REG - Balfour Beatty PLC - Director/PDMR Shareholding

Balfour BeattyAnnouncement

28/03/2024 15:30

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RNS Number : 7823I  Balfour Beatty PLC  28 March 2024

PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL
RESPONSIBILITIES ("PDMRS") AND PERSONS CLOSELY ASSOCIATED WITH THEM

 

Balfour Beatty plc (the "Company") announces that, on 28 March 2024 and 26
March 2024 the following PDMRs (the "Grantees") received conditional awards
over the number of Ordinary Shares of 50p each in the Company ("Ordinary
Shares") shown below (the "Awards"), in accordance with the rules of the
Deferred Bonus Plan ("DBP") and the Performance Share Plan ("PSP")
respectively.  The Awards will accrue dividend equivalents between the date
of award and date of vest.

 

 Name of Director / PDMR  Total number of Shares Awarded  Type of Award
 Leo Quinn                131,807                         Conditional award (DBP)
 Philip Harrison          77,394                          Conditional award (DBP)
 Leo Quinn                455,608                         Conditional award (PSP)
 Philip Harrison          231,111                         Conditional award (PSP)

 

The vesting and holding period of each Award is subject to the rules of the
DBP and PSP (as appropriate) and the Grantee agreeing to be bound by the terms
of their Awards.

 

The Awards will normally vest on the third anniversary of the grant date.
The Award made under the PSP is then subject to a further two-year holding
period. No consideration is payable by grantees on either the grant or vesting
of the Awards.

 

Three independent performance conditions will be used for the PSP Award:

o Relative TSR (one third weighting)

o Cash (one third weighting)

o EPS (one third weighting)

The performance condition applying to one third of the PSP Award (the "TSR
Part") will measure the Company's relative total shareholder return ("TSR")
performance 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 250 (excluding investment trusts) as at the start of the measurement
period (the "Comparator Group"). The measurement period for the PSP Award
shall comprise three consecutive financial years of the Company, starting with
the 2024 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.

 

The performance condition applying to a separate one third of the PSP 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 2024 financial year.

 

No portion of the Cash Part will vest unless the Company's OCF for the 2026
financial year is greater than £255m. Were OCF for 2026 to be greater
than £255m but not more than £364m, 25% to 50% of the Cash Part would
vest on a straight-line basis. Were OCF for 2026 to be £364m to £414m 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 the PSP Award
(the "EPS Part") will measure the Company's earnings per share performance
over a measurement period starting with the 2024 financial year.

 

No portion of the EPS Part will vest unless the Company's EPS for the 2026
financial year is 36.5p, 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 2026 being
56.0p or more.

 

The relevant notifications set out below are provided in accordance with the
requirements of Article 19 of the UK Market Abuse Regulation.

 

Contact and telephone number for queries /

Duly authorised officer of issuer responsible for making notification:

 

Tracey Wood, Group General Counsel and 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 Quinn
 2   Reason for the notification
 a)  Position/status                                              Director / PDMR - Group 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  Ordinary Shares of 50p each

     Identification code

                                                                  GB0000961622
 b)  Nature of the transaction                                    Conditional award over Ordinary Shares made in accordance with the rules of
                                                                  the DBP.
 c)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                  £Nil      131,807
 d)  Aggregated information                                       n/a

     - Aggregated volume

     - Price
 e)  Date of the transaction                                      28 March 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

28 March 2024

f)

Place of the transaction

Outside a trading venue

 

 a)  Name                                                         Philip Harrison
 2   Reason for the notification
 a)  Position/status                                              Director / PDMR - 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  Ordinary Shares of 50p each

     Identification code

                                                                  GB0000961622
 b)  Nature of the transaction                                    Conditional award over Ordinary Shares made in accordance with the rules of
                                                                  the DBP.
 c)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                  £Nil      77,394
 d)  Aggregated information                                       n/a

     - Aggregated volume

     - Price
 e)  Date of the transaction                                      28 March 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

28 March 2024

f)

Place of the transaction

Outside a trading venue

 

 

 a)  Name                                                         Leo Quinn
 2   Reason for the notification
 a)  Position/status                                              Director / PDMR - Group 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  Ordinary Shares of 50p each

     Identification code

                                                                  GB0000961622
 b)  Nature of the transaction                                    Conditional award over Ordinary Shares made in accordance with the rules of
                                                                  the PSP.
 c)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                  £Nil      455,608
 d)  Aggregated information                                       n/a

     - Aggregated volume

     - Price
 e)  Date of the transaction                                      26 March 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

26 March 2024

f)

Place of the transaction

Outside a trading venue

 

 a)  Name                                                         Philip Harrison
 2   Reason for the notification
 a)  Position/status                                              Director / PDMR - 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  Ordinary Shares of 50p each

     Identification code

                                                                  GB0000961622
 b)  Nature of the transaction                                    Conditional award over Ordinary Shares made in accordance with the rules of
                                                                  the PSP.
 c)  Price(s) and volume(s)

Price(s)  Volume(s)
                                                                  £Nil      231,111
 d)  Aggregated information                                       n/a

     - Aggregated volume

     - Price
 e)  Date of the transaction                                      26 March 2024
 f)  Place of the transaction                                     Outside a trading venue

d)

Aggregated information

- Aggregated volume

- Price

n/a

e)

Date of the transaction

26 March 2024

f)

Place of the transaction

Outside a trading venue

 

Balfour Beatty plc's Legal Entity Identifier is CT4UIJ3TUKGYYHMENQ17.

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