Morgan Sindall Group PLC Director/PDMR Shareholding (7428Y)
March 07 2017 - 5:39AM
UK Regulatory
TIDMMGNS
RNS Number : 7428Y
Morgan Sindall Group PLC
07 March 2017
MORGAN SINDALL GROUP plc
(the "Company")
Notification of Transactions by Directors
The Morgan Sindall 2014 Long Term Incentive Plan (the Plan)
Grant of conditional share awards
On 6 March 2017, certain directors of the Company were granted
conditional share awards over ordinary shares of 5p each in the
capital of the Company ("shares") under the Morgan Sindall 2014
Long Term Incentive Plan ("the Plan").
Details of the directors and the number of shares under
conditional share awards granted to them under the Plan are set out
below:
Director Number of conditional
shares awarded
---------------- ----------------------
John Morgan 72,636
---------------- ----------------------
Steve Crummett 57,918
---------------- ----------------------
Conditional share awards will normally vest on 6 March 2020
being the third anniversary of the date of grant, subject to
continued employment with the Company and satisfaction of the
following performance conditions, which are measured over a period
of three financial years ending on 31 December 2019:
-- the number of shares under award representing 100% of the
relevant director's salary will be based on a performance condition
measuring the Company's earnings per share (EPS). EPS will be
expressed in cumulative pence terms and will be equivalent to a
growth rate of 6-13% per year over the three-year period; and
-- the number of shares under award representing 50% of the
relevant director's salary will be based on a performance condition
measuring the Company's total shareholder return ("TSR") compared
with seven of its UK listed peers. TSR will be expressed as an
outperformance of median TSR with full vesting for the TSR
component requiring 10% per year outperformance of the comparator
median.
Depending on whether or not the performance conditions are met
the directors will receive between 0% and 100% of the award.
Details of the performance conditions will be set out in the
Directors' Remuneration Report in the Company's 2016 Annual Report
(which will be published on or about 27 March 2017).
These awards will be subject to a two year holding period on
vesting. The base price for calculating the number of conditional
shares award was GBP10.13, the average closing share price between
27 February 2017 and 3 March 2017.
No consideration was paid for the grant of the awards.
Following the grant of the conditional share awards under the
Plan these directors maintain the following beneficial interests in
the issued share capital of the Company:
Director Beneficial % of the Total number Total number
interest issued of shares of conditional
in the share over which share awards
shares capital options are held
of the of the held
Company Company
---------------- ----------- --------- ------------- ----------------
John Morgan 4,504,352 10.07 106,364 320,630
---------------- ----------- --------- ------------- ----------------
Steve Crummett 14,615 0.03 Nil 248,877
---------------- ----------- --------- ------------- ----------------
This notification relates to transactions notified in accordance
with both Disclosure Rule 3.1.4R (1) (a) and Disclosure Rule 3.1.4R
(1) (c).
Contact:
Clare Sheridan Tel: 020 7307 9200
Company Secretary
7 March 2017
This information is provided by RNS
The company news service from the London Stock Exchange
END
DSHLLFVIVTIDIID
(END) Dow Jones Newswires
March 07, 2017 05:39 ET (10:39 GMT)
Morgan Sindall (LSE:MGNS)
Historical Stock Chart
From Jun 2024 to Jul 2024
Morgan Sindall (LSE:MGNS)
Historical Stock Chart
From Jul 2023 to Jul 2024