Grant under Performance Share Plan

Forterra

20/03/2025 07:00

RNS Number : 3635B

Forterra plc

20 March 2025

 

20 March 2025

Forterra plc

Grant under Performance Share Plan

Forterra plc (the "Company") announces that on 19 March 2025 awards over ordinary shares of £0.01 each in the capital of the Company were granted to certain Directors and persons discharging managerial responsibility ("PDMRs") under the Forterra plc Performance Share Plan ("PSP") as follows:

Name of Director / PDMR
Number of Shares over which the PSP Award is granted
Neil Ash
(Chief Executive Officer)
545,873
Ben Guyatt
(Chief Financial Officer)
334,917
George Stewart
(Strategic Projects Director)
87,590
Adam Smith
(Commercial Director)
87,590
Mark Davies
(Chief Operations Officer)
115,640
Nicola Chapman
(Strategy and Marketing Director)
65,412
Sarah Renton
(Chief People Officer)
84,102
Frances Tock
(Company Secretary)
33,311
Other management
610,629
Total awards granted
1,965,064

No consideration was paid for the grant of the awards which are structured as nominal cost options at an option exercise price of £0.01 per Ordinary Share. The number of Ordinary Shares granted under the award has been calculated using a share price of £1.605 being an average mid-market quotation as derived from the London Stock Exchange Daily Official List for the last 5 days of trading.

The vesting of an award is subject to the satisfaction of performance conditions which have been set by the Remuneration Committee of the Board of Directors of the Company and are set out below:

 

Plan conditions

Performance condition
% of award subject to condition
Growth
% of PSP award which will vest
Absolute EPS (before exceptional items) reported for the year ending 31 December 2027
40%
<15p
0%
Equal to 15p
25%
23p or above
100%
Company's total TSR against TSR of index members (FTSE 250 excluding investment trusts) - measured at 31 December 2027
40%
0%
Median
25%
Upper quartile or above
100%
Reduction in Group's clay product carbon emissions intensity versus 2019 baseline measured at 31 December 2027
10%
<12%
0%
12%
25%
18% or above
100%
Reduction in Group's plastic packaging intensity versus 202024 baseline measured at 31 December 2027
10%
<15%
0%
15%
25%
26% or above
100%
Vesting is measured on a straight-line basis between the above performance points


The awards will normally vest on 19 March 2028, subject to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.

The above notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulations and Listing Rule 9.3.2R.

Enquiries

Forterra plc:
+44 (0) 1604 707 600
Frances Tock (Company Secretary)
FTI Consulting (public relations adviser to Forterra):
+44 (0) 20 3727 1340
Richard Mountain
Nick Hasell


Further information relating to the Company and its group can be found at: www.forterra.co.uk/investors

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