Grant under Performance Share Plan

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:	[phone]
Shatish Dasani (CFO)
Benjamin Guyatt (Company Secretary)
FTI Consulting (public relations adviser to Forterra):	[phone]
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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