Director/PDMR Shareholding

RNS Number : 5388V
Howden Joinery Group PLC
07 August 2020
 

HOWDEN JOINERY GROUP PLC

(the "Company" or "Howdens")

 

NOTIFICATION OF TRANSACTION IN SHARES BY EXECUTIVE DIRECTORS AND

PERSONS DISCHARGING MANAGERIAL RESPONSIBILITIES

 

 

Grant of conditional share awards under the Howdens Long Term Incentive Plan (LTIP)

 

Having deferred the grant of share awards to Executive Committee members in March 2020 as a result of the impact of the COVID-19 pandemic on the business and the considerable uncertainty that this caused around future performance, the Howdens Remuneration Committee has now decided to proceed with the grant of conditional share awards under the Howdens LTIP for 2020. The number of awards over ordinary shares granted to the Executive Directors and Persons Discharging Managerial Responsibilities ("PDMRs") on 7 August 2020 is as follows:

 

Name of PDMR

Shares under award

Andrew Livingston

250,431

Mark Robson

195,689

Clive Cockburn

63,185

Andrew Gault

67,594

Theresa Keating

73,471

Julian Lee

76,410

Mark Slater

83,757

Richard Sutcliffe

73,471

Andrew Witts

85,227

 

These awards will vest subject to performance against targets measured over a three-year period as shown below. A further two-year holding period will then apply to any shares the PDMRs are entitled to acquire on vesting.

 

Performance measures:

 

§ 67% will vest subject to relative TSR performance against a comparator group of UK listed companies of similar market capitalisation, with 15% of this portion vesting for median performance rising to 100% vesting for upper quartile or better performance.

 

§ 33% will vest subject to growth in PBT over three years, with 15% of this portion vesting for 5%pa growth rising to 100% vesting for 15%pa or higher growth.

 

The performance measures and targets are in line with those disclosed in the 2019 annual report and accounts in relation to the intended operation of the LTIP for 2020, but the weightings of the two measures have been reversed. In light of the ongoing uncertainty of the length and scale of the impact of the pandemic on the wider economy, the Remuneration Committee determined that the relative TSR measure would provide a more robust measure of management's performance, and therefore decided to increase its weighting.

 

The terms of the awards allow the Remuneration Committee the flexibility to review the overall outcome when the awards vest, and the Committee will do so at that time to assess whether management have benefited from an unintentional windfall gain as a result of the award size being determined with reference to an unusually low share price.

 

 

The Notification of Dealing Forms for the above grants may be found below. These notifications are provided in accordance with the requirements of the EU Market Abuse Regulation.

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Andrew Livingston

2

Reason for the notification

a)

Position/status

CEO

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

250,431

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

250,431

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Robson

2

Reason for the notification

a)

Position/status

DCEO & CFO

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

195,689

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

195,689

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Clive Cockburn

2

Reason for the notification

a)

Position/status

PDMR

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

63,185

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

63,185

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Andrew Gault

2

Reason for the notification

a)

Position/status

PDMR

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

67,594

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

67,594

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Theresa Keating

2

Reason for the notification

a)

Position/status

PDMR

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

73,471

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

73,471

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Julian Lee

2

Reason for the notification

a)

Position/status

PDMR

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

76,410

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

76,410

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Mark Slater

2

Reason for the notification

a)

Position/status

PDMR

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

83,757

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

83,757

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Richard Sutcliffe

2

Reason for the notification

a)

Position/status

PDMR

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

73,471

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

73,471

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Notification of dealing form

1

Details of the person discharging managerial responsibilities / person closely associated

a)

Name

Andrew Witts

2

Reason for the notification

a)

Position/status

PDMR

b)

Initial notification/ Amendment

Initial notification

3

Details of the issuer, emission allowance market participant, auction platform, auctioneer or auction monitor

a)

Name

Howden Joinery Group plc

b)

LEI

213800KC1LJOJTY3JP45

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

 

Ordinary shares of 10 pence each

 

Identification code

GB0005576813

b)

Nature of the transaction

Grant of conditional share awards over ordinary shares under the rules of the Howdens Long Term Incentive Plan

c)

Price(s) and volume(s)

Price

Volume

Nil

85,227

d)

Aggregated information
- Aggregated volume
- Price

Price

Aggregated Volume

Nil

85,227

e)

Date of the transaction

2020-08-07

f)

Place of the transaction

Outside a trading venue

 

 

Enquiries

Forbes McNaughton, Company Secretary:  020 7535 1137

 


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