Cairn Homes plc Director/PDMR Shareholding (9186Z)

TIDMCRN

RNS Number : 9186Z

Cairn Homes plc

23 September 2020

Cairn Homes plc (the "Company")

Director/PDMR Shareholding

23 September 2020

Notification and public disclosure of transactions by persons discharging managerial responsibilities and persons closely associated with them in accordance with the Market Abuse Regulations.

Awards under the Cairn Homes plc Long Term Incentive Plan

On 22 September 2020, the following awards over ordinary shares of EUR0.001 cent in the Company were granted under the Cairn Homes plc Long Term Incentive Plan ("LTIP"):

 
 Name of Director/PDMR    Role                       No. of Ordinary Shares 
                                                      under Award 
                          Chief Financial Officer 
 Shane Doherty*            ("CFO")                   921,053 
                         -------------------------  ----------------------- 
 Tara Grimley             Company Secretary          141,612 
                         -------------------------  ----------------------- 
 

*The total number of shares granted to the CFO includes his joining grant, as detailed in the 2019 Annual Report, in addition to the annual grant under the LTIP.

The number of shares awarded under the LTIP is based on the closing price on Euronext Dublin on 21 September 2020, the dealing day immediately preceding the date of grant.

As detailed in the 2019 Annual Report, in light of the level of uncertainty facing the business due to the outbreak of COVID-19 and associated government restrictions, the Remuneration Committee (the "Committee") determined it was prudent to delay the setting of the 2020 LTIP targets until it had a clearer line of sight over expected performance in the period ahead.

Following a comprehensive review of the business and its prospects, overseen by the Committee, the Company announces the following metrics and targets that will apply to the 2020 LTIP awards:

 
 Metric                               Weighting    Threshold Target     Maximum Target 
                                                         (25%)               (100%) 
 EPS                                     80%             9.0C                15.0c 
                                     ----------  --------------------  ---------------- 
      Stakeholder Measures:              20%      Stakeholder measures will pay 
        *    Customer Satisfaction                 out based on customer satisfaction 
                                                   performance. In order for the 
                                                   stakeholder measure to begin 
        *    Health and Safety                     to payout, a Health & Safety 
                                                   gateway must be achieved. That 
                                                   gateway will require a sustained 
                                                   and strong level of Health & 
                                                   Safety performance over the 
                                                   performance period which will 
                                                   be assessed by the Committee 
                                     ----------  -------------------------------------- 
 

The primary measure, EPS, provides an easily understandable and transparent framework for all stakeholders and will motivate participants to deliver our strategy over the performance period. Vesting between threshold and maximum targets will be calculated on a straight-line basis. The targets for the financial measure were set after a rigorous review of internal forecasts and took into account external expectations of future performance. The stakeholder measures - which are non-financial - will draw a sharp focus on wider areas central to delivering our strategy. The Company will further develop its sustainability targets with a view to integrating these into the LTIP stakeholder metrics in future years.

In the context of the effect on markets of COVID-19, the Committee will continue to monitor the risk of 'windfall gains' and will take this into account when determining the final vesting outcome. The overall shareholder experience over the performance period will also play a role in the Committee's determination of final vesting levels.

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

[This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ========================================================================= 
 a)   Name                   Shane Doherty 
     =====================  ================================================== 
 
 2    Reason for the notification 
     ========================================================================= 
 a)   Position/status        Executive Director; Chief Financial Officer 
     =====================  ================================================== 
 b)   Initial Notification   Initial notification 
       Amendment 
     =====================  ================================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ========================================================================= 
 a)   Name                   Cairn Homes plc 
     =====================  ================================================== 
 b)   LEI                    635400DPX6WP2KKDOA83 
     =====================  ================================================== 
 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            Cairn Homes plc ordinary shares of EUR0.001 
       of the financial       each 
       instrument,            ISIN: IE00BWY4ZF18 
       type of 
       instrument 
       Identification 
       code 
     =====================  ================================================== 
 b)   Nature of              Conditional grant of awards pursuant to the 
       the transaction        rules of the Cairn Homes plc Long Term Incentive 
                              Plan, under which shares are granted in the 
                              form of a provisional allocation of shares, 
                              for which no exercise price is payable. The 
                              delivery of the shares is subject to performance 
                              conditions set out in the plan rules. 
     =====================  ================================================== 
 c)   Price(s) and             Price(s)             Volume(s) 
       volume(s)                Nil Consideration    921,053 
                                                    ========== 
     =====================  ================================================== 
 d)   Aggregated              Not applicable - single transaction 
       information 
       - Aggregated 
       volume 
       - Price 
     =====================  ================================================== 
 e)   Date of the            22 September 2020 
       transaction 
     =====================  ================================================== 
 f)   Place of the           Outside a trading venue 
       transaction 
     =====================  ================================================== 
 g)   Additional             N/A 
       Information 
     =====================  ================================================== 
 

Notification of Transactions by Persons Discharging Managerial Responsibilities and Persons Closely Associated with them

[This form is required for disclosure of transactions under Article 19 of Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014 on market abuse (Market Abuse Regulation)]

 
 1    Details of the person discharging managerial responsibilities/person 
       closely associated 
===  ========================================================================= 
 a)   Name                   Tara Grimley 
     =====================  ================================================== 
 
 2    Reason for the notification 
     ========================================================================= 
 a)   Position/status        Company Secretary / PDMR 
     =====================  ================================================== 
 b)   Initial Notification   Initial notification 
       Amendment 
     =====================  ================================================== 
 3    Details of the issuer, emission allowance market participant, 
       auction platform, auctioneer or auction monitor 
     ========================================================================= 
 a)   Name                   Cairn Homes plc 
     =====================  ================================================== 
 b)   LEI                    635400DPX6WP2KKDOA83 
     =====================  ================================================== 
 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            Cairn Homes plc ordinary shares of EUR0.001 
       of the financial       each 
       instrument,            ISIN: IE00BWY4ZF18 
       type of 
       instrument 
       Identification 
       code 
     =====================  ================================================== 

 b)   Nature of              Conditional grant of awards pursuant to the 
       the transaction        rules of the Cairn Homes plc Long Term Incentive 
                              Plan, under which shares are granted in the 
                              form of a provisional allocation of shares, 
                              for which no exercise price is payable. The 
                              delivery of the shares is subject to performance 
                              conditions set out in the plan rules. 
     =====================  ================================================== 
 c)   Price(s) and             Price(s)             Volume(s) 
       volume(s)                Nil Consideration    141,612 
                                                    ========== 
     =====================  ================================================== 
 d)   Aggregated              Not applicable - single transaction 
       information 
       - Aggregated 
       volume 
       - Price 
     =====================  ================================================== 
 e)   Date of the            22 September 2020 
       transaction 
     =====================  ================================================== 
 f)   Place of the           Outside a trading venue 
       transaction 
     =====================  ================================================== 
 g)   Additional             N/A 
       Information 
     =====================  ================================================== 
 

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September 23, 2020 11:20 ET (15:20 GMT)