LTIP 2018 performance conditions

RNS Number : 5574N

Bovis Homes Group PLC

09 May 2018

 

Bovis Homes Group PLC (the "Company")

Long Term Incentive Plan ("LTIP") - performance conditions for 2018 awards

Further to the announcement made on 6 March 2018 regarding the grant of LTIP awards on 5 March 2018 (the "2018 Award"), the Company confirms the following performance measures and targets in respect of the 2018 Award. Full details will be included in the Directors' Remuneration Report for the year ending 31 December 2018.

Performance targets for 2018 Award:

	TSR		ROCE		EPS		Customer satisfaction
Weighting	25%		25%		25%		25%
Peer Group	See note below		N/A		N/A		N/A
	Target	Vesting	Target	Vesting	Target	Vesting	Target	Vesting
Threshold	Equal to Index	30%	21.8%	30%	300p	30%	N/A	N/A
Max	Index+ 7.5% pa	100%	25%	100%	343p	100%	4*	100%

Note: The peer group for the TSR performance target, which may be subject to change, consists of the following companies:

Barratt Developments PLC, Bellway p.l.c., The Berkeley Group plc, Countryside Properties PLC, Crest Nicholson Holdings plc, Persimmon plc, Redrow plc, Taylor Wimpey plc.

Total vesting at threshold is 22.5%.

TSR will be calculated using a three month averaging period at the start and end of the period to smooth the impact of share price volatility on vesting.

Performance targets for the additional LTIP granted to Earl Sibley in lieu of his participation in the Project 200 Incentive Plan can be found on page 92 of the 2017 Directors' Remuneration Report.

Malus and clawback conditions apply to the above awards. In addition, a two year holding period following vesting extends to five years the time between awards being granted and when they can be exercised.

 

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