REG - Howden Joinery Grp - Director/PDMR Shareholding

Howden JoineryAnnouncement

07/08/2020 14:00

RNS Number : 5388V
  
Howden Joinery Group PLC
  
07 August 2020
  
 

HOWDEN JOINERY GROUP PLC
(the "Company" or "Howdens")
 
NOTIFICATION OF TRANSACTION IN SHARES BY EXECUTIVE DIRECTORS AND 
PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES
 
 
Grant of conditional share awards under the Howdens Long Term Incentive Plan (LTIP)
 
Having deferred the grant of share awards to Executive Committee members in March 2020 as a result of the impact of the COVID-19 pandemic on the business and the considerable uncertainty that this caused around future performance, the Howdens Remuneration Committee has now decided to proceed with the grant of conditional share awards under the Howdens LTIP for 2020. The number of awards over ordinary shares granted to the Executive Directors and Persons Discharging Managerial Responsibilities ("PDMRs") on 7 August 2020 is as follows:
 



Name of PDMR


Shares under award




Andrew Livingston


250,431




Mark Robson


195,689




Clive Cockburn


63,185




Andrew Gault


67,594




Theresa Keating


73,471




Julian Lee


76,410




Mark Slater


83,757




Richard Sutcliffe


73,471




Andrew Witts


85,227



 
These awards will vest subject to performance against targets measured over a three-year period as shown below. A further two-year holding period will then apply to any shares the PDMRs are entitled to acquire on vesting.
 
Performance measures:
 
§ 67% will vest subject to relative TSR performance against a comparator group of UK listed companies of similar market capitalisation, with 15% of this portion vesting for median performance rising to 100% vesting for upper quartile or better performance.
 
§ 33% will vest subject to growth in PBT over three years, with 15% of this portion vesting for 5%pa growth rising to 100% vesting for 15%pa or higher growth.
 
The performance measures and targets are in line with those disclosed in the 2019 annual report and accounts in relation to the intended operation of the LTIP for 2020, but the weightings of the two measures have been reversed. In light of the ongoing uncertainty of the length and scale of the impact of the pandemic on the wider economy, the Remuneration Committee determined that the relative TSR measure would provide a more robust measure of management's performance, and therefore decided to increase its weighting.
 
The terms of the awards allow the Remuneration Committee the flexibility to review the overall outcome when the awards vest, and the Committee will do so at that time to assess whether management have benefited from an unintentional windfall gain as a result of the award size being determined with reference to an unusually low share price.
 
 
The Notification of Dealing Forms for the above grants may be found below. These notifications are provided in accordance with the requirements of the EU Market Abuse Regulation.



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Andrew Livingston




2


Reason for the notification




a)


Position/status


CEO




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


250,431




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


250,431




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Mark Robson




2


Reason for the notification




a)


Position/status


DCEO & CFO




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


195,689




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


195,689




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Clive Cockburn




2


Reason for the notification




a)


Position/status


PDMR 




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


63,185




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


63,185




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Andrew Gault




2


Reason for the notification




a)


Position/status


PDMR




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


67,594




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


67,594




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Theresa Keating




2


Reason for the notification




a)


Position/status


PDMR




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


73,471




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


73,471




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Julian Lee




2


Reason for the notification




a)


Position/status


PDMR 




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


76,410




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


76,410




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Mark Slater




2


Reason for the notification




a)


Position/status


PDMR 




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


83,757




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


83,757




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Richard Sutcliffe




2


Reason for the notification




a)


Position/status


PDMR 




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


73,471




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


73,471




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 



Notification of dealing form




1


Details of the person discharging managerial responsibilities / person closely associated




a)


Name


Andrew Witts




2


Reason for the notification




a)


Position/status


PDMR 




b)


Initial notification/ Amendment


Initial notification




3


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




a)


Name


Howden Joinery Group plc




b)


LEI


213800KC1LJOJTY3JP45




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 10 pence each
 




Identification code


GB0005576813




b)


Nature of the transaction


Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan




c)


Price(s) and volume(s)


Price


Volume




Nil


85,227




d)


Aggregated information

- Aggregated volume

- Price


Price


Aggregated Volume




Nil


85,227




e)


Date of the transaction


2020-08-07




f)


Place of the transaction


Outside a trading venue



 
 
Enquiries
Forbes McNaughton, Company Secretary:                           020 7535 1137
 


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