Payment of bonus and grant of bonus share awards

RNS Number : 1636B
Severfield PLC
06 October 2020
 

6 October 2020

Severfield plc

('the Company' or 'the Group')

Payment of bonus and grant of deferred bonus share awards

 

 

The Company announces that the Board has now approved payment of the deferred executive bonus payments ("the bonus payments") for the financial year ended 31 March 2020 ("FY20") disclosed at page 135 of the Annual Report for FY20 ("AR20").

 

As reported in AR20, on page 121, due to uncertainty as to the impact of COVID-19, the Board, in June 2020, deferred consideration of the affordability of bonuses for FY 20 until October 2020. Updates as to the impact of COVID-19 were issued via RNS on 29th July 2020 and on 3rd September 2020 confirming that, amongst other things, as a result of the Group's strong financial position, the Board was recommending a final dividend of 1.8p for FY20 (which has now been paid) and would not be claiming for support under any employee-related government support packages including the Coronavirus Job Retention Scheme. Taking into consideration these factors, the bonus payments will now be paid.

 

As a result of the payment of bonuses, 50% of which is payable in shares under the Group's Deferred Share Bonus Plan ("DSBP"), awards over shares were granted as set out below, [calculated using the share price half way between close of business on 2nd October 2020 and 5th October 2020 of £0.563:

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Alan Dunsmore

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

Severfield plc

b)

LEI

21380025AWPR781CY104

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 2.5p

 

 

GB00B27YGJ97

 

 

b)

Nature of the transaction

Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 Nil

194,314

 

d)

Aggregated information

-

Aggregated volume

 

-

Price

 

Not applicable-single transaction

e)

Date of the transaction

2020-10-05

 

f)

Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Ian Cochrane

2

Reason for the notification

a)

Position/status

COO

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Severfield plc

b)

LEI

21380025AWPR781CY104

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 2.5p

 

 

GB00B27YGJ97

 

 

b)

Nature of the transaction

Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award .  

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 Nil

173,161

 

d)

Aggregated information

-

Aggregated volume

 

-

Price

 

Not applicable-single transaction

e)

Date of the transaction

2020-10-05

 

f)

Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Adam Semple

2

Reason for the notification

a)

Position/status

Finance Director

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Severfield plc

b)

LEI

21380025AWPR781CY104

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 2.5p

 

 

GB00B27YGJ97

 

 

b)

Nature of the transaction

Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 Nil

127,410

 

d)

Aggregated information

-

Aggregated volume

 

-

Price

 

Not applicable-single transaction

e)

Date of the transaction

2020-10-05

 

f)

Place of the transaction

Outside a trading venue

 

1

Details of the person discharging managerial responsibilities/person closely associated

a)

Name

Derek Randall

2

Reason for the notification

a)

Position/status

Executive Director

b)

Initial notification/Amendment

Initial notification

3

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

a)

Name

Severfield plc

b)

LEI

21380025AWPR781CY104

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 2.5p

 

 

GB00B27YGJ97

 

 

b)

Nature of the transaction

Grant of an award under the Company's Deferred Share Bonus Plan. The award is a nil exercise cost option exercisable normally exercisable between 3 and 10 years after grant subject to continued employment. No consideration was paid for the grant of the award .  

c)

Price(s) and volume(s)

Price(s)

Volume(s)

 Nil

164,474

 

d)

Aggregated information

-

Aggregated volume

 

-

Price

 

Not applicable-single transaction

e)

Date of the transaction

2020-10-05

 

f)

Place of the transaction

Outside a trading venue

 

 

 

For further information, please contact:

 

Severfield                                    Alan Dunsmore                                      01845 577 896

Chief Executive Officer

 

Adam Semple                                        01845 577 896

Group Finance Director

 

Mark Sanderson  01845 577 896

Company Secretary

 

Jefferies International                 Simon Hardy                                          020 7029 8000

Will Soutar                                             020 7029 8000

 

Camarco                                     Ginny Pulbrook                                       020 3757 4980

Tom Huddart                                          020 3757 4980

 

 

Notes to editors:

Severfield is the UK's market leader in the design, fabrication and construction of structural steel, with a total capacity of c.150,000 tonnes of steel per annum. The Group has five sites, c.1,400 employees and expertise in large, complex projects across a broad range of sectors. The Group also has an established presence in the expanding Indian market through its joint venture partnership with JSW Steel (India's largest steel producer).

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
DSHFSFEFIESSEFS

Companies

Severfield (SFR)
UK 100

Latest directors dealings