Ibstock PLC Director/PDMR Shareholding (6397I)
20 April 2022 - 12:18AM
UK Regulatory
TIDMIBST
RNS Number : 6397I
Ibstock PLC
19 April 2022
19 April 2022
Ibstock plc (the "Company")
Grant of Awards under the Ibstock plc Long Term Incentive
Plan
and the Ibstock plc Annual and Deferred Bonus Plan
Notification of Transactions by Persons Discharging Managerial
Responsibility ("PDMRs")
The Company announces that it granted an award ("LTIP Award")
over Ibstock plc ordinary shares of 1 penny each ("Ordinary
Shares") on 14 April 2022 to PDMRs in accordance with the rules of
the Ibstock plc Long Term Incentive Plan.
Name Status Number of Ordinary Option
Shares under LTIP Price
Award
Joseph Hudson Chief Executive 578,122 GBPNil
Officer
---------------- ------------------- -------
Christopher Chief Financial 388,967 GBPNil
McLeish Officer
---------------- ------------------- -------
No consideration was paid for the grant of the LTIP Awards which
are structured as nil cost options. The number of Ordinary Shares
granted under each LTIP Award has been calculated using an Ordinary
Share price of 171.5 pence per share (the closing share price on 13
April 2022).
The Remuneration Committee (the "Committee") recognises that
LTIP Awards have been made during a period of market uncertainty
and like many other companies we have seen a recent fall in our
share price due to these external factors. However, the Committee
believes that this is not specific to the Company and has
determined that the price used to calculate the number of shares
awarded is appropriate and consistent with the Company's historic
practice.
The Committee intends to review the appropriateness of this
approach taken in the context of further developments during the
relevant performance period, to avoid any unacceptable 'windfall'
gains. In line with the Remuneration Policy, on vesting the
Committee will review this as part of its general consideration of
the appropriateness of the formulaic assessment of the performance
conditions.
The normal vesting date of the LTIP Awards will be 14 April
2025, being the third anniversary of the award date.
Once vested, the LTIP Award will normally be exercisable until
the day before the tenth anniversary of the award date. A 2-year
holding period will apply to these awards.
The LTIP Awards will normally vest after 3 years based on the
satisfaction of the following performance conditions: -
i. 30% on relative TSR against the FTSE 250 construction
and building materials companies: Median performance
(threshold); upper quartile performance (maximum); and
ii. 25% on compound annual EPS growth: 16.9p EPS (threshold);
22.1p EPS (maximum) and
iii. 25% on average annual Return On Capital Employed ("ROCE"):
17.64% p.a. (threshold); 19.50% p.a. (maximum) and
iv. 20% on ESG performance consisting of:
* 10% on the reduction of CO2 per tonne of finished
production: 0.132 (threshold); 0.124 (maximum);
* 5% on senior leader female representation additional
women by 2024: 3 (threshold); 5 (maximum) and
* 5% on new product development sales revenue coming
from new and more sustainable products: 16%
(threshold); 20% (maximum)
25% of the LTIP Award will vest for threshold performance under
all measures, with straight line vesting in between to full vesting
for the achievement of maximum performance.
On 14 April 2022 the Company also granted awards ("ADBP Awards")
over Ordinary Shares in accordance with the rules of the Ibstock
plc Annual and Deferred Bonus Plan ("ADBP").
Name Status Number of Ordinary Option
Shares under ADBP Award Price
Joseph Hudson Chief Executive 91,325 GBPNil
Officer
---------------- ------------------------- -------
Christopher Chief Financial 61,447 GBPNil
McLeish Officer
---------------- ------------------------- -------
These awards represent the deferral into Ordinary Shares of part
of the Executive Directors' 2021 bonus entitlements under the rules
of the ADBP.
No consideration was paid for the grant of the ADBP Awards which
are structured as nil cost options. The number of Ordinary Shares
granted under each ADBP Award has been calculated in accordance
with the rules of the ADBP using an Ordinary Share price of 198.2
pence being the average Ordinary Share price measured over the last
30 days of the financial year to which the bonus relates ending 31
December 2021.
The ADBP Awards will normally vest on 14 April 2025, subject to
the participant being an employee of the Group at that time. Once
vested, the ADBP Award will normally be exercisable until the day
before the tenth anniversary of the award date.
The information below is provided in accordance with the
requirements of Article 19(3) of the EU Market Abuse Regulation No
596/2014.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Joseph Hudson
--------------------------- --------------------------------------------------
2 Reason for the notification
-------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
--------------------------- --------------------------------------------------
b) Initial notification Initial notification
/Amendment
--------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-------------------------------------------------------------------------------
a) Name Ibstock plc
--------------------------- --------------------------------------------------
b) LEI 2138003QHTNX34CN9V93
--------------------------- --------------------------------------------------
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 Ordinary shares of 1p each
financial instrument,
type of instrument
Identification code GB00BYXJC278
b) Nature of the transaction Grant of awards under the (a) Ibstock
plc Long Term Incentive Plan and (b)
the Ibstock plc Annual and Deferred
Bonus Plan
--------------------------- --------------------------------------------------
c) Price(s) and volume(s)
------------
Price(s) Volume(s)
------------
(a) Nil 578,122
------------- ---------------- ------------
(b) Nil 91,325
------------- ---------------- ------------
d) Aggregated information
- Aggregated volume 669,447
- Price Nil
e) Date of the transaction 2022-04-14
--------------------------- --------------------------------------------------
f) Place of the transaction Outside a trading venue
--------------------------- --------------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Christopher McLeish
------------------------------------ ---------------------------------------------
2 Reason for the notification
-----------------------------------------------------------------------------------
a) Position/status Chief Financial Officer
------------------------------------ ---------------------------------------------
b) Initial notification Initial notification
/Amendment
------------------------------------ ---------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
-----------------------------------------------------------------------------------
a) Name Ibstock plc
------------------------------------ ---------------------------------------------
b) LEI 2138003QHTNX34CN9V93
------------------------------------ ---------------------------------------------
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 Ordinary shares of 1p each
financial instrument,
type of instrument
Identification code GB00BYXJC278
b) Nature of the transaction Grant of awards under the (a) Ibstock
plc Long Term Incentive Plan and (b)
the Ibstock plc Annual and Deferred
Bonus Plan
------------------------------------ ---------------------------------------------
c) Price(s) and volume(s)
--------- --------------- ----------------
Price(s) Volume(s)
--------- --------------- ----------------
(a) Nil 388,967
--------- --------------------------------------------------------- ----------------
(b) Nil 61,447
--------- --------------------------------------------------------- ----------------
d) Aggregated information
- Aggregated volume 450,414
- Price Nil
e) Date of the transaction 2022-04-14
------------------------------------ ---------------------------------------------
f) Place of the transaction Outside a trading venue
------------------------------------ ---------------------------------------------
Nick Giles
Group Company Secretary
07796 132222
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