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| Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
|---|---|---|---|---|---|
| Ibstock Plc | LSE:IBST | London | Ordinary Share | GB00BYXJC278 | ORD 1P |
| Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
|---|---|---|---|---|---|---|---|---|---|---|
| -2.80 | -1.87% | 147.00 | 147.60 | 148.20 | 150.20 | 146.00 | 148.00 | 1,029,623 | 16:35:26 |
| Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
|---|---|---|---|---|---|
| Concrete Block And Brick | 405.84M | 21.06M | 0.0537 | 27.52 | 579.47M |
From Apr 2019 to Apr 2024
TIDMIBST
RNS Number : 7996J
Ibstock PLC
15 April 2020
15 April 2020
Ibstock plc (the "Company")
Grant of Awards under the Ibstock plc Long Term Incentive Plan and the Ibstock plc Annual and Deferred Bonus Plan
Notification of Transactions by Persons Discharging Managerial Responsibility ("PDMRs")
The Company announces that it granted an award ("LTIP Award") over Ibstock plc ordinary shares of 1 penny each ("Ordinary Shares") on 14 April 2020 to PDMRs in accordance with the rules of the Ibstock plc Long Term Incentive Plan.
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Name Status Number of Ordinary Option
Shares under LTIP Award Price
Joseph Hudson Chief Executive 357,167 GBPNil
Officer
------------------------- ------------------------- -------
Christopher Chief Financial 240,314 GBPNil
McLeish Officer
------------------------- ------------------------- -------
Kate Tinsley Managing Director 193,062 GBPNil
- Ibstock Clay division
------------------------- ------------------------- -------
No consideration was paid for the grant of the LTIP Awards which are structured as nil cost options. The number of Ordinary Shares granted under each LTIP Award has been calculated using an Ordinary Share price of 191 pence per share (the closing share price on 9 April 2020).
The Remuneration Committee (the "Committee") recognises that LTIP Awards have been made during a period of market uncertainty due to COVID-19, and lik e many other companies we have seen a recent fall in our share price due to these external factors. However, the Committee believes that this is not specific to the Company and has determined that the price used to calculate the number of shares awarded is appropriate and consistent with the Company's historic practice.
The Committee intends to review the appropriateness of this approach taken in the context of further developments during the relevant performance period, to avoid any unacceptable 'windfall' gains. In line with the Remuneration Policy, on vesting the Committee will review this as part of its general consideration of the appropriateness of the formulaic assessment of the performance conditions.
The normal vesting date of the LTIP Awards will be 14 April 2023, being the third anniversary of the award date.
Once vested, the LTIP Award will normally be exercisable until the day before the tenth anniversary of the award date. A 2-year holding period will apply to these awards.
The LTIP Awards will normally vest after 3 years based on the satisfaction of the following performance conditions: -
i. 33.3% on relative TSR against the FTSE 250 construction
and building materials companies: Median performance (threshold);
upper quartile performance (maximum);
ii. 33.3% on compound annual EPS growth: 3% p.a. compound
growth (threshold); 10% p.a. compound growth (maximum)
and
iii. 33.3% on average annual Return On Capital Employed ("ROCE"):
18.76% p.a. (threshold); 20.77% p.a. (maximum).
25% of the LTIP Award will vest for threshold performance under all measures, with straight line vesting in between to full vesting for the achievement of maximum performance.
On 14 April 2020 the Company also granted awards ("ADBP Awards") over Ordinary Shares in accordance with the rules of the Ibstock plc Annual and Deferred Bonus Plan ("ADBP").
Name Status Number of Ordinary Option
Shares under ADBP Award Price
Joseph Hudson Chief Executive 21,571 GBPNil
Officer
------------------ ------------------------- -------
Christopher Chief Financial 5,829 GBPNil
McLeish Officer
------------------ ------------------------- -------
Kate Tinsley Managing Director 12,100 GBPNil
- Ibstock Clay
division
------------------ ------------------------- -------
These awards represent the deferral into Ordinary Shares of part of the Executive Directors' 2019 bonus entitlements under the rules of the ADBP.
No consideration was paid for the grant of the ADBP Awards which are structured as nil cost options. The number of Ordinary Shares granted under each ADBP Award has been calculated in accordance with the rules of the ADBP using an Ordinary Share price of 276.16 pence being the average Ordinary Share price measured over the last 30 days of the financial year to which the bonus relates ending 31 December 2019.
