Last checked at 6 Oct 2020 07:00
6 October 2020
Severfield plc
('the Company' or 'the Group')
Payment of bonus and grant of deferred bonus share awards
The Company announces that the Board has now approved payment of the deferred executive bonus payments ("the bonus payments") for the financial year ended 31 March 2020 ("FY20") disclosed at page 135 of the Annual Report for FY20 ("AR20").
As reported in AR20, on page 121, due to uncertainty as to the impact of COVID-19, the Board, in June 2020, deferred consideration of the affordability of bonuses for FY 20 until October 2020. Updates as to the impact of COVID-19 were issued via RNS on 29th July 2020 and on 3rd September 2020 confirming that, amongst other things, as a result of the Group's strong financial position, the Board was recommending a final dividend of 1.8p for FY20 (which has now been paid) and would not be claiming for support under any employee-related government support packages including the Coronavirus Job Retention Scheme. Taking into consideration these factors, the bonus payments will now be paid.
As a result of the payment of bonuses, 50% of which is payable in shares under the Group's Deferred Share Bonus Plan ("DSBP"), awards over shares were granted as set out below, [calculated using the share price half way between close of business on 2nd October 2020 and 5th October 2020 of £0.563:
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Alan Dunsmore | ||||
2 | Reason for the notification | |||||
a) | Position/status | CEO | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Severfield plc | ||||
b) | LEI | 21380025AWPR781CY104 | ||||
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 |
| ||||
b) | Nature of the transaction | Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
| Not applicable-single transaction | ||||
e) | Date of the transaction | 2020-10-05
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Ian Cochrane | ||||
2 | Reason for the notification | |||||
a) | Position/status | COO | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Severfield plc | ||||
b) | LEI | 21380025AWPR781CY104 | ||||
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 |
| ||||
b) | Nature of the transaction | Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
| Not applicable-single transaction | ||||
e) | Date of the transaction | 2020-10-05
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Adam Semple | ||||
2 | Reason for the notification | |||||
a) | Position/status | Finance Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Severfield plc | ||||
b) | LEI | 21380025AWPR781CY104 | ||||
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 |
| ||||
b) | Nature of the transaction | Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
| Not applicable-single transaction | ||||
e) | Date of the transaction | 2020-10-05
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
1 | Details of the person discharging managerial responsibilities/person closely associated | |||||
a) | Name | Derek Randall | ||||
2 | Reason for the notification | |||||
a) | Position/status | Executive Director | ||||
b) | Initial notification/Amendment | Initial notification | ||||
3 | Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor | |||||
a) | Name | Severfield plc | ||||
b) | LEI | 21380025AWPR781CY104 | ||||
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 |
| ||||
b) | Nature of the transaction | Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option exercisable normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award. | ||||
c) | Price(s) and volume(s) |
| ||||
d) | Aggregated information
| Not applicable-single transaction | ||||
e) | Date of the transaction | 2020-10-05
| ||||
f) | Place of the transaction | Outside a trading venue | ||||
For further information, please contact:
Severfield Alan Dunsmore 01845 577 896
Chief Executive Officer
Adam Semple 01845 577 896
Group Finance Director
Mark Sanderson 01845 577 896
Company Secretary
Jefferies International Simon Hardy 020 7029 8000
Will Soutar 020 7029 8000
Camarco Ginny Pulbrook 020 3757 4980
Tom Huddart 020 3757 4980
Notes to editors:
Severfield is the UK's market leader in the design, fabrication and construction of structural steel, with a total capacity of c.150,000 tonnes of steel per annum. The Group has five sites, c.1,400 employees and expertise in large, complex projects across a broad range of sectors. The Group also has an established presence in the expanding Indian market through its joint venture partnership with JSW Steel (India's largest steel producer).