Forterra plc Grant under Performance Share Plan (4401Z)
18 September 2020 - 7:12PM
UK Regulatory
TIDMFORT
RNS Number : 4401Z
Forterra plc
18 September 2020
18 September 2020
Forterra plc
Grant under Performance Share Plan
Forterra plc (the "Company") announces that on 17 September 2020
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 PSP Award is granted
Stephen Harrison (Chief Executive Officer) 344,858
-----------------------------------------------------
Ben Guyatt (Chief Financial Officer) 203,947
-----------------------------------------------------
George Stewart (Operations Director) 57,778
-----------------------------------------------------
Adam Smith (Commercial Director) 57,778
-----------------------------------------------------
Shahbaz Idriss (HR Director) 55,263
-----------------------------------------------------
Darren Rix (Strategy and Development Director) 45,395
-----------------------------------------------------
Matt Day (IT Director) 49,524
-----------------------------------------------------
Peter Varnsverry (Managing Director, Bison Precast) 62,408
-----------------------------------------------------
Ashley Thompson (Company Secretary) 13,158
-----------------------------------------------------
Other management 185,167
-----------------------------------------------------
Total awards granted 1,075,276
-----------------------------------------------------
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 190.00
pence being an average mid-market quotation as derived from the
London Stock Exchange Daily Official List for the last 5 days of
trading.
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 17 September 2023, subject to the achievement of
the performance conditions and the participant being a director or
employee within the Company's group at that time. Further
information regarding the PSP is set out in the Annual Report and
Accounts.
The performance conditions applying to these awards are as
follows:
Performance % of award subject The Company's % of PSP award
condition to condition TSR compared which will vest
against Index
TSR
Company's total
shareholder
return (TSR)
against Index Less than Index
TSR 100% TSR 0%
------------------- ------------------- --------------------
Equal to Index
TSR 25%
------------------- ------------------- --------------------
Between Index On a straight
TSR and Index line basis between
TSR plus 25 25% and 100%
percentage points
------------------- --------------------
Equal to Index
TSR plus 25
percentage points 100%
------------------- ------------------- --------------------
Due to uncertainty related to COVID-19 setting meaningful EPS
targets is difficult so in this instance all awards are subject to
a TSR performance condition. Further information on the index of
comparable companies is disclosed in the 2019 Annual Report and
Accounts.
In addition, the Company also announces that the PDMR's have
cancelled share options as follows under the Company's all employee
sharesave plan:
Name of Director / PDMR Cancelled Share options under 2019 and 2017 plans
Stephen Harrison (Chief Executive Officer) 8,108
--------------------------------------------------
Ben Guyatt (Chief Financial Officer) 8,108
--------------------------------------------------
George Stewart (Operations Director) 8,108
--------------------------------------------------
Adam Smith (Commercial Director) 8,108
--------------------------------------------------
Darren Rix (Strategy and Development Director) 8,107
--------------------------------------------------
Peter Varnsverry (Managing Director, Bison Precast) 8,108
--------------------------------------------------
Ashley Thompson (Company Secretary) 8,108
--------------------------------------------------
The above notification is intended to satisfy the Company's
obligations under Article 19 of the Market Abuse Regulations.
Enquiries
+44 (0) 1604 707
Forterra plc: 600
Ashley Thompson (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
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