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:	[phone]
Ashley Thompson (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

 

END

 

 

DSHGCGDCGBBDGGI