REG - Forterra plc - Grant under Performance Share Plan

TymanAnnouncement

29/03/2019 14:51

RNS Number : 4651U
Forterra plc
29 March 2019
 


29 March 2019
Forterra plc
Grant under Performance Share Plan
Forterra plc (the "Company") announces that on 29 March 2019 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 Award is granted




Stephen Harrison


223,824




Shatish Dasani


139,891




Benjamin Guyatt


48,962




Peter Varnsverry


40,505




George Stewart


37,500




Adam Smith


36,162




Matthew Day


32,143




Edward Haslam


30,805




Darren Rix


28,126




Other management


115,173




Total


733,091



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 £2.87 being an average mid-market quotation as derived from the London Stock Exchange Daily Official List for the last 5 days of trading prior to this date.
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. The awards will normally vest on 29 March 2022 subject to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.
Performance Conditions
The performance conditions applying to these awards are as follows:



Performance condition


% of award subject to condition


Annual growth in EPS


% of PSP award which will vest




Annual growth in adjusted basic earnings per share (EPS) over 2018 EPS of 26.5p


50%


<5 % p.a.


0%




5 % p.a.


25%




11% p.a. above


100%




Company's total shareholder return (TSR) against Index TSR


50%


< Index


0%




At Index


25%




Index plus 25 percentage points


100%



 
Total Shareholder Return (TSR) performance over the next three years relative to a benchmark of peer companies (Kingspan Group plc, Howden Joinery Group plc, Breedon Group plc, Ibstock plc, Marshalls plc, Polypipe Group plc, Tyman plc, Volution Group plc, Low & Bonar plc and Eurocell plc)
Further information regarding the PSP is set out in the Annual Report and Accounts.
The above notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulations.
Enquiries



Forterra plc:


+44 (0) 1604 707 600




Shatish Dasani (CFO)


 




Benjamin Guyatt (Company Secretary)


 




 


 




 


 




 


 




 


 




 


 




FTI Consulting (public relations adviser to Forterra):


+44 (0) 20 3727 1340




Richard Mountain


 




Nick Hasell


 



 
Forterra plc
Further information relating to the Company and its group can be found at www.forterraplc.co.uk




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