REG - Forterra plc - Grant under Performance Share Plan
RNS Number : 4651UForterra plc29 March 201929 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
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.ENDDSHGCGDXIGDBGCC
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