The ADBP Awards will normally vest on 14 April 2023, subject to the participant being an employee of the Group at that time. Once vested, the ADBP Award will normally be exercisable until the day before the tenth anniversary of the award date.
The information below is provided in accordance with the requirements of Article 19(3) of the EU Market Abuse Regulation No 596/2014.
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Joseph Hudson
---------------------------------- ----------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status Chief Executive Officer
---------------------------------- ----------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------------- ----------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
----------------------------------------------------------------------------------
a) Name Ibstock plc
---------------------------------- ----------------------------------------------
b) LEI 2138003QHTNX34CN9V93
---------------------------------- ----------------------------------------------
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 Ordinary shares of 1p each
financial instrument,
type of instrument
Identification code GB00BYXJC278
b) Nature of the transaction Grant of awards under the (a) Ibstock
plc Long Term Incentive Plan and (b)
the Ibstock plc Annual and Deferred
Bonus Plan
---------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
---------------- ---------------
Price(s) Volume(s)
---------------- ---------------
(a) Nil 357,167
-------------------------------------------------------- ---------------
(b) Nil 21,571
-------------------------------------------------------- ---------------
d) Aggregated information
- Aggregated volume 378,738
- Price Nil
e) Date of the transaction 2020-04-14
---------------------------------- ----------------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------- ----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Christopher McLeish
---------------------------------- ----------------------------------------------
2 Reason for the notification
----------------------------------------------------------------------------------
a) Position/status 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 Ibstock plc
---------------------------------- ----------------------------------------------
b) LEI 2138003QHTNX34CN9V93
---------------------------------- ----------------------------------------------
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 Ordinary shares of 1p each
financial instrument,
type of instrument
Identification code GB00BYXJC278
b) Nature of the transaction Grant of awards under the (a) Ibstock
plc Long Term Incentive Plan and (b)
the Ibstock plc Annual and Deferred
Bonus Plan
---------------------------------- ----------------------------------------------
c) Price(s) and volume(s)
---------------- ---------------
Price(s) Volume(s)
---------------- ---------------
(a) Nil 240,314
-------------------------------------------------------- ---------------
(b) Nil 5,829
-------------------------------------------------------- ---------------
d) Aggregated information
- Aggregated volume 246,143
- Price Nil
e) Date of the transaction 2020-04-14
---------------------------------- ----------------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------- ----------------------------------------------
1 Details of the person discharging managerial responsibilities
/ person closely associated
a) Name Kate Tinsley
---------------------------------- --------------------------------------------------
2 Reason for the notification
--------------------------------------------------------------------------------------
a) Position/status Managing Director - Ibstock Clay division
---------------------------------- --------------------------------------------------
b) Initial notification Initial notification
/Amendment
---------------------------------- --------------------------------------------------
3 Details of the issuer, emission allowance market participant,
auction platform, auctioneer or auction monitor
--------------------------------------------------------------------------------------
a) Name Ibstock plc
---------------------------------- --------------------------------------------------
b) LEI 2138003QHTNX34CN9V93
---------------------------------- --------------------------------------------------
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 Ordinary shares of 1p each
financial instrument,
type of instrument
Identification code GB00BYXJC278
b) Nature of the transaction Grant of awards under the (a) Ibstock
plc Long Term Incentive Plan and (b)
the Ibstock plc Annual and Deferred
Bonus Plan
---------------------------------- --------------------------------------------------
c) Price(s) and volume(s)
----------------- -----------------
Price(s) Volume(s)
----------------- -----------------
(a) Nil 193,062
--------------------------------------------------------- -----------------
(b) Nil 12,100
--------------------------------------------------------- -----------------
d) Aggregated information
- Aggregated volume 205,162
- Price Nil
e) Date of the transaction 2020-04-14
---------------------------------- --------------------------------------------------
f) Place of the transaction Outside a trading venue
---------------------------------- --------------------------------------------------
Nick Giles
Group Company Secretary
07796 132222
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 rns@lseg.com or visit www.rns.com.
END
DSHDZGMDVKNGGZM
(END) Dow Jones Newswires
April 15, 2020 12:49 ET (16:49 GMT)
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