Costain Group PLC Grant of nil cost options (3760Y)

TIDMCOST

RNS Number : 3760Y

Costain Group PLC

08 May 2019

Costain Group PLC

(the "Company")

GRANT OF NIL COST OPTIONS

Costain announces the following grant of share awards to certain Directors of the Company.

On 7 May 2019, awards were made under the Costain Group PLC 2014 Long Term Incentive Plan (the "LTIP") over ordinary shares of 50p each in the Company in the form of options with a nil exercise price (the "Awards"). No consideration was paid for the grant of the Awards.

The vesting of the Awards is subject to the satisfaction of certain performance conditions. The Annual Report 2018 included proposed performance conditions which have now been finalised by the Remuneration Committee of the Company and are unchanged as follows:

(a) an EPS target (relating to 75% of the Awards) of 128.2p (for 15% vesting) and 141.0p (for 100% vesting), with vesting on a straight-line basis between the two; and

(b) a cash conversion target (relating to 25% of the Awards) of 80% (for 15% vesting) and 100% (for 100% vesting), with vesting on a straight-line basis between the two.

The Awards will normally vest three years after grant, subject to the satisfaction of performance conditions over the three-year financial period ending 31 December 2021 but cannot be released/ exercised until the fifth anniversary of the date of grant (with no further performance conditions required after vesting). The Awards will remain exercisable from the fifth anniversary of the date of grant until the day before the tenth anniversary of the date of grant provided the individual remains an employee or officer of the Company.

Awards were made to the following Executive Directors:

 
            Name of Director    Number of Shares subject to the 
                                             Award 
 Alex Vaughan                               130,769 
                               -------------------------------- 
 Anthony Bickerstaff                        100,368 
                               -------------------------------- 
 

The Notification of Dealing Forms set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

Notification of Dealing Form

 
 1.   Details of the Person Discharging Managerial Responsibility 
       ("PDMR") / person closely associated with them ("PCA") 
 a)   Name                           ALEXANDER JOHN VAUGHAN 
     -----------------------------  ----------------------------------------------- 
 2.   Reason for the notification 
     ------------------------------------------------------------------------------ 
 a)   Position /status                 CHIEF EXECUTIVE OFFICER/ PDMR 
     -------------------------------  --------------------------------------------- 
 b)   Initial notification             INITIAL NOTIFICATION 
       / amendment 
     -------------------------------  --------------------------------------------- 
 3.   Details of the Issuer 
     ------------------------------------------------------------------------------ 
 a)   Name                             COSTAIN GROUP PLC 
     -------------------------------  --------------------------------------------- 
 b)   LEI code                         213800PKIJBZ2EDTKC88 
     -------------------------------  --------------------------------------------- 
 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                ORDINARY SHARES OF 50 PENCE EACH 
       instrument, 
       type of instrument              ISIN: GB00B64NSP76 
       Identification 
       code 
     -----------------------------  ----------------------------------------------- 
 b)   Nature of the                  GRANT OF 130,769 OPTIONS UNDER THE COMPANY'S 
       transaction                    2014 LONG TERM INCENTIVE PLAN 
     -----------------------------  ----------------------------------------------- 
 c)   Price(s) and                    Price(s)    Volume(s) 
       volume(s)                       Nil cost    130,769 
                                                  ---------- 
     -----------------------------  ----------------------------------------------- 
 d)   Aggregated information 
        *    Aggregated volume         N/A 
 
 
        *    Price 
     -----------------------------  ----------------------------------------------- 
 e)   Date of the 
       transaction                     07 MAY 2019 
     -----------------------------  ----------------------------------------------- 
 f)   Place of the 
       transaction                     OUTSIDE A TRADING VENUE 
     -----------------------------  ----------------------------------------------- 
 
 

Notification of Dealing Form

 
 1.   Details of the Person Discharging Managerial Responsibility 
       ("PDMR") / person closely associated with them ("PCA") 
 a)   Name                           ANTHONY OLIVER BICKERSTAFF 
     -----------------------------  ----------------------------------------------- 
 2.   Reason for the notification 
     ------------------------------------------------------------------------------ 
 a)   Position /status                 GROUP FINANCE DIRECTOR/ PDMR 
     -------------------------------  --------------------------------------------- 
 b)   Initial notification             INITIAL NOTIFICATION 
       / amendment 
     -------------------------------  --------------------------------------------- 
 3.   Details of the Issuer 
     ------------------------------------------------------------------------------ 
 a)   Name                             COSTAIN GROUP PLC 
     -------------------------------  --------------------------------------------- 
 b)   LEI code                         213800PKIJBZ2EDTKC88 
     -------------------------------  --------------------------------------------- 
 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                ORDINARY SHARES OF 50 PENCE EACH 
       instrument, 
       type of instrument              ISIN: GB00B64NSP76 
       Identification 
       code 
     -----------------------------  ----------------------------------------------- 
 b)   Nature of the                  GRANT OF 100,368 OPTIONS UNDER THE COMPANY'S 
       transaction                    2014 LONG TERM INCENTIVE PLAN 
     -----------------------------  ----------------------------------------------- 
 c)   Price(s) and                    Price(s)    Volume(s) 
       volume(s)                       Nil cost    100,368 
                                                  ---------- 
     -----------------------------  ----------------------------------------------- 
 d)   Aggregated information 
        *    Aggregated volume         N/A 
 
 
        *    Price 
     -----------------------------  ----------------------------------------------- 
 e)   Date of the 
       transaction                     07 MAY 2019 
     -----------------------------  ----------------------------------------------- 
 f)   Place of the 
       transaction                     OUTSIDE A TRADING VENUE 
     -----------------------------  ----------------------------------------------- 
 
 

08 MAY 2019

Enquiries:

Costain Group PLC Tel: [phone]

Tracey Wood

Company Secretary

 
 Instinctif Partners                             Tel: [phone] 
 Mark Garraway 
  James Gray 
 

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May 08, 2019 05:31 ET (09:31 GMT)