Director/PDMR Shareholding

RNS Number : 0898Y

Ibstock PLC

03 May 2019

 

3 May 2019      

Ibstock plc (the "Company")

Grant of Awards under the Ibstock plc Long Term Incentive Plan and the Ibstock plc Annual and Deferred Bonus Plan

Notification of Transactions by Persons Discharging Managerial Responsibility ("PDMRs")

The Company announces that it granted an award ("LTIP Award") over Ibstock plc ordinary shares of 1 penny each ("Ordinary Shares") on 3 May 2019 to a PDMR in accordance with the rules of the Ibstock plc Long Term Incentive Plan.

Name	Status	Number of Ordinary Shares under LTIP Award	Option Price
Joe Hudson	Chief Executive Officer	170,181	£Nil

No consideration was paid for the grant of the LTIP Award which is structured as a nil cost option. The number of Ordinary Shares granted under the LTIP Award has been calculated using an Ordinary Share price of 262.0 pence per share.

The normal vesting date of the LTIP Awards will be 3 May 2022, being the third anniversary of the award date.

Once vested, the LTIP Award will normally be exercisable until the day before the tenth anniversary of the award date. 

The LTIP Award will normally vest after three years based on the satisfaction of the following performance conditions:-

i.	50% on relative TSR against the FTSE 250 construction and building materials companies: Median performance (threshold); upper quartile performance (maximum); and
ii.	50% on compound annual Adjusted EPS growth: 6% p.a. compound growth (threshold); 12% p.a. compound growth (maximum).

25% of the LTIP Award will vest for threshold performance under both measures, with straight line vesting in between to full vesting for the achievement of maximum performance.

A holding period applies, which will commence on Vesting of the Award and end 2 years after Vesting.

On 3 May 2019 the Company also granted awards ("ADBP Awards") over Ordinary Shares to PDMR's in accordance with the rules of the Ibstock plc Annual and Deferred Bonus Plan ("ADBP").

Name	Status	Number of Ordinary Shares under ADBP Award	Option Price
Joe Hudson	Chief Executive Officer	28,942	£Nil
Kevin Sims	Chief Financial Officer	18,310	£Nil

These awards represent the deferral into Ordinary Shares of part of the Executive Directors' 2018 bonus entitlements under the rules of the ADBP.  

No consideration was paid for the grant of the ADBP Awards which were structured as nil cost options. The number of Ordinary Shares granted under the ADBP Awards has been calculated in accordance with the rules of the ADBP using an Ordinary Share price of 203.51pence, being the average Ordinary Share price measured over the last 30 days of the financial year to which the bonus relates ended 31 December 2018.

The ADBP Awards will normally vest on 3 May 2022, subject to the participant being an employee of the Group at that time. Once vested, the ADBP Award will normally be exercisable until the day before the tenth anniversary of the award date.

The information below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Joseph Hudson
2	Reason for the notification
a)	Position/status	Chief Executive Officer
b)	Initial notification /Amendment	Initial notification
3	Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor
a)	Name	Ibstock plc
b)	LEI	2138003QHTNX34CN9V93
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 1p each
	Identification code	GB00BYXJC278
b)	Nature of the transaction	Grant of awards under (a) the Ibstock plc Long Term Incentive Plan; and (b) the Ibstock plc Annual and Deferred Bonus Plan
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
		(a)	Nil	170,181
		(b)	Nil	28,942
d)	Aggregated information
	- Aggregated volume	199,123
	- Price	Nil
e)	Date of the transaction	2019-05-03
f)	Place of the transaction	Outside a trading venue

1	Details of the person discharging managerial responsibilities / person closely associated
a)	Name	Kevin Sims
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	Ibstock plc
b)	LEI	2138003QHTNX34CN9V93
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 1p each
	Identification code	GB00BYXJC278
b)	Nature of the transaction	Grant of awards under the Ibstock plc Annual and Deferred Bonus Plan
c)	Price(s) and volume(s)
			Price(s)	Volume(s)
			Nil	18,310
d)	Aggregated information
	- Aggregated volume	18,310
	- Price	Nil
e)	Date of the transaction	2019-05-03
f)	Place of the transaction	Outside a trading venue

 

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