REG - Costain Group PLC - Grant of nil cost options

CostainAnnouncement

08/05/2019 10:35

RNS Number : 3760Y
Costain Group PLC
08 May 2019
 


Costain Group PLC
(the "Company")
 
GRANT OF NIL COST OPTIONS
Costain announces the following grant of share awards to certain Directors of the Company.
 
On 7 May 2019, awards were made under the Costain Group PLC 2014 Long Term Incentive Plan (the "LTIP") over ordinary shares of 50p each in the Company in the form of options with a nil exercise price (the "Awards").  No consideration was paid for the grant of the Awards. 
 
The vesting of the Awards is subject to the satisfaction of certain performance conditions. The Annual Report 2018 included proposed performance conditions which have now been finalised by the Remuneration Committee of the Company and are unchanged as follows:
 
(a)      an EPS target (relating to 75% of the Awards) of 128.2p (for 15% vesting) and 141.0p (for 100% vesting), with vesting on a straight-line basis between the two; and
(b)      a cash conversion target (relating to 25% of the Awards) of 80% (for 15% vesting) and 100% (for 100% vesting), with vesting on a straight-line basis between the two.
 
The Awards will normally vest three years after grant, subject to the satisfaction of performance conditions over the three-year financial period ending 31 December 2021 but cannot be released/ exercised until the fifth anniversary of the date of grant (with no further performance conditions required after vesting). The Awards will remain exercisable from the fifth anniversary of the date of grant until the day before the tenth anniversary of the date of grant provided the individual remains an employee or officer of the Company.
 
Awards were made to the following Executive Directors:
 




            Name of Director


Number of Shares subject to the Award




Alex Vaughan


130,769




Anthony Bickerstaff


100,368




 
 
The Notification of Dealing Forms set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.
 
 
 
Notification of Dealing Form
 




1.


Details of the Person Discharging Managerial Responsibility ("PDMR") / person closely associated with them ("PCA")




a)


Name


ALEXANDER JOHN VAUGHAN




2.


Reason for the notification




a)


Position /status


CHIEF EXECUTIVE OFFICER/ PDMR




b)


Initial notification / amendment


INITIAL NOTIFICATION




3.


Details of the Issuer




a)


Name


COSTAIN GROUP PLC




b)


LEI code


213800PKIJBZ2EDTKC88




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 50 PENCE EACH
 
ISIN:  GB00B64NSP76




b)


Nature of the transaction


GRANT OF 130,769 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN




c)


Price(s) and volume(s)






Price(s)


Volume(s)




Nil cost


130,769




 
 
 




d)


Aggregated information
-  Aggregated volume
-  Price


 
N/A




e)


Date of the transaction


 
07 MAY 2019




f)


Place of the transaction


 
OUTSIDE A TRADING VENUE



 
 
 
 



 
 
 
Notification of Dealing Form
 




1.


Details of the Person Discharging Managerial Responsibility ("PDMR") / person closely associated with them ("PCA")




a)


Name


ANTHONY OLIVER BICKERSTAFF




2.


Reason for the notification




a)


Position /status


GROUP FINANCE DIRECTOR/ PDMR




b)


Initial notification / amendment


INITIAL NOTIFICATION




3.


Details of the Issuer




a)


Name


COSTAIN GROUP PLC




b)


LEI code


213800PKIJBZ2EDTKC88




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 50 PENCE EACH
 
ISIN:  GB00B64NSP76




b)


Nature of the transaction


GRANT OF 100,368 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN




c)


Price(s) and volume(s)






Price(s)


Volume(s)




Nil cost


100,368




 
 
 




d)


Aggregated information
-  Aggregated volume
-  Price


 
N/A




e)


Date of the transaction


 
07 MAY 2019




f)


Place of the transaction


 
OUTSIDE A TRADING VENUE



 
 
 
 



 
 
 
08 MAY 2019
 
Enquiries:
Costain Group PLC                                                                                      Tel: 01628 842444

Tracey Wood
Company Secretary
 




Instinctif Partners


                             Tel: 020 7457 2020




Mark Garraway
James Gray


 




 
 




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