Payment of bonus and grant of bonus share awards

RNS Number : 1636B

Severfield PLC

06 October 2020

 

6 October 2020

Severfield plc

('the Company' or 'the Group')

Payment of bonus and grant of deferred bonus share awards

The Company announces that the Board has now approved payment of the deferred executive bonus payments ("the bonus payments") for the financial year ended 31 March 2020 ("FY20") disclosed at page 135 of the Annual Report for FY20 ("AR20").

As reported in AR20, on page 121, due to uncertainty as to the impact of COVID-19, the Board, in June 2020, deferred consideration of the affordability of bonuses for FY 20 until October 2020. Updates as to the impact of COVID-19 were issued via RNS on 29^th July 2020 and on 3^rd September 2020 confirming that, amongst other things, as a result of the Group's strong financial position, the Board was recommending a final dividend of 1.8p for FY20 (which has now been paid) and would not be claiming for support under any employee-related government support packages including the Coronavirus Job Retention Scheme. Taking into consideration these factors, the bonus payments will now be paid.

As a result of the payment of bonuses, 50% of which is payable in shares under the Group's Deferred Share Bonus Plan ("DSBP"), awards over shares were granted as set out below, [calculated using the share price half way between close of business on 2^nd October 2020 and 5^th October 2020 of £0.563:

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Alan Dunsmore
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	Severfield plc
b)	LEI	21380025AWPR781CY104
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 Identification code	Ordinary shares of 2.5p GB00B27YGJ97
b)	Nature of the transaction	Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award
c)	Price(s) and volume(s)	Price(s) Volume(s)  Nil 194,314
d)	Aggregated information - Aggregated volume - Price	Not applicable-single transaction
e)	Date of the transaction	2020-10-05
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Ian Cochrane
2	Reason for the notification
a)	Position/status	COO
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Severfield plc
b)	LEI	21380025AWPR781CY104
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 Identification code	Ordinary shares of 2.5p GB00B27YGJ97
b)	Nature of the transaction	Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award .
c)	Price(s) and volume(s)	Price(s) Volume(s)  Nil 173,161
d)	Aggregated information - Aggregated volume - Price	Not applicable-single transaction
e)	Date of the transaction	2020-10-05
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Adam Semple
2	Reason for the notification
a)	Position/status	Finance Director
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Severfield plc
b)	LEI	21380025AWPR781CY104
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 Identification code	Ordinary shares of 2.5p GB00B27YGJ97
b)	Nature of the transaction	Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award
c)	Price(s) and volume(s)	Price(s) Volume(s)  Nil 127,410
d)	Aggregated information - Aggregated volume - Price	Not applicable-single transaction
e)	Date of the transaction	2020-10-05
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities/person closely associated
a)	Name	Derek Randall
2	Reason for the notification
a)	Position/status	Executive Director
b)	Initial notification/Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Severfield plc
b)	LEI	21380025AWPR781CY104
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 Identification code	Ordinary shares of 2.5p GB00B27YGJ97
b)	Nature of the transaction	Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option exercisable normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award .
c)	Price(s) and volume(s)	Price(s) Volume(s)  Nil 164,474
d)	Aggregated information - Aggregated volume - Price	Not applicable-single transaction
e)	Date of the transaction	2020-10-05
f)	Place of the transaction	Outside a trading venue

For further information, please contact:

Severfield                                    Alan Dunsmore                                      01845 577 896

Chief Executive Officer

Adam Semple                                        01845 577 896

Group Finance Director

Mark Sanderson  01845 577 896

Company Secretary

Jefferies International                 Simon Hardy                                          020 7029 8000

Will Soutar                                             020 7029 8000

Camarco                                     Ginny Pulbrook                                       020 3757 4980

Tom Huddart                                          020 3757 4980

 

Notes to editors:

Severfield is the UK's market leader in the design, fabrication and construction of structural steel, with a total capacity of c.150,000 tonnes of steel per annum. The Group has five sites, c.1,400 employees and expertise in large, complex projects across a broad range of sectors. The Group also has an established presence in the expanding Indian market through its joint venture partnership with JSW Steel (India's largest steel producer).

 

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