Long Term Incentive Plan Award

RNS Number : 0909H

Costain Group PLC

01 December 2020

 

 

Costain Group PLC

(the "Company")

 

LONG TERM INCENTIVE PLAN AWARD

As announced on 20 November 2020, Helen Willis joined the Board of Costain Group PLC as chief financial officer with effect from 30 November 2020.

The Company announces the following grant of a share award to Helen Willis which is in accordance with the Company's published executive remuneration policy.

On 30 November 2020, an award was made to Helen Willis over 258,705 ordinary shares under the Costain Group PLC 2014 Long Term Incentive Plan (the "LTIP") in the form of an option with a nil exercise price (the "Award"). No consideration was paid for the grant of the Award. 

The vesting of the Award is subject to the satisfaction of performance conditions assessed over the three financial years ending 31 December 2022. The performance conditions are exactly the same as those applicable to the LTIP Awards made to the chief executive officer, Alex Vaughan, and other senior executives on 7 October and are based on EPS as regards two thirds of each award and cash conversion as regards one third of each award. The EPS targets and cash conversion targets are stated below.

As for Alex Vaughan, the Remuneration Committee has taken into account market conditions and reduced the quantum of Helen Willis' award from 100% of salary to 55% of salary. The Committee has also prorated the Award for the period of employment during the performance period.

Vesting	EPS (aggregate EPS over the three year performance period)	Cash conversion (average cash conversion over the performance period)
Below threshold: 0%	Below 22.6 pence	Below 80%
Threshold: 15%	22.6 pence	80%
Between threshold and maximum: 15% - 100% pro rata on a straight-line basis	Between 22.6 pence and 26.7 pence	Between 80% and 100%
Maximum: 100%	26.7 pence	100%

The extent to which the Award granted to Helen Willis vests will normally be determined following the end of the three financial year performance period ending 31 December 2022, but the Award will not normally be released (so that it can be exercised) until the end of a further two year period (with no further performance conditions required after vesting).

The Remuneration Committee may reduce the extent to which the Award vests if the Committee considers that any of the value at vesting represents a "windfall gain", taking into account such factors as the Committee determines.

The Notification of Dealing Form set out below is provided in accordance with the requirements of the EU Market Abuse Regulation.

Notification of Dealing Form

1.	Details of the Person Discharging Managerial Responsibility ("PDMR") / person closely associated with them ("PCA")
a)	Name	HELEN MARGARET WILLIS
2.	Reason for the notification
a)	Position /status		CHIEF FINANCIAL OFFICER/ PDMR
b)	Initial notification / amendment		INITIAL NOTIFICATION
3.	Details of the Issuer
a)	Name		COSTAIN GROUP PLC
b)	LEI code		213800PKIJBZ2EDTKC88
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 50 PENCE EACH ISIN:  GB00B64NSP76
b)	Nature of the transaction	GRANT OF 258,705 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil cost 258,705
d)	Aggregated information -  Aggregated volume -  Price	N/A
e)	Date of the transaction	30 NOVEMBER 2020
f)	Place of the transaction	OUTSIDE A TRADING VENUE

1 DECEMBER 2020

Enquiries:
Costain Group PLC	Tel:  [phone]
Sharon Harris, Company Secretary
MHP Communications Tim Rowntree, Peter Hewer	Tel:  [phone] [e-mail]

 

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