Forterra plc Grant under Performance Share Plan (4651U)
29 March 2019 - 8:11PM
UK Regulatory
TIDMFORT
RNS Number : 4651U
Forterra plc
29 March 2019
29 March 2019
Forterra plc
Grant under Performance Share Plan
Forterra plc (the "Company") announces that on 29 March 2019
awards over ordinary shares of GBP0.01 each in the capital of the
Company were granted to certain Directors and persons discharging
managerial responsibility ("PDMRs") under the Forterra plc
Performance Share Plan ("PSP") as follows:
Name of Director / PDMR Number of Shares over which the Award is granted
Stephen Harrison 223,824
-------------------------------------------------
Shatish Dasani 139,891
-------------------------------------------------
Benjamin Guyatt 48,962
-------------------------------------------------
Peter Varnsverry 40,505
-------------------------------------------------
George Stewart 37,500
-------------------------------------------------
Adam Smith 36,162
-------------------------------------------------
Matthew Day 32,143
-------------------------------------------------
Edward Haslam 30,805
-------------------------------------------------
Darren Rix 28,126
-------------------------------------------------
Other management 115,173
-------------------------------------------------
Total 733,091
-------------------------------------------------
No consideration was paid for the grant of the awards which are
structured as nominal cost options at an option exercise price of
GBP0.01 per Ordinary Share. The number of Ordinary Shares granted
under the award has been calculated using a share price of GBP2.87
being an average mid-market quotation as derived from the London
Stock Exchange Daily Official List for the last 5 days of trading
prior to this date.
The vesting of an award is subject to the satisfaction of
performance conditions which have been set by the Remuneration
Committee of the Board of Directors of the Company. The awards will
normally vest on 29 March 2022 subject to the achievement of the
performance conditions and the participant being a director or
employee within the Company's group at that time.
Performance Conditions
The performance conditions applying to these awards are as
follows:
Performance % of award subject Annual growth % of PSP award
condition to condition in EPS which will vest
Annual growth
in adjusted
basic earnings
per share (EPS)
over 2018 EPS
of 26.5p 50% <5 % p.a. 0%
------------------- ------------------- -----------------
5 % p.a. 25%
------------------- ------------------- -----------------
11% p.a. above 100%
------------------- ------------------- -----------------
Company's total
shareholder
return (TSR)
against Index
TSR 50% < Index 0%
------------------- ------------------- -----------------
At Index 25%
------------------- ------------------- -----------------
Index plus 25
percentage points 100%
------------------- ------------------- -----------------
Total Shareholder Return (TSR) performance over the next three
years relative to a benchmark of peer companies (Kingspan Group
plc, Howden Joinery Group plc, Breedon Group plc, Ibstock plc,
Marshalls plc, Polypipe Group plc, Tyman plc, Volution Group plc,
Low & Bonar plc and Eurocell plc)
Further information regarding the PSP is set out in the Annual
Report and Accounts.
The above notification is intended to satisfy the Company's
obligations under Article 19 of the Market Abuse Regulations.
Enquiries
Forterra plc: +44 (0) 1604 707 600
Shatish Dasani (CFO)
Benjamin Guyatt (Company Secretary)
FTI Consulting (public relations adviser to Forterra): +44 (0) 20 3727 1340
Richard Mountain
Nick Hasell
Forterra plc
Further information relating to the Company and its group can be
found at www.forterraplc.co.uk
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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