Director/PDMR Shareholding

RNS Number : 1729D

Galliford Try PLC

22 October 2015

 



Galliford Try plc

RIS Announcement

This notification is made in accordance with DTR 3.1.4(1)(a).

On 21 October 2015, the following awards over ordinary shares of 50p each in Galliford Try plc (the "Company") were made to Peter Truscott, a person discharging managerial responsibilities (the "PDMR"), to which Listing Rule 9.4.2.(2) applies:

1.   an award over 22,304 shares with a vesting date of the last day of the 30 day period starting on the date of publication of the Taylor Wimpey plc 2015 Report and Accounts (the "First Award"); and

2.   an award over 22,884 shares with a vesting date of 30 September 2017 the ("Second Award").

The awards were granted under the terms of a share award agreement in connection with the PDMR's recruitment as Chief Executive Officer of the Company.  The awards were made to facilitate recruitment in exceptional circumstances and to compensate the PDMR for the loss of certain share awards from his previous employment, which were forfeited as a result of him taking up employment with the Company.  The Company's Remuneration Committee believes that these awards fairly reflect the awards forfeited in terms of value and timing of vesting.

No consideration was paid for the grant of the awards which are structured as conditional share awards.

Vesting of the First Award is subject to the satisfaction of the performance conditions applying to awards granted to the executive directors of Taylor Wimpey plc (including the PDMR) in 2013 under the Taylor Wimpey plc Performance Share Plan.  To provide alignment with his senior management team, vesting of the Second Award is subject to: (i) satisfaction of the performance conditions applying to awards granted to executive directors of the Company in 2014 under the Galliford Try Plc 2006 Long Term Incentive Plan (the "LTIP"), as amended from time to time in accordance with the rules of the LTIP and those performance conditions; and (ii) the Committee determining, in its discretion, that in the Committee's opinion the underlying performance of the Company during the period over which such performance conditions are measured is satisfactory.

Vesting of the awards is ordinarily subject to the PDMR remaining employed in the Company's group on the vesting date and not being under notice of termination of employment.

The awards will be satisfied by the transfer of existing shares.

In addition, Mr Truscott has been granted an award over 26,400 shares with a vesting date of 25 September 2018 under the LTIP for the Performance Period 1 July 2015 to 30 June 2018.  Vesting dependent upon earnings per share and total shareholder return performance conditions. 

The Company was informed of the above transactions on 21 October 2015.

For and on behalf of Galliford Try plc

Name of authorised official of issuer responsible for making notification:

Tim Maw, Assistant Company Secretary

Date of notification: 22 October 2015

 

END

 

 

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