Director/PDMR Shareholding

RNS Number : 5388V

Howden Joinery Group PLC

07 August 2020

 

HOWDEN JOINERY GROUP PLC

(the "Company" or "Howdens")

NOTIFICATION OF TRANSACTION IN SHARES BY EXECUTIVE DIRECTORS AND

PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

Grant of conditional share awards under the Howdens Long Term Incentive Plan (LTIP)

Having deferred the grant of share awards to Executive Committee members in March 2020 as a result of the impact of the COVID-19 pandemic on the business and the considerable uncertainty that this caused around future performance, the Howdens Remuneration Committee has now decided to proceed with the grant of conditional share awards under the Howdens LTIP for 2020. The number of awards over ordinary shares granted to the Executive Directors and Persons Discharging Managerial Responsibilities ("PDMRs") on 7 August 2020 is as follows:

Name of PDMR	Shares under award
Andrew Livingston	250,431
Mark Robson	195,689
Clive Cockburn	63,185
Andrew Gault	67,594
Theresa Keating	73,471
Julian Lee	76,410
Mark Slater	83,757
Richard Sutcliffe	73,471
Andrew Witts	85,227

These awards will vest subject to performance against targets measured over a three-year period as shown below. A further two-year holding period will then apply to any shares the PDMRs are entitled to acquire on vesting.

Performance measures:

§ 67% will vest subject to relative TSR performance against a comparator group of UK listed companies of similar market capitalisation, with 15% of this portion vesting for median performance rising to 100% vesting for upper quartile or better performance.

§ 33% will vest subject to growth in PBT over three years, with 15% of this portion vesting for 5%pa growth rising to 100% vesting for 15%pa or higher growth.

The performance measures and targets are in line with those disclosed in the 2019 annual report and accounts in relation to the intended operation of the LTIP for 2020, but the weightings of the two measures have been reversed. In light of the ongoing uncertainty of the length and scale of the impact of the pandemic on the wider economy, the Remuneration Committee determined that the relative TSR measure would provide a more robust measure of management's performance, and therefore decided to increase its weighting.

The terms of the awards allow the Remuneration Committee the flexibility to review the overall outcome when the awards vest, and the Committee will do so at that time to assess whether management have benefited from an unintentional windfall gain as a result of the award size being determined with reference to an unusually low share price.

The Notification of Dealing Forms for the above grants may be found below. These notifications are provided in accordance with the requirements of the EU Market Abuse Regulation.

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andrew Livingston
2	Reason for the notification
a)	Position/status	CEO
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	250,431
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	250,431
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Robson
2	Reason for the notification
a)	Position/status	DCEO & CFO
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	195,689
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	195,689
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Clive Cockburn
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	63,185
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	63,185
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andrew Gault
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	67,594
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	67,594
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Theresa Keating
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	73,471
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	73,471
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Julian Lee
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	76,410
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	76,410
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mark Slater
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	83,757
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	83,757
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Richard Sutcliffe
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	73,471
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	73,471
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Notification of dealing form
1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Andrew Witts
2	Reason for the notification
a)	Position/status	PDMR
b)	Initial notification/ Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Howden Joinery Group plc
b)	LEI	213800KC1LJOJTY3JP45
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	Ordinary shares of 10 pence each
	Identification code	GB0005576813
b)	Nature of the transaction	Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan
c)	Price(s) and volume(s)	Price	Volume
		Nil	85,227
d)	Aggregated information - Aggregated volume - Price	Price	Aggregated Volume
		Nil	85,227
e)	Date of the transaction	2020-08-07
f)	Place of the transaction	Outside a trading venue

Enquiries

Forbes McNaughton, Company Secretary:  020 7535 1137

 

END

 

 

DSHFLFVFTFIDIII