Director/PDMR Shareholding

Barratt Redrow PLC

08 October 2024

 

BARRATT REDROW PLC

(the 'Company')

Notification and public disclosure of transactions by persons discharging managerial responsibilities ('PDMRs') and persons closely associated ('PCAs') with them.

The Company announces the following share transactions undertaken by PDMRs:

Grant of Awards under the Barratt Developments Long-Term Performance Plan (the 'LTPP')

The Company announces that it has granted the following awards on 7 October 2024 to each of the Executive Directors of the Company under the LTPP:

Details of the award are set out below. 

	Role	Number of shares under award
David Thomas	Chief Executive	344,035
Steven Boyes	Chief Operating Officer & Deputy Chief Executive	277,515
Mike Scott	Chief Financial Officer	211,714
Matthew Pratt	Chief Executive	281,026

The number of shares over which the award was granted was calculated based on a share price of 500.30 pence per share, being the average of the closing prices, as derived from the London Stock Exchange daily official list, for each of the dealing days in the period of three months ending with the day before the Grant Date (excluding any dealing days that fall within any period when dealing restrictions apply).

The awards are subject to the attainment of performance targets based on TSR (30%), Adjusted EPS (15%), Underlying ROCE (40%) and reduction of Greenhouse Gas Emissions (15%), measured over a three-year performance period commencing 1 July 2024. The targets have been set for each of the financial and non-financial performance conditions for the Barratt Group on a standalone basis. These targets, together with those for all in-flight LTPP awards, may need to be adjusted to reflect the enlarged Group following completion of the combination with Redrow plc. Accordingly, the Barratt standalone targets have not been disclosed. The adjusted targets will be communicated at the appropriate time (currently anticipated to be the second quarter of 2025).

The awards are also subject to a two-year holding period commencing from 7 October 2027, being the expected vesting date of these awards. No shares will be released to the Executive Directors until such time as any tax and national insurance contributions due on release of the shares has been settled. These shares will accrue a dividend equivalent between the date of grant and the date on which the awards are released.

Following the above transactions, the Company confirms that at the date of this announcement, each of the Executive Directors, and the persons closely associated with them, hold the following number of options and awards over Ordinary Shares of 10 pence each in the Company:

Executive Director	Role	Total number of shares under option and/or award
David Thomas	Chief Executive	1,248,247
Steven Boyes	Chief Operating Officer & Deputy Chief Executive	1,010,162
Mike Scott	Chief Financial Officer	709,880
Matthew Pratt	Chief Executive Redrow	6,779

The Notification of Dealing Forms for the above transactions are set out below:

Notification of Dealing Form

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	David Thomas
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Barratt Redrow plc
b)	LEI	2138006R85VEOF5YNK29
4.1	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 10 pence ISIN: GB0000811801
b)	Nature of the transaction	Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan
c)	Price(s) and volume(s)	344,035 shares awarded at no cost
d)	Aggregated information - Aggregated volume - Price	N/A - Single Transaction
e)	Date of the transaction	7 October 2024
f)	Place of the transaction	Outside a trading venue

Notification of Dealing Form - Steven Boyes

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Steven Boyes
2	Reason for the notification
a)	Position/status	Chief Operating Officer and Deputy Chief Executive
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Barratt Redrow plc
b)	LEI	2138006R85VEOF5YNK29
4.1	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 10 pence ISIN: GB0000811801
b)	Nature of the transaction	Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan
c)	Price(s) and volume(s)	277,515 shares awarded at no cost
d)	Aggregated information - Aggregated volume - Price	N/A - Single Transaction
e)	Date of the transaction	7 October 2024
f)	Place of the transaction	Outside a trading venue

Notification of Dealing Form - Mike Scott

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Mike Scott
2	Reason for the notification
a)	Position/status	Chief Financial Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Barratt Redrow plc
b)	LEI	2138006R85VEOF5YNK29
4.1	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 10 pence ISIN: GB0000811801
b)	Nature of the transaction	Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan
c)	Price(s) and volume(s)	211,714 shares awarded at no cost
d)	Aggregated information - Aggregated volume - Price	N/A - Single Transaction
e)	Date of the transaction	7 October 2024
f)	Place of the transaction	Outside a trading venue

Notification of Dealing Form - Matthew Pratt

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Matthew Pratt
2	Reason for the notification
a)	Position/status	Chief Executive
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Barratt Redrow plc
b)	LEI	2138006R85VEOF5YNK29
4.1	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 10 pence ISIN: GB0000811801
b)	Nature of the transaction	Grant of a Conditional Award under the Barratt Developments Long-Term Performance Plan
c)	Price(s) and volume(s)	281,026 shares awarded at no cost
d)	Aggregated information - Aggregated volume - Price	N/A - Single Transaction
e)	Date of the transaction	7 October 2024
f)	Place of the transaction	Outside a trading venue

This notification is made in accordance with the requirements of the UK Market Abuse Regulation.

For further information, please contact:

Tina Bains, Company Secretary              [phone]

 

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