Director/PDMR Shareholding

RNS Number : 4109H

Balfour Beatty PLC

07 June 2017

 

Notification of transactions by Persons Discharging Management Responsibilities ("PDMRs") or Connected Persons

Balfour Beatty plc (the "Company") was informed on 7 June 2017 by the Trustee of the Balfour Beatty Employee Share Ownership Trust (the "Trust") that on 7 June 2017 each of the following PDMRs received an award over the number of Ordinary Shares of 50p each ("Ordinary Shares") in the Company as shown below pursuant to the rules of the Company's Performance Share Plan:

Directors: (Name: Number of Ordinary Shares under award)

Leo Quinn	579,080
Philip Harrison	253,347

No consideration was paid for the grant of the awards and no consideration is due on the maturity of the awards. 

The awards will normally vest on the third anniversary of grant subject to the grantee's continued service and to the extent performance conditions are achieved.

The performance condition applying to one third of each award (the "TSR Part") will measure the Company's total shareholder return performance ("TSR") over a three year period relative to the TSR performance over the same period of a comparator group of companies comprising the constituents of the FTSE 51-200 (excluding investment trusts) as at the start of the measurement period. The measurement period for the awards shall comprise three consecutive financial years of the Company, starting with the 2017 financial year.

No portion of the TSR Part will vest unless the Company's TSR performance ranks at least equal to median TSR performance of the comparator group, at which point 25% of the TSR Part will vest, rising on a straight-line basis to 100% vesting for the Company's TSR performance ranking at upper quartile or better relative to the TSR performance of the comparator group companies.

The performance condition applying to a separate one third of each award (the "Cash Part") will measure improvement in the Company's Operating Cash Flow ('OCF') from Continuing Operations over a measurement period starting with the 2017 financial year.

No portion of the Cash Part will vest unless the Company's OCF for the 2019 financial year is greater than £132m. Were OCF for 2019 to be greater than £132m but not more than £164m, 25% to 50% of the Cash Part would vest on a straight-line basis. Were OCF for 2019 to be £164m to £200m or more, between 50% of and 100% of the Cash Part would vest on a straight-line basis.

The performance condition applying to a separate one third of each award (the "EPS Part") will measure the Company's earnings per share performance over a measurement period starting with the 2017 financial year.

No portion of the EPS Part will vest unless the Company's EPS for the 2019 financial year is 19p, at which point 25% of the EPS Part will vest, rising on a straight-line basis to 100% vesting for the Company's EPS for 2019 being 29p or more.

The relevant notifications set out below are provided in accordance with the requirements of Article 19 of the EU Market Abuse Regulation.

Contact and telephone number for queries/

Duly authorised officer of issuer responsible for making notification:

Mr D R Mercer, Company Secretary, 020 7216 6800

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

a)	Name	Leo Martin Quinn
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Balfour Beatty plc
b)	LEI	CT4UIJ3TUKGYYHMENQ17
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 50p each GB0000961622
b)	Nature of the transaction	Conditional award pursuant to the rules of the Company's Performance Share Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) £Nil 579,080
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4 (d) above
e)	Date of the transaction	2017-06-07
f)	Place of the transaction	Outside a trading venue

Contact and telephone number for queries/

Duly authorised officer of issuer responsible for making notification:

Mr D R Mercer, Company Secretary, 020 7216 6800

NOTIFICATION AND PUBLIC DISCLOSURE OF TRANSACTIONS BY PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES AND PERSONS CLOSELY ASSOCIATED WITH THEM

a)	Name	Philip James Harrison
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial Notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Balfour Beatty plc
b)	LEI	CT4UIJ3TUKGYYHMENQ17
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 50p each GB0000961622
b)	Nature of the transaction	Conditional award pursuant to the rules of the Company's Performance Share Plan.
c)	Price(s) and volume(s)	Price(s) Volume(s) £Nil 253,347
d)	Aggregated information - Aggregated volume - Price	Single transaction as in 4 (d) above
e)	Date of the transaction	2017-06-07
f)	Place of the transaction	Outside a trading venue

Contact and telephone number for queries/

Duly authorised officer of issuer responsible for making notification:

Mr D R Mercer, Company Secretary, 020 7216 6800

 

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