Director/PDMR Shareholding

RNS Number : 8372X

Polypipe Group PLC

10 May 2016

 

Polypipe Group plc (the "Company")

Notification of Transaction by Persons

Discharging Managerial Responsibilities

Pursuant to the notification obligations under Disclosure and Transparency Rule 3.1.4R, the Company hereby notifies the following change in the interests of directors and persons discharging managerial responsibility ("PDMRs") in Ordinary Shares of £0.001 each in the Company ("Shares") on 10 May 2016.

Grant of Long Term Incentive Plan awards.

The Company confirms that on 10 May 2016, in accordance with its shareholder approved Remuneration Policy and to align the interests of the Senior Management Team with shareholders, it granted to each of the following PDMRs an award (structured as a nil-cost option) under the rules of the Polypipe Group plc 2014 Long Term Incentive Plan (the "LTIP"). In addition the Company made an award, subject to the same performance conditions as set out below, under the LTIP to 19 members of the Senior Management Team. The awards, which have been granted in respect of the financial year beginning on 1 January 2016, are over the following maximum number of Shares in the Company:

Name/Position	Maximum number of Shares	Market value of  Shares awarded
D G Hall/Chief Executive Officer	194,340	£558,145
G B Sabin/MD Plumbing Division	40,738	£117,000
M V Fenson/Business Development	26,985	£77,500

Martin Payne will join the Company on 16 May 2016 as CFO Designate and will be appointed a director of the Company on 25 May 2016 and it is intended that an award under the same scheme be made to him in due course, which will be subject to separate announcement.

The vesting of each award is subject to the satisfaction of the following performance conditions:

1.   25% of the maximum potential award is based on a Total Shareholder Return (the "TSR element") performance condition with a threshold of 25% of the TSR element reached on achieving median and 100% for achieving upper quartile performance relative to the Total Shareholder Return of the companies in a comparator group (consisting of companies in the FTSE 250 Index that are classified as Industrials by the Industry Classification Benchmark) and;

2.   75% of the maximum potential award is based on an Earnings per Share performance condition (the "EPS element") measured on a cumulative diluted basis with cumulative targets equivalent to growth of 5% p.a. required to reach the minimum threshold of 25% and 12% p.a. growth to reach the maximum of 100% against 2015 performance restated as to include a full year of Nuaire's contribution to earnings.

The TSR element is measured over the 3 year period from the date of the award and the EPS element is measured over the period 1 January 2016 to 31^st December 2018.

Subject to the satisfaction of the performance conditions the awards will normally vest on 10 May 2019 and remain exercisable until the tenth anniversary of the grant date.

Contacts:

Polypipe Group plc Peter Shepherd, Chief Financial Officer        [phone]

 

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