REG - Balfour Beatty PLC - Director/PDMR Shareholding

Balfour BeattyAnnouncement

27/03/2018 12:50

RNS Number : 1038J
Balfour Beatty PLC
27 March 2018
 

Notification of transactions by Persons Discharging Management Responsibilities ("PDMRs") or Connected Persons
Balfour Beatty plc (the "Company") was informed on 27 March 2018 by the Trustee of the Balfour Beatty Employee Share Ownership Trust (the "Trust") that on 27 March 2018 each of the following PDMRs received an award over the number of Ordinary Shares of 50p each ("Ordinary Shares") in the Company as shown below pursuant to the rules of the Company's Performance Share Plan:
Directors: (Name: Number of Ordinary Shares under award)




Leo Quinn


592,373




Philip Harrison  


259,163




 
No consideration was paid for the grant of the awards and no consideration is due on the maturity of the awards. 
 
The awards will normally vest on the third anniversary of grant subject to the grantee's continued service and to the extent performance conditions are achieved.
 
The performance condition applying to one third of each award (the "TSR Part") will measure the Company's total shareholder return performance ("TSR") over a three year period relative to the TSR performance over the same period of a comparator group of companies comprising the constituents of the FTSE 51-200 (excluding investment trusts) as at the start of the measurement period. The measurement period for the awards shall comprise three consecutive financial years of the Company, starting with the 2018 financial year.
 
No portion of the TSR Part will vest unless the Company's TSR performance ranks at least equal to median TSR performance of the comparator group, at which point 25% of the TSR Part will vest, rising on a straight-line basis to 100% vesting for the Company's TSR performance ranking at upper quartile or better relative to the TSR performance of the comparator group companies.
 
The performance condition applying to a separate one third of each award (the "Cash Part") will measure improvement in the Company's Operating Cash Flow ('OCF') from Continuing Operations over a measurement period starting with the 2018 financial year.
 
No portion of the Cash Part will vest unless the Company's OCF for the 2020 financial year is greater than £141m. Were OCF for 2020 to be greater than £141m but not more than £176m, 25% to 50% of the Cash Part would vest on a straight-line basis. Were OCF for 2020 to be £176m to £211m or more, between 50% of and 100% of the Cash Part would vest on a straight-line basis.
 
The performance condition applying to a separate one third of each award (the "EPS Part") will measure the Company's earnings per share performance over a measurement period starting with the 2018 financial year.
 
No portion of the EPS Part will vest unless the Company's EPS for the 2020 financial year is 22p, at which point 25% of the EPS Part will vest, rising on a straight-line basis to 100% vesting for the Company's EPS for 2020 being 31p or more. 
 
The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.
 
Contact and telephone number for queries/
Duly authorised officer of issuer responsible for making notification:
 
Mr D R Mercer, Company Secretary, 020 7216 6800










 
 
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM














a)


Name


Leo Martin Quinn




2


Reason for the notification




a)


Position/status


Chief Executive




b)


Initial notification /Amendment


Initial Notification




3


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


Balfour Beatty plc




b)


LEI


CT4UIJ3TUKGYYHMENQ17




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 50p each
 
GB0000961622




b)


Nature of the transaction


Conditional award pursuant to the rules of the Company's Performance Share Plan.




c)


Price(s) and volume(s)


 
 




Price(s)


Volume(s)




£Nil


592,373









d)


Aggregated information
- Aggregated volume
- Price


Single transaction as in 4 (d) above




e)


Date of the transaction


2018-03-27




f)


Place of the transaction


Outside a trading venue




 
Contact and telephone number for queries/
Duly authorised officer of issuer responsible for making notification:
Mr D R Mercer, Company Secretary, 020 7216 6800
 
 
NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM














a)


Name


Philip James Harrison




2


Reason for the notification




a)


Position/status


Chief Financial Officer




b)


Initial notification /Amendment


Initial Notification




3


Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor




a)


Name


Balfour Beatty plc




b)


LEI


CT4UIJ3TUKGYYHMENQ17




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 50p each
 
GB0000961622




b)


Nature of the transaction


Conditional award pursuant to the rules of the Company's Performance Share Plan.




c)


Price(s) and volume(s)


 
 




Price(s)


Volume(s)




£Nil


259,163









d)


Aggregated information
- Aggregated volume
- Price


Single transaction as in 4 (d) above




e)


Date of the transaction


2018-03-27




f)


Place of the transaction


Outside a trading venue




 
Contact and telephone number for queries/
Duly authorised officer of issuer responsible for making notification:
Mr D R Mercer, Company Secretary, 020 7216 6800
 
 



This information is provided by RNS
The company news service from the London Stock Exchange
 
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