Last checked at 4 Apr 2018 14:52
Costain Group PLC
(the "Company")
GRANT OF NIL COST OPTIONS
Costain announces the following grant of share awards to certain Directors of the Company under the Costain Share Deferral Plan and the Long Term Incentive Plan as detailed in sections (A) and (B) below.
(A) Costain Group PLC 2014 Share Deferral Plan
On 04 April 2018, awards over ordinary shares of 50p each in the Company were made under the Costain Group PLC 2014 Share Deferral Plan (the "Share Deferral Plan").
The awards granted under the Share Deferral Plan are structured as options over a number of shares with a nil exercise price (the "Awards"). No consideration was paid for the grant of the Awards.
Awards were made to the following Executive Directors:
Name of Director | Number of Shares Under the Awards |
Andrew Wyllie | 41,368 |
Anthony Bickerstaff | 27,410 |
The Awards will become exercisable on or around the second anniversary of the date of grant subject to the Rules of the Share Deferral Plan. To the extent that all or any part of the Awards become exercisable, they will remain exercisable until the day before the tenth anniversary of the date of grant provided the individual remains an employee or officer of the Company.
(B) Costain Group PLC 2014 Long Term Incentive Plan
On 04 April 2018, awards under the Costain Group PLC 2014 Long Term Incentive Plan (the "LTIP") were made 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 2017 included proposed performance conditions. The performance conditions have now been finalised by the Remuneration Committee of the Company and are as follows:
(a) an EPS target (relating to 75% of the Awards) of 117.2p (for 15% vesting) and 128.9p (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.
50% of 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 2020, whilst the remaining 50% of the Awards will normally vest on the fifth anniversary of the date of grant (with no further performance conditions required). The Awards will remain exercisable from the date of vesting of each half of the Awards 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 |
Andrew Wyllie | 104,707 |
Anthony Bickerstaff | 69,370 |
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 | ANDREW WYLLIE | |||||
2. | Reason for the notification | ||||||
a) | Position /status | CHIEF EXECUTIVE | |||||
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 41,368 OPTIONS UNDER THE COMPANY'S 2014 SHARE DEFERRAL PLAN
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
N/A | |||||
e) | Date of the transaction |
04 APRIL 2018 | |||||
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 | |||||
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 27,410 OPTIONS UNDER THE COMPANY'S 2014 SHARE DEFERRAL PLAN
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c) | Price(s) and volume(s) |
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d) | Aggregated information - Aggregated volume - Price |
N/A | |||||
e) | Date of the transaction |
04 APRIL 2018 | |||||
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 | ANDREW WYLLIE | |||||
2. | Reason for the notification | ||||||
a) | Position /status | CHIEF EXECUTIVE | |||||
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 104,707 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN | |||||
c) | Price(s) and volume(s) |
| |||||
d) | Aggregated information - Aggregated volume - Price |
N/A | |||||
e) | Date of the transaction |
04 APRIL 2018 | |||||
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 | |||||
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 69,370 OPTIONS UNDER THE COMPANY'S 2014 LONG TERM INCENTIVE PLAN | |||||
c) | Price(s) and volume(s) |
| |||||
d) | Aggregated information - Aggregated volume - Price |
N/A | |||||
e) | Date of the transaction |
04 APRIL 2018 | |||||
f) | Place of the transaction |
OUTSIDE A TRADING VENUE | |||||
04 APRIL 2018
Enquiries:
Costain Group PLC | Tel: 01628 842444 |
Tracey Wood |
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Company Secretary |
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Instinctif Partners | Tel: 020 7457 2020 |
Mark Garraway |
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James Gray |
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