Director/PDMR Shareholding

RNS Number : 6905W

Crest Nicholson Holdings PLC

18 April 2019

 

Crest Nicholson Holdings plc

Director/PDMR Shareholding

In accordance with the notification obligations under Article 19.3 of the Market Abuse Regulation, Crest Nicholson Holdings plc (the "Company") announces the following transactions by certain Directors of the Company and other Persons Discharging Managerial Responsibility ("PDMRs") under the Crest Nicholson Holdings plc Long-Term Incentive Plan (the "LTIP").

The following Directors and PDMRs have been granted awards over 218,524 Ordinary Shares of 5 pence each in the Company (the "LTIP Awards") on 16 April 2019:

Director/PDMR	Number of shares over which award granted
Chris Tinker*	77,919
Robin Hoyles	53,177
Kevin Maguire	41,860
David Marchant	45,568

*Denotes an Executive Director of the Company

Subject to performance conditions in respect of earnings per share ("EPS"), return on capital employed ("ROCE"), earnings before interest and taxes margin ("EBIT Margin") and certain other conditions in respect of service and conduct, the LTIP Awards will vest on 16 April 2022. The performance measures have been selected to support the financial metrics in the business strategy and the Remuneration Committee has carefully set stretching target ranges for each measure taking into account the business plans and market outlook to provide a strong link between reward and performance.

The Remuneration Committee has decided to make an adjustment to the LTIP to introduce a third performance condition relating to EBIT Margin. Improving operational efficiency is a key part of our revised strategy and the introduction of an EBIT Margin performance condition compliments the existing performance conditions in respect of earnings per share and return on capital employed.

The Performance conditions are set out below:

Performance condition	EPS	ROCE	EBIT Margin
Performance	FY21 performance	Average performance over three-year period FY19, 20 and 21	FY21 Performance
Weighting	40% of award	40% of award	20% of award
Threshold performance (25% of each element payable)	58.0 pence per share	21%	17%
Maximum performance (100% of each element payable)	70.7 pence per share	26%	20%

There will be no vesting below the threshold and awards will vest on a straight-line basis between threshold and maximum points. When awards vest, the net of tax value of the shares must be held for a further two years.

The number of shares subject to the LTIP Awards has been calculated based on the closing middle market share price on 15 April 2019 in accordance with the rules of the Plan and no payment was required for the grant of the LTIP Awards.

All awards are subject to withholding and recovery provisions.

Notification and public disclosure of transactions by persons discharging managerial responsibility and persons closely associated with them.

a)	Name	Chris Tinker
2	Reason for the notification
a)	Position/status	Interim Chief Executive Officer
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Crest Nicholson Holdings plc
b)	LEI	213800ROIFXRRRKVQD25
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 £0.05 GB00B8VZXT93
b)	Nature of the transaction	Grant of share award over Ordinary Shares under the Crest Nicholson Holdings plc Long Term Incentive Plan ("LTIP").
c)	Price(s) and volume(s)	Price(s) Volume(s) LTIP Nil 77,919
d)	Aggregated information - Aggregated volume - Price	Price(s)     GBP Nil	Volume(s) 77,919
e)	Date of the transaction	2019-04-16
f)	Place of the transaction	Outside a trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibility and persons closely associated with them.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Robin Hoyles
2	Reason for the notification
a)	Position/status	Group Land and Planning Director
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Crest Nicholson Holdings plc
b)	LEI	213800ROIFXRRRKVQD25
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 £0.05 GB00B8VZXT93
b)	Nature of the transaction	Grant of share award over Ordinary Shares under the Crest Nicholson Holdings plc Long Term Incentive Plan ("LTIP").
c)	Price(s) and volume(s)	Price(s) Volume(s) LTIP Nil 53,177
d)	Aggregated information - Aggregated volume - Price	Price(s)     GBP Nil	Volume(s) 53,177
e)	Date of the transaction	2019-04-16
f)	Place of the transaction	Outside a trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibility and persons closely associated with them.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Kevin Maguire
2	Reason for the notification
a)	Position/status	Company Secretary
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Crest Nicholson Holdings plc
b)	LEI	213800ROIFXRRRKVQD25
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 £0.05 GB00B8VZXT93
b)	Nature of the transaction	Grant of share award over Ordinary Shares under the Crest Nicholson Holdings plc Long Term Incentive Plan ("LTIP").
c)	Price(s) and volume(s)	Price(s) Volume(s) LTIP Nil 41,860
d)	Aggregated information - Aggregated volume - Price	Price(s)     GBP Nil	Volume(s) 41,860
e)	Date of the transaction	2019-04-16
f)	Place of the transaction	Outside a trading venue

Notification and public disclosure of transactions by persons discharging managerial responsibility and persons closely associated with them.

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	David Marchant
2	Reason for the notification
a)	Position/status	Director of Group Operations
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Crest Nicholson Holdings plc
b)	LEI	213800ROIFXRRRKVQD25
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 £0.05 GB00B8VZXT93
b)	Nature of the transaction	Grant of share award over Ordinary Shares under the Crest Nicholson Holdings plc Long Term Incentive Plan ("LTIP").
c)	Price(s) and volume(s)	Price(s) Volume(s) LTIP Nil 45,568
d)	Aggregated information - Aggregated volume - Price	Price(s)     GBP Nil	Volume(s) 45,568
e)	Date of the transaction	2019-04-16
f)	Place of the transaction	Outside a trading venue

For further information please contact:

Kevin Maguire

Company Secretary                                                         [phone]

18 April 2019

 

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