Galliford Try PLC New Incentive Plan (1120M)

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RNS Number : 1120M

Galliford Try PLC

12 October 2016

Galliford Try plc

(the "Company")

Proposed performance conditions for first awards under new Long Term Incentive Plan (the "Plan")

The Company intends to make its first awards under a new long-term incentive plan shortly following and contingent on shareholder approval at the 2016 Annual General Meeting for the new Plan.

The Company can now confirm that the performance conditions proposed for such first awards will be structured as previous grants and comprise measures of earnings per share ("EPS") and total shareholder return ("TSR") in respect of a performance period comprising three consecutive financial years of the Company starting with the current year ending 30 June 2017.

The vesting of up to 50% of each base award will be based on EPS performance, 15% of the base award will vest for aggregate EPS of 489 pence over the performance period, increasing to 50% of each base award vesting for aggregate EPS of 568 pence.

7.5% of each base award will vest for the Company's TSR performance against a Housebuilding Comparator Group ranking equal to median performance, increasing to 25% vesting of each base award if the Company's TSR is 24% higher than that of the median ranked company in such comparator group.

Vesting for relative TSR performance against the Housebuilding Comparator Group can increase to a maximum of 75% of each base award for the Company achieving a TSR that is 75% higher than the median ranked comparator company. Any vesting above 25% of each base award in relation to such TSR however also requires the maximum EPS target noted above to have been achieved.

The vesting of up to 75% of each base award will be based on the Company's TSR performance over the performance period relative to the TSRs over the same period of the companies within a Construction Comparator Group. Vesting under such measure will be calculated on the same basis as described above in relation to the Housebuilding Comparator Group but by reference to the Construction Comparator Group.

In aggregate 200% of each base award may vest subject to the terms and conditions of the Plan.

Housebuilding Comparator Group:

Barratt Developments plc, Bellway plc, Bovis Homes Group plc, Countryside plc, Crest Nicholson Holdings plc, McCarthy & Stone plc, M J Gleeson Group plc, Persimmon plc, Redrow plc, Taylor Wimpey plc and The Berkeley Group Holdings plc.

Construction Comparator Group:

Balfour Beatty plc, Carillion plc, Kier Group plc, Morgan Sindall Group plc, Costain Group plc, Keller Group plc and Henry Boot plc.

For further enquiries:

 
 Galliford Try             Kevin Corbett, Company 
  plc                       Secretary                           01895 855001 
 
  Clara Melia, Investor 
   Relations                                                   07748 171 236 
 
 Tulchan Communications    James Macey White                   0207 353 4200 
  Martin Pengelley 
  Matt Low 
 

Galliford Try plc is a leading UK housebuilding and construction group. It is listed on the London Stock Exchange and a member of the FTSE 250. Housebuilding - through our Linden Homes and Galliford Try Partnerships and Regeneration businesses - sells distinctive homes to the public and affordable homes to housing associations and local authority providers. The construction business carries out building and infrastructure work across the UK with clients ranging from major Government departments through to regulated utilities and private sector companies. At the end of the last financial year to 30 June 2016, the Group generated revenues of GBP2.5 billion.

This information is provided by RNS

The company news service from the London Stock Exchange

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October 12, 2016 06:00 ET (10:00 GMT)