Grant under Performance Share Plan

RNS Number : 4401Z
Forterra plc
18 September 2020
 

18 September 2020

 

Forterra plc

 

Grant under Performance Share Plan

 

Forterra plc (the "Company") announces that on 17 September 2020 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 PSP Award is granted

Stephen Harrison (Chief Executive Officer) 

344,858

Ben Guyatt (Chief Financial Officer)

203,947

George Stewart (Operations Director)

57,778

Adam Smith (Commercial Director)

57,778

Shahbaz Idriss (HR Director)

55,263

Darren Rix (Strategy and Development Director)

45,395

Matt Day (IT Director)

49,524

Peter Varnsverry (Managing Director, Bison Precast)

62,408

Ashley Thompson (Company Secretary)

13,158

Other management

185,167

Total awards granted

1,075,276

 

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 190.00 pence being an average mid-market quotation as derived from the London Stock Exchange Daily Official List for the last 5 days of trading.

 

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 17 September 2023, subject to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time. Further information regarding the PSP is set out in the Annual Report and Accounts.

 

The performance conditions applying to these awards are as follows:

 

Performance condition

% of award subject to condition

The Company's TSR compared against Index TSR

% of PSP award which will vest

Company's total shareholder return (TSR) against Index TSR

100%

Less than Index TSR

0%

Equal to Index TSR

25%

Between Index TSR and Index TSR plus 25 percentage points

On a straight line basis between 25% and 100%

Equal to Index TSR plus 25 percentage points

100%

 

Due to uncertainty related to COVID-19 setting meaningful EPS targets is difficult so in this instance all awards are subject to a TSR performance condition. Further information on the index of comparable companies is disclosed in the 2019 Annual Report and Accounts.

 

In addition, the Company also announces that the PDMR's have cancelled share options as follows under the Company's all employee sharesave plan:

 

Name of Director / PDMR

Cancelled Share options under 2019 and 2017 plans

Stephen Harrison (Chief Executive Officer) 

8,108

Ben Guyatt (Chief Financial Officer)

8,108

George Stewart (Operations Director)

8,108

Adam Smith (Commercial Director)

8,108

Darren Rix (Strategy and Development Director)

8,107

Peter Varnsverry (Managing Director, Bison Precast)

8,108

Ashley Thompson (Company Secretary)

8,108

 

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

Ashley Thompson (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

 

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Companies

Forterra (FORT)
UK 100