REG - Barratt Redrow PLC - Director/PDMR Shareholding
08/10/2024 12:45
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RNS Number : 3938H Barratt Redrow PLC 08 October 2024
BARRATT REDROW PLC
(the 'Company')
Notification and public disclosure of transactions by persons discharging
managerial responsibilities ('PDMRs') and persons closely associated ('PCAs')
with them.
The Company announces the following share transactions undertaken by PDMRs:
Grant of Awards under the Barratt Developments Long-Term Performance Plan (the
'LTPP')
The Company announces that it has granted the following awards on 7 October
2024 to each of the Executive Directors of the Company under the LTPP:
Details of the award are set out below.
Role Number of shares under award
David Thomas Chief Executive 344,035
Steven Boyes Chief Operating Officer & Deputy Chief Executive 277,515
Mike Scott Chief Financial Officer 211,714
Matthew Pratt Chief Executive 281,026
The number of shares over which the award was granted was calculated based on
a share price of 500.30 pence per share, being the average of the closing
prices, as derived from the London Stock Exchange daily official list, for
each of the dealing days in the period of three months ending with the day
before the Grant Date (excluding any dealing days that fall within any period
when dealing restrictions apply).
The awards are subject to the attainment of performance targets based on TSR
(30%), Adjusted EPS (15%), Underlying ROCE (40%) and reduction of Greenhouse
Gas Emissions (15%), measured over a three-year performance period commencing
1 July 2024. The targets have been set for each of the financial and
non-financial performance conditions for the Barratt Group on a standalone
basis. These targets, together with those for all in-flight LTPP awards, may
need to be adjusted to reflect the enlarged Group following completion of the
combination with Redrow plc. Accordingly, the Barratt standalone targets have
not been disclosed. The adjusted targets will be communicated at the
appropriate time (currently anticipated to be the second quarter of 2025).
The awards are also subject to a two-year holding period commencing from 7
October 2027, being the expected vesting date of these awards. No shares will
be released to the Executive Directors until such time as any tax and national
insurance contributions due on release of the shares has been settled. These
shares will accrue a dividend equivalent between the date of grant and the
date on which the awards are released.
Following the above transactions, the Company confirms that at the date of
this announcement, each of the Executive Directors, and the persons closely
associated with them, hold the following number of options and awards over
Ordinary Shares of 10 pence each in the Company:
Executive Director Role Total number of shares under option and/or award
David Thomas Chief Executive 1,248,247
Steven Boyes Chief Operating Officer & Deputy Chief Executive 1,010,162
Mike Scott Chief Financial Officer 709,880
Matthew Pratt Chief Executive Redrow 6,779
The Notification of Dealing Forms for the above transactions are set out
below:
Notification of Dealing Form
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name David Thomas
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 Barratt Redrow plc
b) LEI 2138006R85VEOF5YNK29
4.1 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 10 pence
Identification code
ISIN: GB0000811801
b) Nature of the transaction Grant of a Conditional Award under the Barratt Developments Long-Term
Performance Plan
c) Price(s) and volume(s) 344,035 shares awarded at no cost
d) Aggregated information
- Aggregated volume N/A - Single Transaction
- Price
e) Date of the transaction 7 October 2024
f) Place of the transaction Outside a trading venue
Notification of Dealing Form - Steven Boyes
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Steven Boyes
2 Reason for the notification
a) Position/status Chief Operating Officer and Deputy 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 Barratt Redrow plc
b) LEI 2138006R85VEOF5YNK29
4.1 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 10 pence
Identification code
ISIN: GB0000811801
b) Nature of the transaction Grant of a Conditional Award under the Barratt Developments Long-Term
Performance Plan
c) Price(s) and volume(s) 277,515 shares awarded at no cost
d) Aggregated information
- Aggregated volume N/A - Single Transaction
- Price
e) Date of the transaction 7 October 2024
f) Place of the transaction Outside a trading venue
Notification of Dealing Form - Mike Scott
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Mike Scott
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 Barratt Redrow plc
b) LEI 2138006R85VEOF5YNK29
4.1 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 10 pence
Identification code
ISIN: GB0000811801
b) Nature of the transaction Grant of a Conditional Award under the Barratt Developments Long-Term
Performance Plan
c) Price(s) and volume(s) 211,714 shares awarded at no cost
d) Aggregated information
- Aggregated volume N/A - Single Transaction
- Price
e) Date of the transaction 7 October 2024
f) Place of the transaction Outside a trading venue
Notification of Dealing Form - Matthew Pratt
1 Details of the person discharging managerial responsibilities / person closely
associated
a) Name Matthew Pratt
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 Barratt Redrow plc
b) LEI 2138006R85VEOF5YNK29
4.1 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 10 pence
Identification code
ISIN: GB0000811801
b) Nature of the transaction Grant of a Conditional Award under the Barratt Developments Long-Term
Performance Plan
c) Price(s) and volume(s) 281,026 shares awarded at no cost
d) Aggregated information
- Aggregated volume N/A - Single Transaction
- Price
e) Date of the transaction 7 October 2024
f) Place of the transaction Outside a trading venue
This notification is made in accordance with the requirements of the UK Market
Abuse Regulation.
For further information, please contact:
Tina Bains, Company Secretary +44 (0) 7469 054476
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