Grant of nil cost options

RNS Number : 3760Y

Costain Group PLC

08 May 2019

 

Costain Group PLC

(the "Company")

 

GRANT OF NIL COST OPTIONS

Costain announces the following grant of share awards to certain Directors of the Company.

On 7 May 2019, awards were made under the Costain Group PLC 2014 Long Term Incentive Plan (the "LTIP") over ordinary shares of 50p each in the Company in the form of options with a nil exercise price (the "Awards").  No consideration was paid for the grant of the Awards. 

The vesting of the Awards is subject to the satisfaction of certain performance conditions. The Annual Report 2018 included proposed performance conditions which have now been finalised by the Remuneration Committee of the Company and are unchanged as follows:

(a)      an EPS target (relating to 75% of the Awards) of 128.2p (for 15% vesting) and 141.0p (for 100% vesting), with vesting on a straight-line basis between the two; and

(b)      a cash conversion target (relating to 25% of the Awards) of 80% (for 15% vesting) and 100% (for 100% vesting), with vesting on a straight-line basis between the two.

The Awards will normally vest three years after grant, subject to the satisfaction of performance conditions over the three-year financial period ending 31 December 2021 but cannot be released/ exercised until the fifth anniversary of the date of grant (with no further performance conditions required after vesting). The Awards will remain exercisable from the fifth anniversary of the date of grant until the day before the tenth anniversary of the date of grant provided the individual remains an employee or officer of the Company.

Awards were made to the following Executive Directors:

Name of Director	Number of Shares subject to the Award
Alex Vaughan	130,769
Anthony Bickerstaff	100,368

The Notification of Dealing Forms set out below are provided in accordance with the requirements of the EU Market Abuse Regulation.

 

Notification of Dealing Form

1.	Details of the Person Discharging Managerial Responsibility ("PDMR") / person closely associated with them ("PCA")
a)	Name	ALEXANDER JOHN VAUGHAN
2.	Reason for the notification
a)	Position /status		CHIEF EXECUTIVE OFFICER/ PDMR
b)	Initial notification / amendment		INITIAL NOTIFICATION
3.	Details of the Issuer
a)	Name		COSTAIN GROUP PLC
b)	LEI code		213800PKIJBZ2EDTKC88
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 financial instrument, type of instrument Identification code	ORDINARY SHARES OF 50 PENCE EACH ISIN:  GB00B64NSP76
b)	Nature of the transaction	GRANT OF 130,769 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil cost 130,769
d)	Aggregated information -  Aggregated volume -  Price	N/A
e)	Date of the transaction	07 MAY 2019
f)	Place of the transaction	OUTSIDE A TRADING VENUE

 

Notification of Dealing Form

1.	Details of the Person Discharging Managerial Responsibility ("PDMR") / person closely associated with them ("PCA")
a)	Name	ANTHONY OLIVER BICKERSTAFF
2.	Reason for the notification
a)	Position /status		GROUP FINANCE DIRECTOR/ PDMR
b)	Initial notification / amendment		INITIAL NOTIFICATION
3.	Details of the Issuer
a)	Name		COSTAIN GROUP PLC
b)	LEI code		213800PKIJBZ2EDTKC88
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 financial instrument, type of instrument Identification code	ORDINARY SHARES OF 50 PENCE EACH ISIN:  GB00B64NSP76
b)	Nature of the transaction	GRANT OF 100,368 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN
c)	Price(s) and volume(s)	Price(s) Volume(s) Nil cost 100,368
d)	Aggregated information -  Aggregated volume -  Price	N/A
e)	Date of the transaction	07 MAY 2019
f)	Place of the transaction	OUTSIDE A TRADING VENUE

08 MAY 2019

Enquiries:

Costain Group PLC                                                                                      Tel: [phone]
Tracey Wood

Company Secretary

Instinctif Partners	Tel: [phone]
Mark Garraway James Gray

 

END

 

 

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