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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
  -5.40 -3.41% 152.90 152.50 152.80 157.80 152.50 157.00 2,996,695 16:35:09
Industry Sector Turnover (m) Profit (m) EPS - Basic PE Ratio Market Cap (m)
Construction & Materials 409.3 82.0 16.2 9.4 626

Ibstock PLC Director/PDMR Shareholding

15/04/2020 5:49pm

UK Regulatory (RNS & others)


Ibstock (LSE:IBST)
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From Mar 2020 to Sep 2020

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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.

 
 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

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April 15, 2020 12:49 ET (16:49 GMT)

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