Galliford Try PLC New Incentive Plan (1120M)
October 12 2016 - 6:00AM
UK Regulatory
TIDMGFRD
RNS Number : 1120M
Galliford Try PLC
12 October 2016
Galliford Try plc
(the "Company")
Proposed performance conditions for first awards under new Long
Term Incentive Plan (the "Plan")
The Company intends to make its first awards under a new
long-term incentive plan shortly following and contingent on
shareholder approval at the 2016 Annual General Meeting for the new
Plan.
The Company can now confirm that the performance conditions
proposed for such first awards will be structured as previous
grants and comprise measures of earnings per share ("EPS") and
total shareholder return ("TSR") in respect of a performance period
comprising three consecutive financial years of the Company
starting with the current year ending 30 June 2017.
The vesting of up to 50% of each base award will be based on EPS
performance, 15% of the base award will vest for aggregate EPS of
489 pence over the performance period, increasing to 50% of each
base award vesting for aggregate EPS of 568 pence.
7.5% of each base award will vest for the Company's TSR
performance against a Housebuilding Comparator Group ranking equal
to median performance, increasing to 25% vesting of each base award
if the Company's TSR is 24% higher than that of the median ranked
company in such comparator group.
Vesting for relative TSR performance against the Housebuilding
Comparator Group can increase to a maximum of 75% of each base
award for the Company achieving a TSR that is 75% higher than the
median ranked comparator company. Any vesting above 25% of each
base award in relation to such TSR however also requires the
maximum EPS target noted above to have been achieved.
The vesting of up to 75% of each base award will be based on the
Company's TSR performance over the performance period relative to
the TSRs over the same period of the companies within a
Construction Comparator Group. Vesting under such measure will be
calculated on the same basis as described above in relation to the
Housebuilding Comparator Group but by reference to the Construction
Comparator Group.
In aggregate 200% of each base award may vest subject to the
terms and conditions of the Plan.
Housebuilding Comparator Group:
Barratt Developments plc, Bellway plc, Bovis Homes Group plc,
Countryside plc, Crest Nicholson Holdings plc, McCarthy & Stone
plc, M J Gleeson Group plc, Persimmon plc, Redrow plc, Taylor
Wimpey plc and The Berkeley Group Holdings plc.
Construction Comparator Group:
Balfour Beatty plc, Carillion plc, Kier Group plc, Morgan
Sindall Group plc, Costain Group plc, Keller Group plc and Henry
Boot plc.
For further enquiries:
Galliford Try Kevin Corbett, Company
plc Secretary 01895 855001
Clara Melia, Investor
Relations 07748 171 236
Tulchan Communications James Macey White 0207 353 4200
Martin Pengelley
Matt Low
Galliford Try plc is a leading UK housebuilding and construction
group. It is listed on the London Stock Exchange and a member of
the FTSE 250. Housebuilding - through our Linden Homes and
Galliford Try Partnerships and Regeneration businesses - sells
distinctive homes to the public and affordable homes to housing
associations and local authority providers. The construction
business carries out building and infrastructure work across the UK
with clients ranging from major Government departments through to
regulated utilities and private sector companies. At the end of the
last financial year to 30 June 2016, the Group generated revenues
of GBP2.5 billion.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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