Forterra plc Grant under Performance Share Plan (2624J)

TIDMFORT

RNS Number : 2624J

Forterra plc

28 March 2018

28 March 2018

Forterra plc

Grant under Performance Share Plan

Forterra plc (the "Company") announces that on 28 March 2018 awards over ordinary shares of GBP0.01 each in the capital of the Company were granted to certain Directors and persons discharging managerial responsibility ("PDMRs") under the Forterra plc Performance Share Plan ("PSP") as follows:

 
 Name of Director / PDMR    Number of Shares over which the Award is granted 
-------------------------  ------------------------------------------------- 
 Stephen Harrison                               209,599 
-------------------------  ------------------------------------------------- 
 Shatish Dasani                                 130,999 
-------------------------  ------------------------------------------------- 
 Benjamin Guyatt                                 45,850 
-------------------------  ------------------------------------------------- 
 Matthew Clay                                    38,880 
-------------------------  ------------------------------------------------- 
 George Stewart                                  35,117 
-------------------------  ------------------------------------------------- 
 Adam Smith                                      33,863 
-------------------------  ------------------------------------------------- 
 Edward Haslam                                   28,846 
-------------------------  ------------------------------------------------- 
 Darren Rix                                      26,338 
-------------------------  ------------------------------------------------- 
 Matthew Day                                     30,100 
-------------------------  ------------------------------------------------- 
 Other management                                79,007 
-------------------------  ------------------------------------------------- 
 Total                                          658,599 
-------------------------  ------------------------------------------------- 
 

No consideration was paid for the grant of the awards which are structured as nominal cost options at an option exercise price of GBP0.01 per Ordinary Share. The number of Ordinary Shares granted under the award has been calculated using a share price of GBP2.99 being an average mid-market quotation as derived from the London Stock Exchange Daily Official List for the last 5 days of trading prior to this date.

The vesting of an award is subject to the satisfaction of performance conditions which have been set by the Remuneration Committee of the Board of Directors of the Company. The awards will normally vest on 28 March 2021 subject to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.

The performance conditions applying to these awards are as follows

Performance Conditions

 
 Performance           % of award    Annual growth    % of PSP 
  condition             subject to    in EPS           award which 
                        condition                      will vest 
--------------------  ------------  ---------------  ------------- 
 Annual growth 
  in adjusted 
  basic earnings 
  per share 
  (EPS) over 
  2017 EPS 
  of 24.5p             50%           <5 % p.a.        0% 
--------------------  ------------  ---------------  ------------- 
                                     5 % p.a.         25% 
--------------------  ------------  ---------------  ------------- 
                                     11% p.a. 
                                      above           100% 
--------------------  ------------  ---------------  ------------- 
 Company's 
  total shareholder 
  return (TSR) 
  against Index 
  TSR                  50%           < Index          0% 
--------------------  ------------  ---------------  ------------- 
                                     At Index         25% 
--------------------  ------------  ---------------  ------------- 
                                     Index plus 
                                      25 percentage 
                                      points          100% 
--------------------  ------------  ---------------  ------------- 
 

Total Shareholder Return (TSR) performance over the next three years relative to a benchmark of peer companies (Kingspan Group plc, Howden Joinery Group plc, Breedon Group plc, Ibstock plc, Marshalls plc, Polypipe Group plc, Tyman plc, Volution Group plc, Low & Bonar plc and Eurocell plc)

Further information regarding the PSP is set out in the Annual Report and Accounts.

The above notification is intended to satisfy the Company's obligations under Article 19 of the Market Abuse Regulations.

Enquiries

 
                                      +44 (0) 1604 
Forterra plc:                          707 600 
Shatish Dasani (CFO) 
Benjamin Guyatt (Company Secretary) 
 
FTI Consulting (public relations      [phone] 
 adviser to Forterra):                 1340 
Richard Mountain 
Nick Hasell 
 

Forterra plc

Further information relating to the Company and its group can be found at www.forterraplc.co.uk

This information is provided by RNS

The company news service from the London Stock Exchange

END

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March 28, 2018 07:25 ET (11:25 GMT)