Costain Group PLC Long Term Incentive Plan Awards (3995B)
October 07 2020 - 6:10AM
UK Regulatory
TIDMCOST
RNS Number : 3995B
Costain Group PLC
07 October 2020
Costain Group PLC
(the "Company")
LONG TERM INCENTIVE PLAN AWARDS
Costain announces the following grant of a share award to the
chief executive officer of the Company.
On 7 October 2020, awards were made under the Costain Group PLC
2014 Long Term Incentive Plan (the "LTIP") over ordinary shares of
50p each in the Company in the form of options with a nil exercise
price (the "Awards"). An award was granted to Alex Vaughan over
553,909 shares. No consideration was paid for the grant of the
Awards.
The vesting of the Awards is subject to the satisfaction of
performance conditions assessed over the three financial years
ending 31 December 2022. As set out in the Company's 2019
Directors' Remuneration Report, the performance conditions are
based on EPS as regards two thirds of each award and cash
conversion as regards one third of each award. The proposed
performance targets for the EPS condition were set out in the 2019
Directors' Remuneration Report. However, having regard to the
change in circumstances, including the capital raising in May 2020,
the Remuneration Committee has revised the EPS targets. The
Committee considers that the revised targets are achievable but
still require the delivery of EPS performance which is
appropriately stretching. The revised EPS targets are set out
below. The cash conversion targets have not changed from those
proposed in the Directors' Remuneration Report, but are also stated
below for completeness. In addition to revising the EPS targets,
the Committee has taken into account market conditions and reduced
the quantum of Alex Vaughan's award from 100% of salary to 55% of
salary.
Vesting EPS Cash conversion
(aggregate EPS over (average cash conversion
the three year performance over the performance
period) period)
Below threshold: 0% Below 22.6 pence Below 80%
----------------------------- --------------------------
Threshold: 15% 22.6 pence 80%
----------------------------- --------------------------
Between threshold Between 22.6 pence Between 80% and 100%
and maximum: 15% - and 26.7 pence
100% pro rata on a
straight-line basis
----------------------------- --------------------------
Maximum: 100% 26.7 pence 100%
----------------------------- --------------------------
The extent to which the Award granted to Alex Vaughan vests will
normally be determined following the end of the three financial
year performance period ending 31 December 2022, but the Award will
not normally be released (so that it can be exercised) until the
end of a further two year period (with no further performance
conditions required after vesting).
The Remuneration Committee may reduce the extent to which the
Award vests if the Committee considers that any of the value at
vesting represents a "windfall gain", taking into account such
factors as the Committee determines.
The Notification of Dealing Form set out below is 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 ALEXANDER JOHN VAUGHAN
------------------------- --------------------------------------------------
2. Reason for the notification
-----------------------------------------------------------------------------
a) Position /status CHIEF EXECUTIVE OFFICER/ PDMR
--------------------------- ------------------------------------------------
b) Initial notification INITIAL NOTIFICATION
/ amendment
--------------------------- ------------------------------------------------
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 ORDINARY SHARES OF 50 PENCE EACH
instrument,
type of instrument ISIN: GB00B64NSP76
Identification
code
------------------------- --------------------------------------------------
b) Nature of the GRANT OF 553,909 OPTIONS UNDER THE COMPANY'S
transaction 2014 LONG TERM INCENTIVE PLAN
------------------------- --------------------------------------------------
c) Price(s) and Price(s) Volume(s)
volume(s) Nil cost 553,909
----------
------------------------- --------------------------------------------------
d) Aggregated information
* Aggregated volume N/A
* Price
------------------------- --------------------------------------------------
e) Date of the
transaction 7 OCTOBER 2020
------------------------- --------------------------------------------------
f) Place of the
transaction OUTSIDE A TRADING VENUE
------------------------- --------------------------------------------------
7 OCTOBER 2020
Enquiries:
Costain Group PLC Tel: 01628 842 444
Sharon Harris, Company Secretary
MHP Communications Tel: 020 3128 8100
Tim Rowntree, Peter Hewer costain@mhpc.com
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