/Director and PDMR | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Polypipe Group plc | ||||
b)
| LEI
| 2138005IF1N2RKJ6KO18 | ||||
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
Identification code
| Ordinary Shares of £0.001 each in the capital of Polypipe Group plc
GB00BKRC5K31 | ||||
b)
| Nature of the transaction
| Grant of an award, structured as a nil cost option, under the Company's 2014 Long Term Incentive Plan.
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
| N/A
| ||||
e)
| Date of the transaction
| 2 May 2017 | ||||
f)
| Place of the transaction
| Outside of a Trading Venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Martin Payne | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| Chief Financial Officer/Director and PDMR | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Polypipe Group plc | ||||
b)
| LEI
| 2138005IF1N2RKJ6KO18 | ||||
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
Identification code
| Ordinary Shares of £0.001 each in the capital of Polypipe Group plc
GB00BKRC5K31
| ||||
b)
| Nature of the transaction
| Grant of an award, structured as a nil cost option, under the Company's 2014 Long Term Incentive Plan.
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
| N/A
| ||||
e)
| Date of the transaction
| 2 May 2017 | ||||
f)
| Place of the transaction
| Outside of a Trading Venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Glen Sabin | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| PDMR | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Polypipe Group plc | ||||
b)
| LEI
| 2138005IF1N2RKJ6KO18 | ||||
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
Identification code
| Ordinary Shares of £0.001 each in the capital of Polypipe Group plc
GB00BKRC5K31
| ||||
b)
| Nature of the transaction
| Grant of an award, structured as a nil cost option, under the Company's 2014 Long Term Incentive Plan.
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
| N/A
| ||||
e)
| Date of the transaction
| 2 May 2017 | ||||
f)
| Place of the transaction
| Outside of a Trading Venue | ||||
1
| Details of the person discharging managerial responsibilities / person closely associated
| |||||
a)
| Name
| Vince Fenson | ||||
2
| Reason for the notification
| |||||
a)
| Position/status
| PDMR | ||||
b)
| Initial notification /Amendment
| Initial notification | ||||
3
| Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
| |||||
a)
| Name
| Polypipe Group plc | ||||
b)
| LEI
| 2138005IF1N2RKJ6KO18 | ||||
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
Identification code
| Ordinary Shares of £0.001 each in the capital of Polypipe Group plc
GB00BKRC5K31
| ||||
b)
| Nature of the transaction
| Grant of an award, structured as a nil cost option, under the Company's 2014 Long Term Incentive Plan.
| ||||
c)
| Price(s) and volume(s)
|
| ||||
d)
| Aggregated information
- Aggregated volume
- Price
| N/A
| ||||
e)
| Date of the transaction
| 2 May 2017 | ||||
f)
| Place of the transaction
| Outside of a Trading Venue | ||||
Contacts:
Polypipe Group plc David Hall, Chief Executive Officer Martin Payne, Chief Financial Officer | +44 (0) 1709 770 000 |
Brunswick Mike Smith Will Rowberry | +44 (0) 20 7404 5959 |