Forterra plc Grant under Performance Share Plan (4651U)

TIDMFORT

RNS Number : 4651U

Forterra plc

29 March 2019

29 March 2019

Forterra plc

Grant under Performance Share Plan

Forterra plc (the "Company") announces that on 29 March 2019 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                               223,824 
                           ------------------------------------------------- 
 Shatish Dasani                                 139,891 
                           ------------------------------------------------- 
 Benjamin Guyatt                                 48,962 
                           ------------------------------------------------- 
 Peter Varnsverry                                40,505 
                           ------------------------------------------------- 
 George Stewart                                  37,500 
                           ------------------------------------------------- 
 Adam Smith                                      36,162 
                           ------------------------------------------------- 
 Matthew Day                                     32,143 
                           ------------------------------------------------- 
 Edward Haslam                                   30,805 
                           ------------------------------------------------- 
 Darren Rix                                      28,126 
                           ------------------------------------------------- 
 Other management                               115,173 
                           ------------------------------------------------- 
 Total                                          733,091 
                           ------------------------------------------------- 
 

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 GBP2.87 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 29 March 2022 subject to the achievement of the performance conditions and the participant being a director or employee within the Company's group at that time.

Performance Conditions

The performance conditions applying to these awards are as follows:

 
 Performance         % of award subject   Annual growth        % of PSP award 
  condition           to condition         in EPS               which will vest 
 Annual growth 
  in adjusted 
  basic earnings 
  per share (EPS) 
  over 2018 EPS 
  of 26.5p           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

 
Forterra plc:                                            [phone] 
Shatish Dasani (CFO) 
Benjamin Guyatt (Company Secretary) 
 
 
 
 
 
FTI Consulting (public relations adviser to Forterra):   [phone] 
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 news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [e-mail] or visit www.rns.com.

END

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March 29, 2019 05:11 ET (09:11 GMT)